TRANSFORMATION IN INDUSTRIAL

MARKETING BECAUSE OF COVID-19

Submitted To:
Md. Awlad Hossain
Assistant Professor
Department of Marketing
Cumilla University

Submitted By:
Susmita Saha
ID: 11507048
9th Batch, Dept. of Marketing
Cumilla University

Submission Date: 28th July 28, 2020

 Transformation in Industrial Marketing Because of Covid-19

As the coronavirus pandemic continues to impact the global economy, Industrial companies are
figuring out how to stay trading, operate and recover. In order to keep forward, industrial
businesses must transform their marketing and sales to remain relevant in a Covid-19 world.
Industrial Marketer has identified several areas of business that have changed since the start of
the pandemic and what marketers need to do.

 The loss of in-person events drives industries to digital:

In a pre-coronavirus world, face-to-face events were a critical touchpoint. Without them,
industries must look to digital channels to recreate the event experience virtually. While
many companies were quick to execute on this front, audience fatigue is a concern as the
pandemic rages. Continued virtual executions must be thoughtful and add value.
 E-commerce transformation:
The conditions of the Covid-19 pandemic have been a catalyst for industries that have
been dragging their feet on e-commerce product sales. Industrial marketer found that
industries with digital sales capabilities that intend to build on them post-pandemic have
higher expectations in the next five years than those that don’t or won’t invest in these
digital channels.
 Reworking marketing budgets and the mix across channels:
Beyond webinars and virtual conferences, industries have been leaning heavily on other
digital channels to reach buyers since the onset of the coronavirus and associated
lockdowns. While more budget shift to digital channels, industries are also contending
with budget cuts. In fact, 62% of industrial professionals said their marketing budget has
decreased due to the pandemic, according to April 2020. With fewer budget, industries
must be more agile with their planning and constantly re-evaluating what’s working and
what isn’t.
 Shifting the message and tone:
Earlier in the pandemic, mission-based or cause-related marketing messages were
surging. But as the months wane on and societal divisiveness on everything from mask
wearing to social justice percolates, platitudes don’t resonate as they did at the start of the
 pandemic. industries must continue to refine their messaging and offering to meet buyer
needs and pain points.
 Industrial buyer behavior and spending in the time the Coronavirus:
Like marketers, buyers are uncertain about the future and working through their own
budgetary constraints. Industrial marketer must be mindful of how their target audience
are experiencing their own pandemic-related hardships but a general theme is that buyers
will spend if the product or service will help them stay in business.
 Serving and supporting current customers:
Customer retention and success has always been important but industrial companies
should be putting increased emphasis on this as restrictions trudge on. The idea is to
provide less friction for customers experiencing a lot of friction elsewhere. This can be
the difference between a nice-to-have and need-to-have which equates to a renewal or
even upsell.
 Sellers engage prospects in new ways:
Sellers are also feeling the loss of in-person meetings and are relying more heavily on
virtual meetings to engage with prospects. More than half of B2B sellers prospect budget
cuts have affected their ability to sell. Some research also indicates that many firms are
re-evaluating their current sales model and considering a more digitally driven one.
 Digital opportunities:
With many affected companies decreasing their digital marketing budgets, a drop of up to
47% in CPM and CPC prices (due to a decline in competition) can be seen. This is an
ideal opportunity for some marketers to acquire new customers at a lower cost than
previously. Consumers spend more time reading or watching the news than ever before.
Marketers now have the opportunity to capture more eye-balls by advertising on these
popular websites, at a lower cost than the pre-corona period.
 Return to live events:
It will take time for marketing conferences to flourish again. Global vaccination will be
the first critical step. Revenue and marketing budget growth will also be a critical driver.
But. eventually, events will return as strong as ever.
In the end we can say that, Covid-19 may be challenging for industrial marketing across the
world but those that have invested in building out digital capabilities are continuing to generate
sales and engage with customers at a time when commerce has otherwise ground to a near-
complete halt.

Now, Digital savviness will remain crucial as industrial marketers adapt to consumer preferences
shaped and shifted by the pandemic. In a global survey in April, consumers said they would
“shop less frequently in physical stores for items other than grocery,” with many expecting to
spend more online. As such, brands equipped with online capabilities and strategies will be best
positioned to weather and recover from the current crisis.