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Marketing through Covid

The COVID-19 has completely changed the core of business activities all around the world. Companies who were key stakeholders of business world, suddenly faced marketing, advertising and promotional problems (DiResta, Williford, Da'Morus, & Genn, 2020). Customers were unable to visit stores physically. The questions arose in business world was, how to cope with such difficult situation? Companies who responded quickly in their future advertising, marketing and media promotions were only able to maintain a steady stream of income (R. Taylor, 2020). Many brands who were struggling with competition, found it a great opportunity for themselves and strike the right tone during the pandemic situation, they quickly observe the future market alteration, enhanced competition and need for aggressive and innovative marketing practices (He & Harris, 2020). For global brands like IKEA, Nike, MacDonalds, this means dealing with market alteration due to impact on all sectors of the industry, addressing sustainability; facing rapidly enhances competition given customers and social new normal; analyzing brand reputation and recognition issues; evaluating challenges of strategic planning and uncertainty of operational options; identifying potential for more innovative products and services for matching consumers need and expectations; emphasizing more on strategic marketing campaigns; using social media effectively and targeted advertising. These all phenomenon become more important since COVID-19, spending on advertising are decreasing throughout the year 2020 as stores are closed in many parts of the world, so revenues are also decreasing. An example is when one online retailing company announces that it will shut down all advertising or marketing activities in 2020. There are different firms that can refocused their expenditures to purpose-driven marketing and cause related marketing to better gratify customers enhanced media usage while working from home. For example, a research indicates that 45% of global customers are consuming more time on social media, video streaming has been increased 26%, an increased number of customers are using online food delivery and delivery of essential goods is dramatically increased. Overall, all those brands who took steps for innovation and looked to optimize their marketing efforts to better respond the increase in online transactions become successful and companies who failed to adopt changes are nowhere in the market today.