6 Strategies That Businesses Are Using To Stay Relevant Today
- July 20, 2022
- Zainab Kantawala
- Posted in Editorial OpinionsMarketing
The COVID pandemic has changed many marketing concepts and strategies of various brands and businesses. What worked previously, may not seem to be working now. However, ascending in business is imperative and so is staying relevant.
Here are some strategies, that businesses are adapting to stay relevant in these tough times and also scale up their businesses, keeping in mind the current trends.
1. Post-pandemic marketing
While it is a no-brainer that pre-pandemic marketing strategies are no longer effective, businesses are adapting their marketing styles and strategies to stay relevant post-COVID era.
Using digital mediums, and adapting influencer marketing are the new must-do options. But more importantly, keeping the ‘Why’ of business, which translates to the purpose of business as a priority, is crucial.
The focus is now on the customer, to provide them with experiences and make their journey as a customer, worthwhile.
2. Targeting contemporary and different audiences
Garnering more audience has become necessary for expansion and growth. More brands are becoming increasingly aware of the advantages of introducing newer age groups to their target customer base.
For example, OYO Rooms is now targeting families through its promotional content.
3. Expanding product line
Expanding a product line helps in myriad ways.
Apart from just increasing sales and thereby increasing profits, the company’s image gets a boost as an innovator, thereby increasing its appeal to newer markets. This helps existing customers view brands in a different manner and the brand’s visibility rises.
For example, the recent launch of Coca-Cola Zero Sugar.
4. Omnichannel approach
With so much to offer, a customer is spoilt for choice in every offering available.
And to cater to their exceeding demands, companies are resorting to an omnichannel approach to get their products into customers’ hands. Using technology and maintaining a good brand image will help brands achieve sales.
5. Focus on Environmental Sustainability
With an increasing number of customers opting for sustainable products in every walk of life, it has become imperative for brands to work towards being sustainable.
While initially, this may seem like an expensive activity, the long-term benefits derived from it are too many to ignore. It proves as a win-win for companies, customers, and the environment.
Marico, Parle Agro, and many such FMCG companies are resorting to introducing 100% recyclable packaging by 2025.
6. The Metaverse
One top idea and innovation that seems to be expanding at breakneck speed is the Metaverse. And many international brands like Samsung, Hyundai, and even Gucci and Adidas have their presence in the Metaverse.
NFTs are taking the world by storm. With so many companies and even individuals investing in NFTs, the metaverse and NFTS are touted to transform the way business is done.