The COVID-19 Effect
Has this pandemic pushed the reset button on Marketing?
With the drastic change in the consumer’s buying priorities, marketers are quickly scrambling to shift their brand narrative to focus on immediate need, civic responsibility, and cause marketing. As a result, they are also reallocating and, in many cases reducing marketing dollars to navigate this precarious state of doing the right thing vs. doing the prudent thing in a time when people recourses are limited, and brand loyalty is tested.
Despite everything that is happening and the uncertainty of what future state will look like, this “reset” button is propelling marketing stakeholders toward more creativity and innovation. I think the good news is so many companies are quickly stepping up to the plate in all sorts of ways. From McDonald’s and Mastercard’s, dynamic yet straightforward logo design change which both leverage the notion of separate together, to Nike’s brilliant new tag line “Just don’t do it” to Companies like Home Depot, Amazon, Apple, and Verizon who are all demonstrating the spirit of giving and their self obligation to the public.
Shifts in consumer behavior lead marketers to quickly pivot messaging, and re-thinking budget allocations. This means from an ad spending perspective, it is even more critical to be flexible, implementing strategic, innovative approaches for optimizing marketing dollars to leverage effective marketing content.
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