COVID-19 Crisis: How should brands react to it
Life before COVID seems like a distant memory. Life had been something else then. Almost care-free and fear-free. Be it the work life, social life, or the world of digital marketing, it was quite seamless and did not come with restrictions.
By: Vajra Global
Thanks to the pandemic, life as we know it has completely changed. The lockdown has not only restricted our physical and financial movements; we are forced to relook our entire way of living. It's time we realize that this is going to be in preparation for the new normal. It has been clearly established that the CoronaVirus is here to stay for a while. How long is that while we are not able to forecast. So, until the day arrives when we can be declared free, and at liberty, we need to understand how things must function.
Before the CoronaVirus hit
Life went on as usual. We never really planned for what would happen if the market closed down indefinitely. There was no reason to. Even in hindsight, one could never have prepared for such a lockdown. It would be like preparing for a meteor attack. Annual budgets were prepared keeping in mind open markets and malls, demand for luxury as well as essential goods, and regular supply of ingredients to manufacture commodities.
During The CoronaVirus Lockdown
Social distancing has become the norm. Do not go out unless you have to. Closed malls and entertainment venues, work from home and study online; the whole world has become topsy turvy. With the extended lockdown and loss of sales that take place during festive periods and holidays, the number of companies that are on the verge of closing down has gone up by 50 percent, compared to the first week of the lockdown.
The world of digital marketing
With little to nill demand for most non-essential items, marketing (traditional and digital) has taken a big hit. Why market what you cannot sell? There is no urgent requirement for luxury items. Essential items do not really require marketing. When the call to action on shopping sites is 'save for later,' but you do not know when that later is, would you still pin your hopes on that save? Luxury commodities are now being considered as an unnecessary indulgence.