Singapore, 20.10.2020
COVID-19 has not only disrupted businesses globally but also shed light on future-readiness of brands and marketers to drive growth. According to GfK’s commissioned survey “Branding and Marketing in the New Abnormal", only 30% brands consider themselves as a ‘game changer’ or ‘champion’ in employing data-driven decision making.
“The survey findings portray a clear gap between their business goals and the tools they leverage to achieve them. In a post pandemic environment, it is vital for brands to quickly realign objectives, measure effectiveness and lead through digital transformation.” said Karthik Venkatakrishnan, Regional Leader, Marketing and Consumer Intelligence, GfK.
Reduced budgets, shifting KPIs & priorities
Inevitably, COVID-19 has presented marketers with challenges such as reduced budgets, evolving marketing mix, changing priorities and measuring marketing ROI. Since the pandemic outbreak, 73% have reduced their marketing budgets. Of the 61% indicating a shift in KPIs and how they measure it:
In terms of new priorities among those surveyed, 56% said it is maximizing marketing ROI, followed by 1 in 2 saying it is driving sales, and finally, 40% indicating that it is brand positioning.
Doing ‘more’ with ‘less’ is the new abnormal
Half of the brands across Asia-Pacific are driving short-term marketing activities to seize opportunities while keeping long-term brand-building campaigns live. “This is largely because the pandemic has impacted consumer behavior and their path-to-purchase resulting in a massive shift to e-commerce and altering media consumption habits. With this dynamic situation, brands are trying to deliver next level of omnichannel experience that consumers are demanding.” explains Karthik Venkatakrishnan.
As per GfK study, 4 in 5 consumers said their decision to purchase a brand in future is largely dependent on how brands position themselves during this difficult period.
Therefore, in order to reach the target audience effectively, 60% of marketers across nearly all industries in Asia-Pacific have allocated their budgets for social media marketing while 58% used their budgets for mobile advertising and paid search. In a post-pandemic environment, digital is definitely the way forward for brands in the new abnormal.
Across countries, 62% of marketers in Singapore invested more towards public relations, while more funds were allocated for influencer marketing in Thailand and Indonesia. In China, Hong Kong and Malaysia, there was a shift toward live activation due to the drop in COVID cases. In India, 78% of marketers have shifted budget towards social media, which is much higher than other countries in the region.
Measuring marketing ROI: Success mantra of ‘game-changers’
In the digital transformation era, 1 in 2 measure all their marketing activities but are using basic metrics such as last click attribution (58%), media reach and frequency (57%), shares (51%), likes (49%) and comments (47%).
Nearly 4 of 10 surveyed indicated brand positioning as one of their priorities. Interestingly, 72% within this group currently do not track brand performance. Likewise, 28% said the allocation of marketing budgets is a key concern post-pandemic, a whopping 83% do not use any form of data-driven marketing measurement to drive business growth.
Building a winning & agile brand
Based on the survey, nearly half surveyed are optimistic of recovery in the next 6 - 12 months. Brands and Marketers across countries intend to understand and engage their audiences effectively:
The survey findings reveal that brands and marketers need to have an agile mindset and employ data-driven approach to evolve with fast-changing times.
About the Survey
The survey targeted 144 marketers in 13 countries in Asia Pacific across several industries. The findings are based on a GfK commissioned survey with Campaign Asia, titled ‘Branding and Marketing in the New Abnormal’, aimed at assessing how marketing priorities in the region are shifting and will continue to evolve due to the COVID-19 outbreak.
Click here to learn more about the Branding and Marketing in the New Abnormal study.
글로벌 마켓 인텔리전스 기업 GfK (지에프케이)가 세계 주요 60여 개국의 소매점 판매 실적 데이터 등을 바탕으로 세계 시장 규모로 확대 추계한 2024년 1분기 스마트폰 및 AI 스마트폰 판매 동향을 발표했다.
더 읽어보기글로벌 컨슈머 인텔리전스 기업 NIQ(닐슨아이큐) 코리아와 글로벌 마켓 인텔리전스 기업 GfK(지에프케이)가 29일 JW메리어트 호텔 서울 그랜드볼룸에서 주요 고객 300여 명이 참여한 가운데 고객 초청 세미나 ‘인사이트 서밋 코리아 2024(Insight Summit Korea 2024)’를 개최했다.
더 읽어보기코로나 기간 급성장세에서 벗어난 국내 골프 클럽 시장의 하향세가 본격화되고 있다. 2023년 오프라인 골프 클럽 시장은 7000억원 규모로 2022년 대비 10% 감소했으며, 2024년 1분기에는 감소세가 더욱 커져 2023년 1분기 대비 19%가 하락한 것으로 나타났다(매출액 기준).
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