I’ve spent some time over the past few weeks looking into what the future could look like from a marketing perspective and I wanted to share some insight with you.
THE ‘NEXT’ NORMAL:
Although retail stores are now allowed to re-open, footfall will not be ‘normal’ by any stretch of the imagination. Research shows that almost half of UK consumers are still limiting their time in-store1.
Consumers are being directed around 1-way shopping systems, and preferring click-and-collect services – this leaves little time for browsing or discovery.2
This places a heavier reliance on digital channels such us as online shopping services, online gift retailers, eBay as well as for example all-you-can-eat style publishers and subscriber services (e.g. Readly, Netflix, Sky, Amazon Prime) to enable consumers to discover new titles, films and more.
SHIFT TO DIGITAL:
- COVID-19 has accelerated the need for a robust digital strategy. Brands will be embracing a more digital world, meaning digitally mature media strategies will become the norm.3 When reviewing our digital end-to-end experience – is it as fast and as easy as it could be?
- If we consider the publishing industry for a moment. They have no choice but to look at inventing the new normal – for many, due to printing and distribution issues, this may mean moving away from print to a digital only model.4
- This being said, there will always be room for print, but only those with outstanding, unique content which cannot be found elsewhere, will convince consumers to pay for a subscription.They will be expensive and extremely high-quality.5
As we start to look at our peak trading season…it looks very uncertain…
Two new audiences have arisen from the pandemic which casts uncertainty over the Christmas period.
DISPOSABLE CASH: Those with job security – less outgoings on travel, leisure and socialising means more disposable income. These people may be likely to spend more over Christmas, especially on friends/family that they haven’t been able to see during the year.
FINANCIAL INSTABILITY: Those who are financially unstable – 9M employees have been furloughed and unemployment rates expected to reach 15% (5M people).7 These people may be struggling financially and will be more likely to reduce spending habits over Christmas.
We have to therefore consider our marketing strategies for the second half of 2020 very carefully. We are headed for uncertain times and it’s our job to make sure that we create an environment that encourages them to make purchases by giving them what they need.
You can also read more on marketing during the Coronavirus using the links below:
Talking to consumers in the right way during the Coronavirus pandemic
Coronavirus: Marketing now, preparing for the future
Coronavirus: Your Strategy During The Pandemic
Marketing Lessons We Can Learn From The Pandemic
Good News During The Covid-19 Pandemic
Email Marketing During The Coronavirus Pandemic