Transforming Conventional Business Practices - Moving Towards A Robust Digital Economy
They say, "Experience gives us the tests first and the lessons later".
Let's consider 2020 to be that teacher, especially for organizations who were thrown into a whirlwind of the unprecedented situation and were left grappling for measures that would help a business survive if not thrive.
The panic of not being able to interact with customers, diminishing inventory, reduced workspace, disrupted supply-chain demand and shutters closing down on vendors, the pandemic was brutal to many.
However, it did boost the digital demand where more people than ever are watching digital content, engaging in online shopping and creating demand for a new way of supply chain - think delivery apps. This has in turn created a chain reaction for many stakeholders to join the bandwagon and leverage its growth. Many SMEs in fact, seemed to have benefited from this turn of events.
Business owners, marketers and decision makers need to tap into the digital propaganda especially during the pandemic dip (which is still quite prevalent), and adapt to these dynamics strategies to complement the new normal.
Persevering Through Digitisation
Confronted with shrinking (traditional) ad revenues, print magazines and media, small scale businesses and many others have embraced the digital scenario in their efforts to upscale their online presence. With digital subscription beings the 'it' thing, companies need to think in the direction of enhancing their digital interface which can be optimised to fit all devices.
The intervention of audio and visual content - is yet another undertaking which based on the data and demand by content consumers should be integrated into regular campaigns and strategies to improve visibility. Podcast is one such example of the meteoric rise of the audio content.
Artificial Intelligence and Machine Learning too are making businesses more nuanced to the consumer demand and gaining acceptance amongst the most traditional of markets as well.
One such example of digital proliferation is the inclusion of AR-based content and interactive videos by a popular Indian publishing giant which is a great way to increase engagement and interaction. Moreover, digital advertising also promotes direct responses, thus encouraging consumers and subscribers to indulge in quick purchases. Facebook and Google ads often seen on social media platforms are often the trigger to evoke this instant purchase action.
Staying Prevalent with the Help of Data
So far, 44.7 million people have been affected by Covid-19. Countries in the recovery phase are unlikely to achieve a pre-COVID consumption pattern anytime soon.
Countless businesses either closed their gates or went lean. However, those who were able to tide through the phase were well-attuned to the power of data analytics.
As a part of their data-driven strategies, companies deploy four types of data analytics methods - descriptive analytics, diagnostic analytics, predictive analytics, and prescriptive analytics.
From the past to the future, these marketers have insights into changing customer preferences and customised campaigns/strategies that optimised the money spent as well as gain a preemptive peek into the customer persona.
By investing in data-driven insights, companies are also able to improve their inbound and outbound channel performances as well as make informed business decisions to quantify the value of the ongoing campaigns, thus creating a real impact.
Potency Via Reprised Strategies and New Opportunities
Seizing new opportunities and learning along the way is what'll help businesses open up to the new normal. For instance,with the rise in 'everything remote', there is a whole new industry at play which can cater to the remote demands. From tele-medicine to digital workspace, the digital ecosystem is giving existing as well as new businesses the scope to leverage this flow of opportunities.
Since these are all online, the new models of advertising and marketing are adept at grabbing the attention of the new generation of readers and subscribers in this , which is what most companies need during these times.
Interestingly, the pandemic also brought in unexpected chances for companies to invest in empathetic marketing instead of emphatic marketing to build value-based campaigns. Such measures not only bring respite to those who need it but also play a pivotal role in building a brand 'remembrance' where customers connect with the brand and engage with it, despite the unfavourable circumstances.
A major cereal company bustled through the Great Depression; an ecommerce company powered through the 2008-2009 recession while a global messaging platform and a mega cab ride aggregator were created during that very year. It turns out, businesses do not need to take a step back during tough times but to be more in-tune with the digital ecosystem and embrace flexibility in the way they operate.