The abrupt arrival of the COVID-19 pandemic has forced numerous countries to close their borders and impose local lockdowns, which drastically changed how things work. The uncertainty brought by the global health crisis caused countless organizations across many industries to shut down or operate in a limited capacity in an effort to slow down the spread of the deadly virus. This caused a new recession, which experts considered worse than the Global Financial Crisis last 2008.
The Philippine economy is one of the most affected by the pandemic. The country tallied record-breaking single-day high records of daily cases and deaths in the region. The need for a total lockdown has impaired previous efforts of strengthening the economy as suppliers find it hard to sell their products because of closed establishments.
But it has already been a year since the first surge of the global health crisis, and the country is already gearing towards the post-pandemic world. Several identified businesses are already allowed to operate again, with many Filipinos now preparing themselves for a ‘new normal’ community.
The caution and fear for another wave are still there despite the eased-up restrictions, and the government is keen on implementing protocols to monitor new infection cases properly. Their hiatus allowed numerous enterprises to create or adopt business models that adequately scale and grow their companies. This includes implementing marketing campaigns that will bring desirable results despite the tense situation of the economy.
Economic Impact of the Pandemic
There is no wonder that the Philippines’ economy suffered massive damage in the past year and a half, but so is countless other nations. Major economies like the USA, Japan, and China have all sustained economic meltdowns never seen before. Major governing bodies worldwide like the International Monetary Fund and the World Bank all foresee that the global economy will experience a significant decline in succeeding years.
This economic downturn is mainly attributed to the massively reduced manufacturing and retail activities across the globe. Strict lockdowns and quarantine protocols, apart from vaccination and testing, became the prime tool of governments to battle the pandemic. This means that industries that could not utilize a remote work setup, including manufacturing and retail, needed to halt operations.
Consumer and Business Insights in a Pandemic Economy
With everything that happened during the pandemic, it is normal for consumers to change their behaviors to cope up with the challenges brought by the pandemic. Many individuals are very cautious of contracting the virus, which causes many customers to change their ways of doing their tasks and buying their necessities. Moreover, companies have no choice but to indefinitely postpone all BAU activities like investments and purchases of supplies.
Many enterprises now also saw the importance of having spare funds for emergencies like this pandemic. Ensuring an emergency fund will help organizations cover up to 6 months or more of expenses will significantly help them survive any unforeseen situation. This is very important, especially if the financial aid given by the government is not enough for all the expenses needed to keep the operations going.
How to Restart Marketing in the Age of Pandemic
Despite the few setbacks on the containment efforts, the Philippine government has already relieved some restrictions, which dramatically helps many businesses nationwide. But although they can operate in a limited capacity already, it is now a challenge for enterprises to market their services and publicize their brands to attract the right customers.
One of the most effective marketing strategies businesses can implement is increasing their social media presence on numerous platforms. If there is one thing that the COVID-19 pandemic has taught people, the digital world can bring tons of benefits to many industries. Media consumption worldwide has increased significantly since the start of the global health crisis, and experts predict that e-commerce will dominate the retail industry moving forward.
Marketers must consider media platforms when planning their campaigns, such as social media channels, websites, and traditional media like television and radio. Hiring a social media marketing company in the Philippines can help adjust contents that will suit each channel and curate strategies that will help reach the targeted audience.
It will also hugely help if the organizations reassess their advertising messages as they may already be outdated for some of their targeted clients. Companies need to examine the current consumer trends and opinions as people are now focused on everything happening in the world. It will be beneficial for enterprises to relay how their brand impacts a community no matter what the product or service might be. Having creative ways of engaging with customers online can give a significant edge over competitors on the market.
These are just some trends in marketing that companies can consider to get favorable results despite the health situation.