As marketers, we are navigating a new world. What marketing trends we should be watching closely?
The last six months has seen economic and social upheaval. We have witnessed economies around the world close and cities under quarantine. In some cases, businesses even ground to a halt. As a result, the IMF predicts that global growth will decline by 3% this year.
In short, we are in a recession. Apparently, it is the worst period since the Great Depression.
With this economic impact, we are also witnessing social norms impacts. For instance, we are seeing people are spending dramatically more time at home. Some people find themselves juggling a full work schedule while homeschooling young kids. Others are spending more time for self-care, reflection and planning. For all, it means less physical contact with others.
I’ve been doing a lot of thinking about how this time will impact the future of marketing. Recently, I participated on a webinar panel where we discussed “What will marketing look like in the new world?”
Marketing Trend Predictions
The results are in. Ad spending globally is down 8%. We can expect more tightening of marketing budgets during the next 6-10 months as we brace for a second wave. Further, as economies like Europe and Canada start to reopen, precautions have been put in place to slow the spread of CoVid. Whether it’s low contact interactions, remote workers or social distancing, these changes will be around for the foreseeable future. However, one this is sure. All of them will impact how marketers connect with customers.
What are my predictions? Could we see current marketing trends become mainstays in a post pandemic world? Here are 5 marketing trend predictions for our new normal, with input from the other two webinar panelists.
Key Trends For A Low Contact Economy.
Marketing Trend 1: Transformation as a new normal & technology as the driver
First and foremost, we are in a new “Age of transformation”. If you were a business on the fence about how to digitize and transform certain parts of your business before the pandemic, you’ve probably figured some parts out by now! CoVid does have a silver lining. It has helped some companies fast track their digital transformations.
How should your business embrace technology to operate differently and efficiently? Your company is hopefully exploring this question. While you do, here are a few more:
- Could we automate or employ AI (artificial intelligence) more within our business?
- Can we create more touch-less interactions?
- Do we need to track the spread /risk factor within our own organization?
- How might there be more government oversight within our industry?
Tali Hasanov, a Principal at WSI Digitalpath Marketing and webinar panelist had this to say when it comes to technology and serving customers:
Focus on personalization. Modern technologies allow us to create highly customized client interactions.Tali Hasanov, Principal | WSI Digitalpath Marketing
Whether your organization is in education, government, or another industry – transformation was required to survive Covid-19. What (other) transformations does your organization need to make?
Marketing Trend 2: Brand Agility is Table Stakes
Next on the predictions list? Brand Agility. The last few months have been surreal for governments and businesses. From a health crisis to a social justice movement, the ripple effect of these major events are being felt around the world. Companies have needed to refocus their business products and services, reinvent operations, and rethink distribution strategies. They have also had to create new messaging, make a social stand, tweak messaging, train, and mobilize employees – all on a dime! As the future remains uncertain, a brands’ ability to be flexible and fluid based on volatile market conditions will be required.
What are the levers in your business allowing you to stay flexible? Is your leadership team empowered to make decisions quickly?
