IMF Business School · Masters in Marketing and Digital Communication Become a professional with the best school to study digital marketing in person or online IMF Business School · Masters in Marketing and Digital Communication Online or in person · Double degree · Up to 70% scholarship · Job and internship exchange The coronavirus has been a disruption in all lines of activity of companies and in all their areas of work. Companies need to adjust what they do, how and how they operate. This involves the work of many departments, including marketing. Top marketers must be up to speed and fine-tune their strategy.

As Gartner has just warned, CMOs (chief marketing officer) should work specifically in several areas. They are crucial work points on which Hungary Phone Number List will depend that they come out well from the COVID-19 crisis. CMOs who wait for the storm to pass and do not step into it, changing things and responding to challenges, will only “increase the risks” and “miss potential opportunities to build loyalty,” says a Gartner analyst.” The key to managing risk and finding opportunities in a period of significant uncertainty is not predicting a single outcome, but recognizing the range of possible scenarios,” said Augie Ray, analyst and senior director at Gartner. CMOs need to analyze the market and respond immediately, focusing on several points. Create contingency plans One of the usual recommendations when talking about surviving crises and managing them from marketing and advertising is to always have plans to apply to the situation. Crisis plans guide how you act and how you respond. The same goes for the coronavirus pandemic. This is, in fact, the first point that Gartner makes. Marketers need to create contingency plans, doing so on three levels as well. They must create potential responses to three scenarios, from best to worst possible case. These plans should address brand strategy, potential effects on consumers, and how the marketing team will be organized. They must also take into account the other departments of the company.

Always be on the lookout for consumer behavior During the year, understanding how consumers behave and what matters to them is crucial. Brands must follow market developments and changes in consumption patterns. Right now it is also key. The CMO must follow a consumer-centric strategy, something “of the utmost importance in times of stress, great needs and rapidly changing expectations,” as they point out in the consultancy’s conclusions. They must monitor, analyze and act on changes in consumer habits and plans. And they shouldn’t be swayed by short-term pressure, either. Face it: this situation will bring new challenges and disruptions Although, this is possibly the most important recommendation of all Gartner makes. Marketers must assume that, no matter how much they do and no matter how much organization they bring to the table, they will have to face change, challenges and disruption in the market. Thinking that everything will be as usual is a fundamental error. The CMO’s reaction is important because the tone set by the marketing manager will impact the overall tone of the company, both inside and outside the company. Inside, they need to be prepared for a change in work patterns and to respond to the needs of their employees. Outside, they have to adapt to a market in which everything will work at home and in which they will possibly depend much more on online services and ecommerce.

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