According to a study by McKinsey, marketing has changed super-quick for the B2B segment. While 96% of sale has partially or fully moved to remote selling, 65% decision-makers say that the remote model which has emerged after the Covid-19 outbreak is as effective if not more.
It has been over six months since the lockdown was announced in India and people all over the world are still trying hard to embrace the ‘new normal’. Will all this help us reach normalcy and when, is a million-dollar question. Companies around the world have seen an unprecedented drop in business, the whole supply chain has snapped and consumer behavior has changed like never before.
According to a recent report, the consumer spends in India has gone down by 40% between March to June, as compared to the same period in 2019. So, when your consumer behavior has drastically changed, media consumption has changed, then business strategies too are bound to change track and there is a need to re-invent marketing and communication strategies.
As the buying power gradually improves, the market will show sufficient activity even with remote selling models. The study by McKinsey also notices that India and China are leading the way in remote selling followed by Spain and the UK.
Embracing digital tools is imperative
The travel and F&B verticals have been one of the most affected sectors with hotels and restaurants closed for months together. While many failed to stay afloat, the going is tough and steep for those who have been able to hold ground. Keeping the customers engaged is the goal for now, so, that when the time is right, your customer has been hand-held through the marketing funnel and is ready to do the purchase.
With social distancing and restricted travel, the process has moved to the digital world. No wonder, the online meeting app Zoom has broken YouTube’s record of 300 million installs in one quarter early this year. Though stained with speculation for a while, the easy and simple way of conducting meetings across locations made it a favorite among business owners. Similarly, webinars too have become the next big thing. Industry leaders, trade bodies and almost everyone has moved to webinars.
So, while Zoom or Microsoft Teams are the new conference hall, webinars have become the next-gen panel discussions with industry experts coming forward to share their views and exchange ideas. Webinars are big in the F&B industry where stalwarts from the industry have been constantly sharing inputs on the unlocking process. Travel too has gone virtual with many tourism boards across the world releasing virtual tour videos to keep customers engaged.
Companies in the F&B space have also resorted to webinar sessions. RATIONAL has been doing very successful live cooking sessions for the last 50 years, but after the advent of the pandemic, we have also moved to webinars to stay connected with partners and customers. It was new learning and both our team and the customers have taken well to the new digital touchpoints. With regular webinars and online meetings, the communication chain is intact. Our live sessions on webinars are well attended and are getting quite popular. Even live online chat has also come out as an effective communication tool. It is only wise that companies should invest in digital tools to manage their operations.
Soft selling is wise selling
It is tough for businesses to keep running in today’s scenario and more difficult to retain customer interest, especially when the spending power has nosedived. Stay with your customer through these tough times and he will come back to you. Instead of hard-selling campaigns and sales pitch, talk about things that matter to them.
Many brands have come up with meaningful campaigns on staying home and staying safe. Such campaigns go a long way in gaining customer confidence and will make your customer strict to your brand. Many might hold their marketing spend, but it is wiser to re-align, re-invent and keep the brand communication going. Consumers today are spending more time online and on social media and hence communication has to move online too. With deep data analysis, tapping consumer behavior and their preferences and then aligning your communication accordingly will be pivotal in times to come. Countries and markets around the world are showing early signs of revival and it is only wise that you stand by your customer and he will come back soon.
About the Author:
Vikram Goel is the Managing Director of RATIONAL International India. RATIONAL is a market leader in smart commercial kitchen appliance manufacturer space. In India too they hold 60% of the current market share and have their products in many 5 Star chains and cloud kitchens.