Lagos, Nigeria —July 9th, 2020, Nigeria’s Number 1 online brand insight magazine, Brand Spur, in a webinar, explained the impact of COVID-19 on Marketing and Sales in this New Normal.
- How COVID-19 has affected our lives as marketers and sales experts
- Different observations during the lockdown
- Identifying and leveraging on new opportunities during and after COVID-19
- Possibilities and opportunities that come out from COVID-19
In spite of the surge in the novel Coronavirus pandemic that sprouted across the globe leading to the lockdown of world economies, many measures have been taken from world powers to protect their economies. The appearance of the virus is unprecedented and unexpected.
However, it seems the Nigerian government is bringing sticks to a gun battle in terms of how it has performed so far in its plans to halt the spread of the virus in the country.
Marketing and Sales in the ‘New Normal’ was the pressing topic of discussion in the webinar hosted by Brand Spur.
Given the wide-ranging effect of COVID-19 on businesses in Nigeria especially, the way marketing and sales are being done has been evolving since April 2020 and experts are looking for insights into new ways of targeting and reaching their customers as well as how to deploy their strategies effectively.
The advent of the Coronavirus pandemic can be described as a ”Movie without a Script”, as Sales and Marketing people are plunged into it without being given the option to rethink their strategies before the lockdown experienced in April, which affected logistics and distribution of goods, especially in the manufacturing sector.
Speaking at the webinar, Mr. Oluyemi Oloyede, General Manager of Kerry Tasty and Nutrition, Nigeria, said:
”As we are eased in the lockdown, brands and companies have adjusted their strategies and execution leads into the ‘New Normal’. Marketers didn’t enjoy the total lockdown because they are used to being on the field”.
Speaking on what was observed during the lockdown; Mr Oloyede explained the stages of the lockdown as:
- Panic-buying in March and April: leading to spikes in late March and early month of April
- A rise in the demand for certain products categories: making people demand more for home deliveries for appliances.
- Very low demand for the mainstream of alcoholic brands
- Rise of the modern retail channel: online sales rise up
- More local brands were adopted: land, airports were closed leaving people with the choice to accept what is left fr them (local products)
- Pressure points: people are spending more money on foods and are experiencing pressure points.
- Telecommunication Wins: the likes of DSTV, MTN, Airtel, even people who don’t know about Netflix joins the trains and subscribed
- The rise in social enterprise and NGOs into recognized entities
- Brands care: Brands exhibiting their concerns on people’s safety by showing support for the government’s efforts for the fight against the virus
Identifying and leveraging new opportunities during and after COVID-19, ”Many brands go out of their way to invest in new opportunities. I have seen 2Sure from PepsiCo and hand sanitizers from Kasapreco; these brands are leveraging opportunities that are relevant right now, which will still be available after the pandemic,’‘ he commented.
Some businesses will fall out of opportunities because of the pandemic; ”various businesses exist before the pandemic and are not going to exist after the pandemic. Louis Vuitton as an example has filed for an administration; also, several others are either declaring bankruptcy or shutting down outrightly” Mr Oloyede added.
Meanwhile, it is worthy of note that businesses should prepare for the following:
Shrink before Growth; you must be emotionally and physically prepared by making review to budgets as businesses will need to dig deep to cope with their shrinking bottom line.
Channel prioritization: There will be a massive shift in the way value chain management and distribution strategies of businesses. The e-commerce landscape bodes new opportunities for driving convenience and meeting the needs of shoppers. There will be a need for several businesses to prioritize their route to market decisions based on current realities.
Investment opportunities: Marketing, Trade Marketing, Insurance and health care, technology, education, are areas where investors will put in money in the coming months as these sectors hold huge opportunities and potentials.
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