By Gunjan Chandok
“In today’s era of volatility, there is no other way but to re-invent. The only sustainable advantage you can have over others is agility, that’s it. Because nothing else is sustainable, everything else you create, somebody else will replicate.”Jeff Bezos, CEO and President, Amazon
Impact of the virus
The pandemic has affected international flows in a negative manner impacting
- foreign direct investment
- International travel
It has made Leaders rethink and brainstorm for finding clues regarding future implications for businesses resting on key drivers of globalization:
1) Pattern of growth
2) policies for supply chain
3) the frictions between superpower nations
4) technical changes
5) public opinion
The crisis itself resulting in a public health response has caused a steep decline in international flows. Current forecasts, while evitable rough, at this stage, call for a 13- 32% decline in merchandise trade, a 30 to 40% reduction in foreign direct investment, and a 44 to 80% drop in international airline passengers in 2020.
This indicates a major pushback of globalization’s benefits. A major hit back has been evident in the form of declined overseas travel. It is because Tourism contributes majorly to the global outputs as compared to automotive manufacturing, and facilitates international investments and trade.
Till April 2020, almost every country had imposed restrictions on international travelling. Around 45% of countries had partially or completely closed their borders to foreign visitors. The air travel industry was also flying 90% fewer seats on international flights, as compared to 62% on domestic flights.
Upshots on the trade & business
The decisions such as-
- Where to sell
- How to manage supply chains
are linked with the speculation about expectations from International trade on the pace of globalization. The freshest forecasts indicate that leaders have to focus on anti-globalization pressures and develop strategies to combat them since it remains the ongoing aspect of the environment in which a business sustains.
It has resulted in financial markets feeling the tremors with scepticism prevalent in companies regarding how and where to proceed irrespective of the financial support by the federal government.
The “New Normal” has turned around the lives of consumers, necessitating new ways to be devised for marketing.
Reasons to invest in online marketing
The pandemic has induced consumers to try new services. Online marketing offers opportunities to escape from a shutdown.
- The target audience is now spending more time on social media
Firstly, with the quarantine in place, the majority of internet users are engaged with social media. They engaged for different reasons such as entertainment, connecting with friends, browsing news, this is an inviting opportunity for companies to market their products and establish a direct connection with the consumers.
- Getting noticed is now easy with advertising in place with the help of various mediums, which is usually not attempted by everyone in the industry.
- High demands for inline marketing and advertising
The demand for advertising which is inviting has been rising. With more and more brands collaborating with allied products and services to offer complete packages to customers.
- Creativity is the key to access a new target group of customers
Reaching out to new customers and discovering innovative ways to present products would benefit the brands in the long run.
- Performance Marketing
Pandemic has curtailed physical visits by the customers, leaving unsatisfied demands, which can be fulfilled with the help of inviting more and more customers to the online shops.
- Strategy for influencer marketing has to be framed keeping in mind the target set of customers and market sentiment
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Marketing Strategy – Influencer Marketing And How To Make It Work
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The main aim of marketing is to make the brand visible and getting noticed. With the current status of the pandemic, the brands have to clear their way out of the clutter and get noticed and make customers believe that none of their needs would go unfilled.
Image Source: Google Images
- Customers need reassurance
Customers are the base of any business, even in times of uncertainty they need to be kept intact and convinced that their brands are not going to disappoint them at all. Staying in touch with the customers with the help of
- email updates
- social media interaction
- Adding information in customer accounts
will help the brand to stay connected with its customers.
Knowing about social media tactics will help your brand to stay in touch with the customers
- Be Creative
Your brand has to be adaptive to the new ways of marketing in these times otherwise the threat of vanishing from the marketplace is not the faraway thing. If you want to know more about online selling, read the link: The Rise Of Online Selling And How You Can Start It
- Make the Social Presence more strong
Social media is the buzzword, with almost everyone and anyone becoming active on various social mediums, brands have to be omnipresent. To know more about the power of social media, click below:
Social Media Marketing Analytics Report 2021 By Hobo.Video
Brands can take up multiple ways to engage customers with their brands on social media accounts:
- Starting or joining conversations
- Utilising sponsored posts
- Posting more frequently
- conducting online contest
- Keeping customers in the loop with store updates
- Promoting special or limited-time offerings
- To further sell your products and services via resellers.
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Irrespective of the pandemic, customer engagement has to be of prime importance to the companies, emphasising on the same lines with more fervour and enthusiasm will help the brands to strengthen their place in the market and get ahead of competitors. Understanding the target audience to build better business relationships will accrue benefits post the pandemic.
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