As part of our new series, ‘Marketers Playbook for 2020 Post COVID-19", Meera Iyer, Chief Marketing Officer, Medlife highlights the consumer behaviour shifts expected post the pandemic and also gives pointers on marketing differently in the post Covid-19 world. The Coronavirus pandemic has affected lives & livelihoods on a scale never seen before. Every country affected has imposed a 45-day lockdown. The top 10 countries by GDP account for 2/3rds of the $90 Trillion Global GDP & have all gone through lockdown. This has affected $12 Trillion worth of baseline and caused steep declines across. Make no mistake, we are bracing for a recessionary economy even as we look for cure to be able to get back, even to a “new normal”. Marketing, in its pristine form, has always been about understanding your customers and drawing meaningful insights to fit your brand narrative to them. That definition won’t change ever but what marketers need to change is their comprehension of how consumer behaviour will change permanently in the post Covid-19 world & repurpose their brand storylines to continue being relevant and preferred over competition. This pandemic has spread so fast, it requires the marketing community to also accelerate their process of changeover to stay top of mind and survive. It is evident that there are going to be largescale behaviour shifts for the short to long term. I want to cluster these changes into three broad buckets: Economic Slowdown Leading To Heightened Price Sensitivity: Rate of unemployment globally has doubled. Several industries like travel, hospitality, etc have come close to halt. Oil prices, even though at the lowest ever in history, has its own implications on the OPEC countries. All organisations will double up focus on reducing cash burn and try to do more with less. The mood of the customer will be to save more & cut discretionary spends. And for the spends that they incur, they will veer towards more discounted purchase, trading down on brands. Accelerated Move To Digital Life: Consumers are unsure about when the lockdowns will ease & when it will be safe to step out again. Most businesses have gradually adapted to work from home. And if any medium is the winner, its digital. From work meetings to virtual concerts, online financial transactions to ecommerce, online education degrees to virtual marriages – there is a seismic shift to digital. It is an important shift that needs understanding for marketers to chart the right course to engage customers. The sales channel will also go digital and marketers will have to track percentage of their sales from online as a key metric. Rise Of Wellness & Hygiene Category: It was already a growing trend that just became stronger & now has a larger scope to include, mind wellness with some overlap with healthcare services too. The psychological impact of this virus is significant. Brands should consider the implications for their strategy, for example, reassess manufacturing & packaging, communicating safety and cleanliness in marketing messages for their products. How To Market Differently In The Post Covid-19 World?

1. Get The Message Right:

Balance existing brand proposition with emerging customer concerns. Hygienic manufacturing for example is important for customers – possibly even vying with cost considerations at this time.

2. Get The Channel Mix Right:

More purchases will shift to online. There will likely be retailer consolidations since the recession will shut down many businesses. Discounting channels and channels that have proximity to customers will grow more. Know where you stand on channel mix, make some calculated guesses on how it will change in the near term & focus on the right mix for growth

3. Have Plan B, C, D…

VUCA world just became more so with this pandemic. You can’t just have one plan and have to speed up on execution. Put down your strategy moves that are robust across multiple scenarios

4. Accelerate Digital Marketing:

Deepen relationships with your digital partners and e-commerce partners at this time. All customer journeys will have added digital interactions as more people stay at home. Capturing and analysing data will be equally critical to manage costs.

5. Revise Assortment Pricing:

Deal seeking, switching to more cost effective options are on the cards with the economic slowdown. Rehash your portfolio to cater to consumer needs more cost effectively.

6. Ensure Supply:

The future of global supply chains is uncertain. You should focus on ensuring uninterrupted supply and use analytics to help predict demand correctly.

7. Stay Focussed On ROI:

Manage funds judiciously. Ruthlessly focus on ROI – your funds are getting cut. Marketing in post Covid-19 world will need to address changes in customer behaviours as well as reskilling of the marketing teams to be more savvy digitally as well as ROI driven. Capabilities of the past will not suffice but some of the core assets that will always count important at all times, are your business reputation, your customer base, your people and your networks. Invest wisely today to stand firm tomorrow.