How COVID-19 has changed marketing

The coronavirus has changed businesses and societies around the world. I'm gone write about how the coronavirus has changed marketing. 

Three ways COVID-19 has changed marketing.

Image 1: (Calabrese, J. 2022) 

1. The market moves to offense from defense. 

For a business to survive the pandemic, it needed to hold on to the existing customers and build a brand value that can connect with new customers, these were the top two objectives rated by marketing leaders in June 2020. These two objectives remain key, also two others increased dramatically in the February 2021 survey. It was: acquiring new customers by +48,6% and improving marketing ROI (+105,6%). So the companies went from trying to survive to competing to make money. Additionally, acquiring new customers increase the effectiveness of marketers' reporting a 6.3% increase in customer performance over the last year. Up from reported losses of -9.2% in June 2020. 

2. Sales on the Internet reached new heights.

When the lockdown was at its worst and people couldn't go out shopping, internet sales reached new heights. From 2015 to 2019  the sales percentages were 12%. Internet sales were at 13.5% in February 2020 and then jumped straight to 19.3% in June 2020 and to 19.4% in February 2021. Internet sales were highest for B2C companies and larger companies/businesses. Much indicates that many of the new online routines will stick and going to be around for a while. I think marketers will continue to focus on delivering value through this channel, and continue developing online services. 

Image 2: (Moorman. C and Shkil. B, 2021)

3.  Pandemic highlights the importance of marketing for companies.

Marketing has risen as the pandemic wears on, and companies across the world assign greater importance to market and branding. The CMO survey reported on June 2020, that around 62.3% of companies and businesses have a role in marketing increased in significance over the last year. February 2021 the number jumped to 72.2%. B2B companies saw a very high increase. The same happened to what we call mid-sized companies by the number of people working for the organization or companies with 92.3% and revenues (88%), and companies with sales from the internet 80%.

When the lockdown came, a lot of buissnises and organizations went bankrupt and others bearly made it. So they had to come up with new ways and ideas to sell their products. Online shopping and other online services like teams meetings came in very handy. And I think a lot of the services have come to stay.       

Reference list:

Moorman, C & Shkil, B. 2021 [Image 2] Available at:  https://www.cmswire.com/digital-marketing/how-covid-19-changed-marketing/ (Accessed: 23 January 2023).  

Moorman, C. and Shkil, B. (2021) How COVID-19 changed marketing. Available at: https://www.cmswire.com/digital-marketing/how-covid-19-changed-marketing/ (Accessed: 23 January 2023). 

Northumbria University. (2020) How lockdown has changed Digital Marketing. Available at: https://london.northumbria.ac.uk/blog/how-lockdown-has-changed-digital-marketing/ (Accessed: 23 January 2023).

Calabrese, J. (2022) COVID-19 in the Middle East and Asia: Impacts and Responses. Available at: https://www.mei.edu/publications/covid-19-middle-east-and-asia-impacts-and-responses (Accessed 25 January 2023).  

Calabrese, J. 2022 [Image 1] Available at: https://www.mei.edu/publications/covid-19-middle-east-and-asia-impacts-and-responses (Accessed: 25 January 2023).