The world is changing, dramatically. Due to the COVID-19 pandemic, every brand out there is required to be ready for the new world order. Consumer habits are changing at such an astonishing rate that it’s becoming harder for brands to keep up their marketing efforts in sync with it. And brand owners who think these are temporary habits are highly mistaken. Cause, the effects of the habits formed now will be visible much late even after the nationwide lockdown is over.
Now, marketing is not dependent on just spending money, giving discounts, and earning revenue. It has seriously become more about what marketing experts and gurus have been preaching for years. It is now about doing marketing that is time and budget-conscious all the while building trust in the minds of the consumer.
The speed at which consumers are adopting E-commerce is mind-boggling and is becoming harder and harder to keep up with the pace. Being a digital-first brand is not an option, it’s a necessity. Which is now being also agreed upon by even the most staunch practitioners of traditional marketing. Digital is the DNA of being visible and staying relevant for every brand. Even education in Tier 3 cities is moving online. Which showcases the insane development in the digitalisation in India.
To provide an over the cloud view of all the possibilities and opportunities in the post-COVID-19 world, Xeno’s Co-Founder Ayushmaan Kapoor will be joined by Jitendranath Patri, a retail veteran for more than 10 years and ex-CMO of Future Retail group as they discuss and answer the following burning questions every retailer out there is looking to answer:
- How do apparel brands need to redefine their marketing strategies?
- What will be the changes visible in the near future related to user behaviour?
- What challenges will the apparel industry face in the near future?
- How should brands need to re-allocate their marketing budgets?
- Which online mediums of promotion should a brand focus on?
- What are the different content strategies which brands should use to create better awareness around their brand?
An Excerpt From The Interview
Que. How would you redefine your marketing budgets?
Ans. Previously the major marketing expenditure was on print advertising, But due to the COVID-19 pandemic, the marketing budget might get slashed by up to 40%. Requiring brands to focus more on channels that optimise the brand’s ROI. Along with requiring brands to optimise their loyalty & CRM programs for maximum effectiveness. The brands cannot re-prepare their successful marketing mix they were using earlier as its more about re-engaging with customers.