How is the marketing of enterprise to be organized for handling further compensatory consumption
as level 3 COVID-19 alert had been eased progressively?
The outbreak of COVID-19 had impacted the economy globally. Taiwan is strongly hit by the pandemic and conducted a national level 3 alert. All walks of life suffered from this severe impact. However, how are the enterprises to make the portfolio for seizing the compensatory consumption this time as level 3 COVID-19 alert will be lifted step by step?
「How Project」, the professional in corporate planning assistance and marketing project execution commented that based on the experience which the pandemic was lifted in Taiwan in 2020. It’s clear to observe that the consuming force is overwhelming and more than before the COVID-19 outbreak when consumers had released the pent-up emotion.
This kind of revenge shopping (so-called compensatory consumption) is that because consumers who are suppressed for a while reward themselves and blow off steam even make the splashing out than before.
It’s approved with the below statistical analysis:
There was a peak which is affected by pandemic from Feb. to May 2020 in Taiwan. The passenger number in some of the scenic areas fell to 20%. But the passenger number in June 2020 had 100% growth compared to May 2020 due to CECC announced the lifting criteria of epidemic prevention on 25th May.
After that, the government started to offer a travel subsidy from July 2020. During the period of 4 months as the subsidy was offering, compared with 2019 (pandemic hadn’t occurred), visitor growth had more than 100%. Even though there was no subsidy from Nov. to Dec. 2020, the passenger number was almost back to normal.
Overall, from the passenger number in the whole year of 2020, there is a similar result with 2019.
Furthermore, based on the statistical table of visitor arrivals, in comparison with 2019, visitor arrivals in 2020 became only 12%. It is known that the tourists of 2020 in Taiwan are almost native. Hence it can be seen that native will be the major consuming group in further compensatory consumption.
According to the above statistics, how does the marketing of enterprises to be coordinated? 「How Project」stated that the consumers are depressed during the 2-month level 3 epidemic alert, and then Taiwan will enter the phase of compensatory consumption while epidemic prevention measures are lifted gradually. The enterprises should utilize marketing strategies (affiliate marketing, inbound marketing, branding marketing, online marketing), as well as efficient services/tools such as Google GDN, SEM, Facebook advertise, thus let more customers contact their products and services. Besides, increasing preferential programs is to facilitate business growth at the same time.
The enterprises had a severe impact on the pandemic. On the contrary, in the Post Pandemic Era, how does catch hold of this compensatory consumption this time is the most critical topic for enterprises.
For your request and product, well-using various marketing tools/channels, assisting the design of completed marketing strategies as well as all-around plans, providing clients the available content management are necessary.
Therefore seizing this consumption is not only the revenue can back to normal but also loss can recover.
The new challenges and opportunities under the Pandemic.
How the enterprises utilize integrated marketing company?
Whenever enterprises are under severe competition. Particularly, many enterprises are been pushed by Pandemic into a desperate situation this time.
Because it’s no way to contact consumers directly many enterprises are forced to access the cloud system. Moreover, omni-channel strategy plus low contact purchasing mode are used to sell the products within many channels like various shopping Apps or TV shopping. Expect that over the hump then back to normal business operation.
「How Project」, the professional in corporate planning assistance and marketing project execution, commented that for the above phenomenon many enterprises just put products into the internet for sale as the straightforward solution. It seems that the marketing channels are fixed up. However, this marketing strategy which is abruptly changing without a corresponding way probably makes the operating cost higher and doesn’t grow revenue up.
On the other hand, the same characters and styles are abundant on the internet. When consumers faced a variety of choices, how do attract them to decide to purchase it? The owner increased the advertising budget to expose the product in terms of more attention from consumers. In contrast, consumers intend to choose affordable products from others! Enterprises paid for more advertising budget, oppositely revenue is not increased efficiently and resulted in burden is aggravated.