Covid-19 Pandemic Period and Online Marketing

 

The first and second wave of Covid-19 pandemic has devastated India economically as well as socially. It had impacted almost all segments of the economy. The industry sector across India witnessed a significant decline in growth rate compared to 2018-19 due to impact of corona. A huge population had lost their employment. Industrial workers were migrated to their hometowns in fear of pandemic. Everyone is in fear with the increasing cases, increasing deaths across the country. After reporting the first case in late Jan 2020 in the southern Kerala, today we are facing horrible picture of this pandemic. In second wave, India has passed 200000 deaths mark, which is about one in 16 of all Corona deaths across the world. But, world never ends, never stops. Everyday sun rises with new hope. And definitely we will overcome this situation. Difficult time always create new opportunities for us and one can turn such bad time into opportunity. Though we are locked in our homes and finding it difficult to fulfill our daily needs, but online purchasing is the way to satisfy customer’s needs.  For industries also online marketing is emerged as an opportunity in pandemic period. Through online and digital media, they can be in touch with their prospective buyer.

 In Online Marketing, mainly the internet or electronic media is used to promote the products and services in the market. Various digital technologies are used for such promotion of products. Marketers can facilitates their customers with the help of digital marketing tools. On the other hand, online marketing media provides an interactive platform to customers and also allow them to communicate with the manufacturer. Customers can get information about the product, complain the problems, enquire, and resolve their problems through the internet. The main objective of this article is to study concept of online marketing, and how it is emerged as an opportunity in pandemic period and to study various channels of online marketing. This study also describes advantages of online marketing. 

Online Marketing:

Online Marketing is a set of tools and methodologies used for promoting products and services through internet. It includes a wide range of marketing elements than traditional marketing due to extra channels and mechanisms available on internet. It is also known as Web Marketing, Digital Marketing, and Internet Marketing. As the name suggests, it is the act of promoting goods and services through internet. It includes various concepts like, Social Media Marketing (SMM), Search Engine Optimization (SEO), Pay-per-Click Advertising (PPC), Search Engine Marketing (SEM).

Online marketing refers to marketing through digital technologies. With the increasing use of technology, online marketing has become more important and its effectiveness is also increasing rapidly with time. In online marketing, various channels, media and electrical gadgets are used for marketing and promotion of products or services. Online marketing is the use of digital channels to promote or market products and services to consumers and businesses. It has both advantages and disadvantages. The significant advantage is, it reaches to large number of customers in very less time and it is also cheaper, thus it is time and cost efficient one. It helps in analyzing the effectiveness of campaign, as it provides a complete record of number of views, duration of views of any particular advertisement, feedback etc.  Online marketing also helps in analyzing, buyers behavior. As it keeps a complete record of customers’ preferences, responses to various products, buying tendencies etc. it also helps in determining the marketing strategy. Online marketing is the promotion of brands using the internet, mobile and other interactive channels. It is the practice of promoting products and services using digital distribution channels to reach customers in a timely, relevant, personal and cost-effective manner.

Challenges of Online Marketing:

There are many advantages of using online marketing tools to advertise products or services but there are some challenges that the marketer has to face. During this pandemic period challenges are increased, few of them are as follows:

·         Identify the right viewers: The first important thing is to identify right viewers. For that you have to fix your businesses goal and objectives. Demographic segmentation methods can be used for such identification.

·         Dynamic website: There was a time when the search engines could show your website on the top of the search with keywords. But now the websites should provide quality content to the viewers. Quick response is also required.

·         Consistency: Any dynamic website will be useful if you have good quality material consistently. On regular basis, it should be updated, changed as per requirement.

·         Active on social media: There are various social media channels. Select the most effective channel and use it effectively and consistently. The companies should take follow-up, remarks, feedback from customers and maintain regularity in posting.

·         Hygiene and Safety of Customers: During this pandemic period, customers are choosing online shopping for their daily needs also. Companies should follow all safety measures of customer’s health.

·         Maintain two-way communication: for any dynamic website, two –way communication is essential. Consumer’s voice should be entertained by the websites.

·         Getting customers trust: every business needs customers to earn money. But in case of online marketing, companies have to gain customers trust. For that, honest policies, transparency, quick reply etc. is required.

·         Manage Customers relationship: Sometimes in online shopping, customers are not showing brand loyalty. Hence, firms have to manage customer relationship in all possible way like- by sending reminders, birthday wishes, new offers, discount coupons etc.

·         Industrial Changes: online marketing is a constantly changing field. Every month, new tools, platforms, and techniques are introduced in the market. The firms should stay on the top in every changing situation.

Online marketing tools:

Online marketing involves search engine marketing, email marketing, social media marketing and many other types of display advertising. There are multiple online marketing tools available namely, Social Network, Social Network Application, Social News, Online Favorites and bookmarking, Blogging, Email Marketing, SMS Marketing, Search Engines, Pay per Click Advertising, Press Release, Automated Inbound Marketing.

 

Pandemic’s effect on business sector:

The waves of Covid-19 pandemic has disrupted India’s business sector economically. It had impacted almost all segments of the economy. The industry sector across India witnessed a significant decline in growth rate compared to 2018-19 due to impact of corona. A huge population had lost their employment. A large population have seen their income cut and find it difficult to meet their daily needs. Unemployment rate is increased across the country. New employment generation rate is very low. It is a difficult period for job seekers. Some experts have warned that it could take years to achieve the level of employment seen before the pandemic. Its recession like situation all over the world. The International Monetary Fund (IMF) estimates that, the world economy was shrunk by 4.4 percent in 2020. It also added that the decline was as the worst since the depression of 1930’s.  Everyone is in fear with the increasing cases, increasing deaths across the country.

In India, MSME’s(Micro, Small, Medium Enterprises) creates more than 90 percent of the jobs,  employing near about 114 million people and it has 30 percent contribution in GDP, is today at the stage of severe cash crunch. Many of these MSME’s are bankrupt and facing financial crisis. If such situation continued for some time, many small industries will disappeared due to disturbance in cash flow. Covid pandemic had devastated each and every sector of the economy. Hospitality sector had faced severe damages and had shut its doors worldwide. Tourism industry had lost billions of dollars in 2020-21. Travel industry is still far away from taking off due to lockdown.  As the customers are staying at home, retail industry is also facing great fall. Though the customers are anxious to return to stores, but the lockdown stops them. Only pharmaceutical sector is on the winning position.

As per the report of Research Department of statista website, published on 11^th June 2021, estimated cost of full lockdown is 26 billion USD, estimated impact on GDP (from Oct 2020 to Dec 2020) is 0.4 percent, Manufacturing sector shows -39.3 percent decrease (April 2020 to June 2020). Industrial workers were migrated to their hometowns in fear of pandemic. Due to migration of labor, manufacturing industry is at high risk of financial crisis. Small businesses are struggling with increasing cost of raw material, non-availability of labor .These few examples are alarming for industrial sector. Hence, to overcome from such situation, the manufacturers as well as service sector has to change their marketing strategy. Online marketing is a good way to gear up and channelize the business. Today near about 60-70 percent population have smart phones and they are connected on internet through various applications. So companies can approach the customers through net, advertise and sale their products, listen customers voice, solve their problems. Hence, in this pandemic scenario online marketing is an emerging opportunity.

Online Marketing as an Emerging Opportunity:

In this pandemic scenario, online marketing is emerging as an opportunity to approach to customers. We can summarize the significance of online marketing to marketers as follows:

1.      Online marketing is more affordable than traditional offline marketing methods. A social media campaign or an e-mail can forward marketing message to customers. It is cost saving marketing option than the TV advertisement.

2.      Online advertisement can be easily tracked or monitored. It provides quickly the market data, customer’s response, rating is easy, easy market survey and research data.

3.      In lockdown, it is difficult to open outlets for customers. Here through online marketing a business can reach to millions of customers in a moment. It’s an opportunity to businesses to endorse themselves at world level.

4.      Marketers can monitor the frequency of viewers, what was viewed, how often and for how long, which products works which not, guess customers liking, can suggest, can recommend, offer discount or combo pack, can motivate to purchase.

5.      Marketers can easily collect feedback from customers as compare to traditional marketing tools. Even customers response can monitored, problem can be solved, and customer’s time is also saved.

6.       During pandemic period, customer’s health and safety is of prime importance. So marketers can supply goods at their doorstep through healthy and hygienic supply chain. Marketers can take more care of the packaging and can maintain quality of product.

7.      In online marketing, customers get thousand number of options, brands, sizes, colors, which is not possible in offline mode. Various market survey also says that customers are happier with online mode, as it is simple and easy to operate.

8.      Its customer’s psychology, they spend more on online mode as compared to cash payment in offline mode. Spending cash in hand is a sad feeling for customer. So online shopping motivates them to purchase.

9.      Now a days, maintaining hygiene at outlet, preventing staff from infection, avoiding unnecessary crowd, sanitizing the environment, are very costly, time consuming and tedious task for marketers. Online marketing is a safe option in pandemic.

10.   Online marketing allows 24 hours and 7 days of service to the customers to purchase. Customers can compare, can put products on hold i.e.in cart, can return in case of any issue, prices are transparent and customer can enjoy burden free shopping.

In last one and half year the waves of Covid-19 pandemic has devastated India. It had impacted almost all segments of the economy. The industry sector across India witnessed a significant decline in growth rate compared to 2018-19 due to impact of corona. Hospitality sector had faced severe damages, travel and tourism industry had lost billions of dollars, the customers are confined at home retail industry is also facing great fall. Only pharmaceutical sector is on the winning position. In Covid-19 pandemic scenario, online marketing is emerging as an opportunity to approach to customers. Through online and digital media, marketers can be in touch with their prospective buyer. Online marketing means promotion of services or products by using electronic media. There are various online marketing channels such as social media marketing, search engine optimization, email, phone, print media, television, radio, internet etc. As the world is rapidly transforming from traditional to digital. Customers are consuming more and more digital content. Corporates also have recognized this trend and have adapted online marketing strategies. Through online marketing, retailers and marketers can increase awareness about product or services. Online marketing is also helpful in analyzing the effectiveness of campaign, sale, demand etc. it also provides detail record of number of views, feedback, duration of views of any particular product and buyer behavior.