CMOs say that the pandemic situation has resulted in newfound insights, and this could actually enable enterprises to perform better in the new normal
In the initial stages of the pandemic and subsequent lockdown, marketers had to react fast. At a global level most industries were affected. Even for verticals that weren’t directly impacted, marketers had to proceed cautiously as consumer spending habits were highly uncertain.
Adjusting to online shopping habits
The majority of the marketing leaders had to cut their budgets due to the pandemic. Most had minor cuts, but others had much more significant budget cuts. As the entire world went into a shutdown, spending habits rapidly evolved. Clients increased their online shopping patterns drastically during the pandemic lockdown. The majority have continued to make daily online purchases even after the lockdowns were lifted in their locations.
Marketing leaders have, in turn, focused their resources on making the customer experience better and improving the online sales procedure for enterprises. Organizations that could sell online had to modify their marketing strategies to boost online shopping and have extended their ecommerce services since the start of the pandemic.
Changing dynamically to adapt to behavioral changes of clients
CMOs believe that when they quickly pivoted to adapt and accommodate the changed behavior, they could observe results that would have a long-term impact. It has yielded real-time results even on the brink of hugely uncertain economic times. Most marketing leaders said that they had observed an increase in the post-COVID online sales pattern. They clarified that while the total sales count was less than last year, online sales have increased exponentially.
From a highly macro standpoint, marketers pivoted to digital media strategies that helped boost short-term sales. The unprecedented global disaster has made marketers reconsider the role of digital measures in their strategy collectively. The playbooks have been rewritten for the next decade.
Lessons gained in 2020 will help form the 2021 marketing strategies
CMOs believe that the changes made to the marketing strategy during the pandemic will continue to be used even after it is over. They say that enterprises will continue with the reallocation of budgets to extensive digital channels even after COVID-19 is done away with.
The majority of the marketing leaders believe that they are ready for even a resurgence of the pandemic. Leaders say that their advertising and marketing strategy may vary from the first wave, however. The same level of budget cuts is off the cards, and they plan to create a strategy that encourages even more online shopping in the second round.
CMOs acknowledge that the pandemic lockdown has helped change marketing strategies for good. While people at large have tried to cope with the sudden changes, marketers too have had a hard time adjusting, adapting, and trying to make the best of the worst situations.