1. The Covid-19 epidemic’s impact on businesses in general, and the marketing sector in particular
The Covid 19 epidemic is causing massive economic losses in numerous nations, leading many enterprises to falter and face insolvency. When there are no consumers, no income, a firm cannot stay in the market, especially in the aviation, tourism, transportation, entertainment, and other industries. Although the government has implemented supporting measures, it will be difficult for companies to recover once the epidemic has passed.
Marketing, in particular, functions as a bridge between businesses and customers, therefore when businesses face challenges, altering marketing strategies to reflect the current trend is critical to assisting firms in remaining competitive. Let’s have a look at how the marketing business has been affected by the current Covid-19 outbreak.
To begin, consider the definition of marketing: “Marketing is the human activities of meeting the needs and desires of customers through trade procedures.”
Because the marketing business is so intimately tied to customer demands and aspirations, when the Covid 19 epidemic raged, it impacted consumer behavior and habits, and it immediately changed consumer trends.
Due to the fast expansion of the Covid-19 epidemic throughout the world, several governments, including Vietnam, have recommended individuals to minimize gatherings and stay at home. As a result, daily shopping and consuming habits alter significantly. Consumers frequently shift from in-person to online shopping. The marketing industry’s tendency during the Covid 19 outbreak is likewise increasingly transitioning from conventional marketing to digital marketing. The purpose of marketing in this period has also changed.
2. Marketing trends during the Covid-19 pandemic
Although digital marketing has become more popular in enterprises as a function of the 4.0 technological revolution, is the marketing industry trend any different in current Covid 19 pandemic?
First, some firms’ marketing aims have shifted substantially; instead of raising revenue, businesses are expanding the number of users by offering free courses, therefore increasing the number of product consumers. Several large corporations employ this marketing effort, such as Google’s free video conference for Gsuite, Microsoft’s free software for online-working and learning, Microsoft Team, and so on. Businesses have strengthened their interaction with customers and won the hearts of users as a consequence of these marketing methods.
Following that, marketing initiatives that “catch the trend” in conjunction with the Covid pandemic, such as the song “Ghen Co Vy” by Min and Erik, got more consumer attention. Numerous firms have used this strategy to run effective advertisements.
Furthermore, businesses collaborate with well-known celebrities to promote their products. This is not a new idea, but it is incredibly successful because the amount of time people spend on social media has continually increased. In a nutshell, marketing on social media platforms still generates specific outcomes.
Some firms additionally tend to be innovative in terms of product transformation. Instead of producing clothing, several enterprises are now producing masks and protective gear for the healthcare industry. Instead of producing cosmetics, numerous firms soon market antibacterial water, hand sanitizer, and other products. Changing to meet the requirements of the market is critical in marketing.
Given the changing environment, many firms have aggressively switched their operation from offline to online. Businesses can still survive the epidemic by purchasing internet outlets with high consumer traffic. For example, a corporation that sells height development medications to children can purchase a YouTube channel for children, allowing it to access its target market. Marketing methods made possible by internet technologies as these are lifesavers for any organization.
Lastly, supporting and giving to the state fund is an activity that inspires sympathy in the hearts of the people, enhancing brand value in the eyes of customers.
Some notable training universities for marketing include the University of Economics in Ho Chi Minh City, the University of Economics and Finance in Ho Chi Minh City (UEF), the University of Marketing Finance, and the Banking University of Ho Chi Minh City,… is equipped with professional skills, with a focus on foreign languages and soft skills such as communication skills, planning, negotiation – bargaining, and so on, to provide learners with strong tools while pursuing this competitive profession.
In particular, Ba Ria – Vung Tau University (BVU) is regarded as an university that focuses on methodically educating contemporary Marketing through a harmonic combination of theory and practice.
Nghiem Phuc Hieu