Purpose, The Pandemic & Global Marketing Trends
Purpose, The Pandemic & Global Marketing Trends
Coronavirus has forced businesses to pivot quickly to find new ways of doing things.
For some, this has been as a matter of survival, for others it has been an opportunity to look closer at new ways of working and adapting this to a longer term view of their business model. Despite the multitude of challenges due to the pandemic, many have flourished in the process.
One example of this is the speed of adaption to digital technologies. While many businesses and organisations were not equipped to operate in a predominantly online world, they have been able to quickly change. So much so, a global survey by McKinsey & Company found that COVID-19 has accelerated the adoption of technology by several years.
Yet, it’s not just technical innovation and digital disruption that has driven growth during the pandemic to date.
Isolation and magnified inequities
Beyond the world of business, we’ve also had to find new ways to socialise where distance has become the norm - and every day activities like grocery shopping, dining out, education, and medical treatment has morphed into a mix of digital innovation and retrospective pining.
At the same time, inequities across the world have been magnified from the pandemic. This has left many of us still asking some fundamental questions of what is it we truly value, and what it means to be human - even how our behaviours and choices affects the lives of people we have never met.
Additionally, complex topics such as systemic racism and climate change have come to a head.
Change has become the new normal, and there is no playbook or timeframe for a complete return to pre pandemic life.
How this has affected global trends in marketing
Understandably, we now live in a world of uncertainty.
The lines between work, home and family have blurred. People are craving human connection and suffering digital fatigue. The demand for health services is unprecedented. Business and governments grapple with profound unpredictability and a global economic crisis.
Yet, despite the challenges over the past year, some companies and brands have been able to flourish whilst still navigating their way through the myriad of obstacles facing them.
How did they do it?
Consumers and executives - the disconnect
In Deloitte’s ‘The 2021 Global Trends’ the second annual study of its kind, they sought to answer this question. Why were some brands able to flourish even during these turbulent times? This was explored through two overarching surveys—one consumer based, and the other targeted toward executives.
When Deloitte polled consumers, they showed that as times get tougher, they expect more from the brands they frequent. This is consistent with the Edelman Trust Barometer 2021.
Here are some topline findings for consumers:
• Almost four in five people could cite a time a brand responded positively to the pandemic and one in five strongly agreed it led to increased brand loyalty on their part. Conversely, more than 25% of those who noticed brands acting in their own self-interest walked away from those brands.
• More than 70% agreed they valued digital solutions that deepened their connection with other people, and 63% believe they will rely on digital technologies more than they did prior to the pandemic even well after it subsides.
• 58% of respondents could recall at least one brand that quickly pivoted to better respond to their needs, and 82% said this led to them doing more business with the brand.
Yet, in the executive survey, it was found the majority prioritised improving efficiency and productivity over more human centric initiatives such as strengthening customer engagement, retaining talent, and increasing the company’s impact on society.
This contrast in what consumers are seeking and what many of the executives reported provides useful insights. When analysing these findings in tandem, Deloitte surmise there is a very clear message - people are looking to brands for help, and they then reward those that can meet their most pressing needs in the moment. These are the brands that have been able to flourish in these turbulent times.
The seven global trends, and it all starts with purpose
Deloitte have developed seven trends (each of which constitutes a chapter in the full report) to help executives break through this wall of uncertainty and take action. These trends can enable leaders to respond to customer needs as they unfold, pivot business models to better align to evolving needs, and foster the human connection we all crave:
Purpose - the foundation required to flourish in uncertain times. To do this, organisations should be deeply attuned as to why they exist, and who they are built to serve.
Agility - organisations can best structure themselves to not only live out their purpose, but also to do so as stakeholder needs unfold in a timely manner. Responsiveness is key.
The Human Experience - organisations need to break out of their efficiency-first mindsets to elevate the experiences of their customers, workforces, and business partners.
Trust - is imperative and holds brands accountable, ensuring that the messages they convey are congruent and consistent with the experiences they deliver.
Participation - leading companies in the world need to harness customer passion to bolster their engagement strategies through customer-led innovation and advocacy.
Fusion - creative companies in the world need to overcome their defensive mindsets to create entirely new solutions through the fusing of new partnerships, customer ideas, and digital ecosystems.
Talent - providing a line of sight into how marketing can elevate its talent model into a competitive differentiator—even in the toughest of times is a key trend.
Each of these points are covered in more detail in the full report.
Deloitte concludes that the trends ends do not purport to predict what the future holds, but they may offer a path forward to help customers, workforces, and society when, collectively, we need it the most.
Words by Katrina Savell
References:
https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/how-covid-19-has-pushed-companies-over-the-technology-tipping-point-and-transformed-business-forever
https://www2.deloitte.com/us/en/insights/topics/marketing-and-sales-operations/global-marketing-trends.html
https://www.theworddepot.com.au/blog/purpose-brands-driving-change-are-trusted-more
