Lockdowns,
Locusts & Ladakh . Through Earth, Air or Sea; we are currently living in
challenging times. Given this unprecedented stage , would life in a ‘After
Corona’ world call for a reboot of Marketing as we know it? Or would it be business
as usual? The answer maybe lies somewhere in between. Like any new version of a
software; you need to evaluate what works from the past and add some new/enhanced
elements to be in tune with the new normal. Here are some aspects to consider.
UNKNOWN &
UNKNOWABLE : In
stock markets, sometimes uncertainty goes into a completely
different dimension of non-knowledge. Richard Zeckhauser of Harvard University calls this the "world of
ignorance"or "unknown and unknowable (UU)". A UU world is one where the future
states of the world are not known- both in terms of outcomes and probabilities.
As in Investing, so in Marketing. Consumers and Marketers have come to terms with
the UU aspect of the environment. And that not everything can be planned and
accounted for. At the same time having a fatalistic approach is also not the
solution. Brands need to continuously arm themselves and their customers with Knowledge
to reduce the impact of the Unknown. And act with Agility & Creativity in Marketing
to respond to the Unknowable. The Lockdown was in a sense, a trial by fire for
a UU scenario. At MOFSL, we received regulatory approvals for our S&P 500
Index Fund . In what was not planned before, we created a campaign on educating
investors on the need to diversify investments into stock markets US stock
markets(which had low co-relation with India) and helped them execute
transactions from home; making it India’s first ‘digital only’ NFO.
PHYSICAL VS SOCIAL DISTANCING: While customers remain at home and
would still be physically distant for some time to come, their need to interact
with friends, family and brands is palpable. The reason why online video
webinars received such an enthusiastic response during the lockdown; even among
hitherto digital laggards. Man is after all a social animal (remember Maslow?)
and hence has a natural need to interact. This need is fulfilled partly through
physical interactions. But when that avenue reduces, the need for substantive
relationships (be it personal, professional or with brands) still remains. As
an example, stock brokers have seen increased stock market interest and engagement
of investors during the lockdown. This lead to a rise in accounts opened and trading volumes. The lesson for
Marketers- even if physically distant, you need not be far away in terms of building
relationships
DOING BUSINESS - DIGITAL? PHYSICAL? OR…? : A recent online survey asked the
question : “Who has been most responsible for your companies digital transformation?”.
Choices were : A. CEO B.CTO C.CMO D.COVID. No prizes for guessing the winner!
Jokes apart, the COVID experience has made the already ascending trajectory of
Digital Transformation attain escape velocity. Doing business digitally has
become the norm to survive. But go ‘digital only’ at your own peril. While such
experiences are great for DIY customers, new to category and novice customers
in high ticket/complex categories may still need advice to navigate through
their decision making process; especially in volatile times. The ‘Physical’
experience (eg kiranawala service in lockdown) also provides an essential back
up in times of crisis. Customer experience hence would not just be Digital or
Physical but “PHYGITAL”. Here Physical interactions = interactions with a human
interface (On Phone / In Person / Chat). For eg in investing while there are
people who do their own research and decide what asset class, fund, stock to
invest in and transact directly; there are also many who use the services of an
investment advisor.
FRUGAL INNOVATION: With the state of the economy and business
climate in general, spending power of both consumers and brands would be stressed.
Brands that are able to innovate by providing better value to customers as well
as create Marketing innovations at lesser costs would benefit. While overall, I
feel that Marketing activity would remain the same (or even increase), expect
reduction in costs of Marketing initiatives. For eg TV production may change (integrating
stock footage , greater adoption of on-location shoots Vs people intensive set
shoots) and briefs would be for shorter yet impactful TV commercial lengths to
maintain media salience at a lower cost
WELLNESS AND ITS IMPACT : Given the health concerns in 2020,
Wellness is a theme that would be top of mind . Besides physical , wellness can
have many dimensions – emotional (ability to cope with uncertainty induced
stress), financial ( wealth protection & creation despite paycuts, stock
market falls, layoffs), occupational (skill enhancement; especially in WFH
scenarios), social (building substantive relationships), environmental ( save
the planet) and spiritual. There would
be opportunities for brands to engage with customers need for wellness on
multiple levels. However care should be taken that these initiatives are only
where the brand truly adds value. Every brand would be taking customers for a
trip on the Wellness Wagon. You better be sure your brands trip is worth it!
VOLATILITY & TRUSTMARKS : In times of uncertainity/ risk
aversion, brand Trust is paramount.
While being agile in terms of messaging, brands need to maintain a consistent
and constant proposition and product delivery/credibility to build a clear
image in an already cluttered (and stressed) consumer mindspace. At MOFSL, despite
the stock market fall and current risk aversion to equity, we continue with our
“Equity Expert” proposition and stayed invested with the firms money in the
firms equity products. This consistency and skin-in-the-game commitment not only
reassures investors, it also reiterates the brands belief in the long term
wealth creation opportunity through equity investing
To
summarise, with recent and ongoing
tragic experiences, consumers are looking for beacons of hope. Brands need to
be these beacons using knowledge, agility, creativity and a consistent message
While staying away from the unrealistic, this optimism is what will help brands
connect with consumers. To paraphrase a dialogue from the recently released
Kaamyab – Be Optimistic. Aur option hi kya hai!
