How brands are preparing for the COVID-19 downturn
On e4m webinar were Meera Iyer, CMO, Medlife & Deepak Sinha, VP Marketing, Bira 91, sharing insights on how brands are preparing for the COVID-19 downturn and the road ahead
The COVID-19 pandemic, apart from being an unprecedented health crisis, is also something that has brought business to a standstill. Brands are struggling to adjust to this phase where customer sentiment is at the lowest. Keeping the customers engaged and keeping the brand recall alive during this time is critical.
In an e4m webinar, Meera Iyer, CMO, Medlife and Deepak Sinha, VP Marketing, Bira 91 spoke about how brands are preparing for the COVID-19 downturn and the road ahead.
Speaking about the need to stay relevant during these times, Meera Iyer of Medlife said, “For brands, I would say it is important to modify the communication to the current situation. They cannot afford to lose the customer recall, however, they cannot spend in a way that jeopardises the business. Right now brands have to find ways to do more with less and that is where creativity comes into play and leveraging things that are happening.”
Deepak Sinha, VP Marketing, Bira 91 underlined that staying top of the mind is critical during these challenging times. He said, “It is about doing what is right for your brand. So staying top of the mind in a cost-effective way is critical. We also had a moment of-- what we do, what we say, how often should we communicate, but what we realise is that consumers want to hear from you and not take advantage of the situation. For example, we have made a playlist on Spotify, a work-from-home playlist for this quarantine period and our customers are collaborating with us.”
Over the last couple of weeks, we have also witnessed a spike in digital consumption. Genres like TV, News and OTT platforms are drawing a lot of attention. When asked if this trend would continue in the post COVID situation too, Iyer said, “There are certain things that will change after this situation is over. In the post-COVID-19 marketplace, we will continue to see a spike in digital buying. As far as media consumption trends are concerned, I think TV will go back to what it was after this lockdown is over. The surge that we see in consumption as far as TV and digital is concerned is temporary and will go back to where it was earlier.”
Sharing his thoughts on the consumption patterns that we are witnessing during this lockdown, Sinha said, “We are going to learn a lot about our consumers once this lockdown period is over as this lockdown has given us new insights about customers which we never had before.”
The road to recovery is something we want to know about. Sharing her thoughts on what it could look like, Iyer said, “The road to recovery is going to be tough. This is not a financial crisis, it is a health crisis. A lot of this is going to be restricted in the post lockdown world. We will see signs of a recession coming immediately after this. So conserving cash at this time and not overspending will help brands to communicate effectively later.”
“The road to recovery is going to be challenging and the best way we can prepare for this is being prepared for the worst and hoping for the best is a saying that is very relevant for all of us right now.”, said Deepak Sinha of Bira.
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