The author writes that the pandemic requires marketing to upend every practice by rethinking everything- re-planning, rebranding, repositioning, rethinking the marketing communications and the media choices, re-pricing and reorganizing of the sales and distribution channels...
Marketing has always been the most dynamic among the organizational functions driving the top line and bottom line. Despite the ever-changing and progressive nature of marketing, the pandemic has shaken up the established sales and marketing practices. During the unprecedentedly challenging and desperate times of the global health crisis, businesses have been caught unaware in uncertainty. Unexpectedly, the marketing plans, sales forecasts and budgets have gone for a toss. In the entire evolution of marketing, probably this was the first time that the brand communications did not deliver. Personal selling became a definite no-no, mandating direct sales organizations to think of the alternative, impersonal channels. The sales promotions and trade marketing at the retail stores did not work.
Right now, consumers are sticking to buying only the essentials to satisfy their felt needs; nonessentials are not their immediate priority. There is an interconnectedness in the consumer and business markets. The business-to-consumer (B2C) markets comprising the end-users of nonessentials have their impact on the business-to-business (B2B) markets. The demand in B2B markets, which is primarily, a derived demand from the B2C markets, has plummeted. A study by Florida State University reviewed B2B sales conversations and shared some startling facts. 61% of the buyers opined that sellers lacked knowledge of their buying process. 68% complained about the inability of salespeople to adapt to buying situations. 90% said that the sales conversations were irrelevant (of no value) to them. As a result, the salespeople are missing opportunities, and it is hurting the deals. The unpreparedness of sales and marketing organizations to face the reality of sudden changes in the consumer buying patterns and evolving business models is costing them heavily. The solution is dynamic customer-centric marketing without an unnecessary obsession with the products.
