The pandemic began with its epicenter in China in 2019 and has continued to spread around the world with 216 countries and territories impacted by COVID-19. COVID-19 events affecting large named countries with clear foreign market dominance have negatively affected the economy worldwide. The outbreak of coronavirus has led to a global crisis, many firms are bound to take difficult measures to lay off their workers, small enterprises are shut down and production plants are shut down. However, the market for food and drink has seen an immense spike as well as a lack of supply leading to the panic purchasing from the population. Similarly, the market for pharmaceuticals has also grown as new solutions for prevention measures are being implemented. A variety of sectors have been affected in the supply chain due to constraints on logistics and the closure of production plants. In addition, the recession in the economy has limited the willingness of individuals to invest and people are saving money for emergency situations. The marketing automation market has noted a decrease in the demand due to lockdown and COVID-19 norms and majority of the companies have cut down their marketing budgets. Moreover, there has been and operational halt in businesses which have forced the companies to reduce money spent on the marketing operations.
COVID-19 outbreak has affected the behavior of the individuals and markets which impacts on economies and societies. The companies who will be able to rebound from the pandemic crisis will need to be technologically secure, consider consumer expectations and adapt to a quickly shifting environment. During and after the pandemic, the scenario of marketing spend has transformed completely. Consumers are more inclined towards digital and augmented shopping to avoid any physical contact with people. Marketers are focusing on the adoption of new marketing technologies which includes conversational marketing, email, video and others. The governments of various countries are focusing towards digitization of business process and making it mandatory to adopt technologies which support physical distancing and social distancing norms.
STRATEGIC DECISIONS OF MANUFACTURERS AFTER COVID-19 TO GAIN COMPETITIVE MARKET SHARE
In order to gather competitive market share, market players are focusing on strategies such as acquisitions, product launches, partnerships, client acquisition and others. Moreover, several industries such as BFSI, healthcare, retail, manufacturing, IT & telecom and more are adopting to marketing analytics solutions, new advanced technologies, in order to strengthen customer loyalty, provide consistent customer support and study consumer behavior patterns.
The COVID-19 lockdown imposed by the governments of the countries had adversely impacted the prices of marketing automation platforms. The pandemic brought reduced demand of marketing automation tools among industries due to operational halt in businesses and disruption in supply chain management.
The pandemic has resulted in reduced demand for marketing automation tools due to lockdown and COVID-19 arms and shut down of manufacturing facilities. However, digitization and automation has becoming mandatory for any business. As a result, several business verticals require marketing automation tools to analyze crucial consumer’s data and to drive insights for providing enhanced customers online shopping experience, safety, personalized and virtual shopping experience and to formulate effective marketing strategies to boost the sales during the crucial period. The supply chain was adversely affected as the lockdown prevailed in many regions globally, in addition to limitation of workers. Hence, the companies are adapting to the new normal, through work from home and rotational shifts which is likely to positively impact the implementation of new marketing technologies in near future.
Initially, a decline has been witnessed in the growth of marketing automation platforms. However, as the situation gets back to normal, the demand for marketing automation solutions is expected to rapidly increase in coming years, owing to rapid need for new marketing technologies, wide shift towards digitization, requirement for multi-channel marketing, improved customer support, saving time and money and others.
Some of the techniques that can be adopted by marketers which further resulted in high growth of marketing automation platforms include: