Pandemic and complete lockdown across the globe brought a temporary shutdown of the economy. A lot has changed ever since especially the way of life from socializing to social distancing. People preferred living indoors and that led to a shift in shopping behavior.
While this laid an urgent need for businesses to develop a presence online, for online businesses it was an opportunity to leverage with a large amount of populace searching on the internet.
Marketers revised strategies that were more empathetic than sales-driven. Overall, the growth in the field of Digital Marketing post lockdown resulted in a 100 percent increase in online sales in India.
However, just like everything else online marketing has also seen a shift.
Due to the COVID-19 epidemic, how customers buy is shifting. The most basic requirements have been customer priorities, pushing demand for hygiene, cleaning and staple goods to soar high, while non-essential segments are slumping. The factors impacting brand decisions are also evolving as the wave of "buy local" expands.
As new customers move online for grocery and other shopping, digital commerce has also seen a boost, a trend that is likely to be maintained post-outbreak. Many brands have taken to social media on the digital front, delivering free demos, or producing enjoyable content to provoke the isolated masses' interests.
Changing consumer behavior forced marketers to the “consumer remains the same” approach at the bay. 61% of marketers are going for short-term strategies than those 6% opting for long-term strategies.
Industrial segments such as food & delivery, entertainment, news, gaming, etc. took up this opportunity to reach more demographics and optimize their bottom line by increasing their advertising spending. On the other hand, travel, retail and other industries largely reduced their advertising budgets in the challenge to survive.
This scenario is likely to change in the post-Covid era. Although, it also depends on the impact posed.
Furthermore, with physical events on halt brands leveraged digital mediums. Despite the screen as a barrier, brands continued to innovate ways to engage the viewers. This opened up possibilities for businesses to overcome physical boundaries and participate from any location. It is likely that brands will continue to explore more possibilities of connectivity.
The suppressed economy also led to sharp dislocation in CPC and CPM rate amidst the lockdown. In November 2019, CPM decreased from 1.88 U.S. dollars to 81 U.S. cents in March 2020 and 11 U.S. cents in January 2020 for CPC to 9 U.S. cents in March 2020. However, it has begun to pick up again since September 2020.
In final words, a pandemic so adverse is likely to change human life. For marketers keeping aware of digital marketing trends for the new year is best recommended.
In today’s time, digital marketing is coming out as the face of the future. With the COVID-19 related economic crisis, the shift towards online advertising will continue, and its share of total media spend will accelerate.
We can see the impact on consumer confidence due to new lockdowns and COVID-19 hotspots. It is expected that the ongoing pandemic will be going to fuel the growth of online advertising as the population is becoming less mobile. Let's see how:
Digital marketing has revolutionized traditional marketing and media tactics. Nowadays, digital marketers not only talk to consumers but believe in engaging them. Nowadays, consumers surf the web and are actively involved in researching, interacting on social media, and clicking on ads. We can see that digital marketing is a dynamic and evolving creature, and COVID-19 has impacted its progression.
Businesses should consider what digital marketing solutions are apt for reaching their audience and accordingly take tactical action to grow with the digital age efficiently.