Salient Brands Will Recover Faster
Even in a world where uncertainty had already come to be accepted as the new norm, Covid-19 managed to still push all to an unprecedented edge. The marketing and advertising fraternity has not been spared but it is marshalling years of experience and maturity to deal with the fallouts of the coronavirus pandemic. According to CVL Srinivas, Country Manager India, WPP, the largest advertising holding company in India and globally, the current trying times are a “great test of how adaptable marketers and agencies can be”. He explains that it is important to first get a handle on what is profitable now and reorganise the portfolio to reflect this. In an interview with BW Businessworld’s Noor Fathima Warsia, he points out that there needs to be an acceleration of e-commerce and a thrust for more innovation in product, packaging, distribution and promotion. At the same time, marketers need to revisit their brand value and differentiation in the post-Covid world. Excerpts:
What are the prominent consumer behaviour changes in the wake of Covid-19?
This is a rapidly evolving situation and may play out for several weeks or months. From our preliminary findings, consumers are more worried about products scarcity and personal financial stability than the pandemic itself. If we see a sharp spike in the number of cases, this may change. More importantly, if the situation prolongs, we will see some behaviour changes that might set in for the longer haul.
At a fundamental level, despite all the advances in science and technology, the fact that we are still vulnerable as a race is a realisation that will set in and put many things into perspective. This will impact the way people value their time, relationships and jobs. Our reliance on technology platforms for consuming media, shopping or staying in touch not just with friends but with colleagues at work as well, might increase manifold. Personal hygiene will finally get the attention it deserves. Overall, a greater sense of collective responsibility will set in, to tackle many of the pressing problems we face.
Media has seen a boost in this period. But how do you see the media landscape, in its different formats, change?
We have seen a sharp spike in media consumption across the board due to the lockdown. While TV and digital media have seen heavy increases in consumption, print media has been hampered by distribution issues in some markets. Kudos nonetheless to the print fraternity for the quick turnaround in going digital and ensuring their readers continued to get their content served every day. News and movies viewership have seen a sharp rise on TV. With the old reruns of popular shows on DD, there should be viewership spike there as well. We could see faster adoption of digital platforms for consuming content across genres post Covid-19. With this development, more are following news across all formats whether it is TV, print, digital or radio.
Even prior to the pandemic, this was a tough growth year. With Covid-19 bringing several functions to a standstill, what will be the effect on the advertising and marketing sector in India?
These are very challenging times for our clients and for brands. It is a ‘reset’ moment when new rules need to be defined. I would still see this as a great opportunity for the advertising and marketing fraternity. Our clients will look to rejig their portfolios, revisit the brand value, differentiation and drive innovation across the board. As agencies, we can add a significant amount of value to our clients’ transformation journeys if we are able to adapt to the changing times, have more agile ways of working and be pragmatic about where we focus. Situations arising from Covid-19 will impact advertising spends as well. But it is too early to quantify it. The industry is coming to grips with the extent of the problem and is working to come out leaner, fitter and more agile.
What is your advice to brands right now?
To try and keep their brands salient. Various studies have shown how salient brands recover faster when things improve. Companies are trying to ensure stocks are in place and are being distributed before committing to large scale national TV or print campaigns. We are running on digital and social media platforms in such cases. For those brands that are advertising, we are saying they must not exploit the situation but see how they can help and build goodwill. We are reminding our clients about the importance of both internal and external stakeholder communication at the moment, and for brands to provide a wider community support.
And finally, what is your greatest worry and your advice to your team?
My greatest worry like everybody else’s is the uncertainty of what we are dealing with. My advice to my colleagues is to ‘seize the moment’. There can be no better time to put our best foot forward, do the best we can for our people, our clients, the communities we work with and beyond.
