The pandemic has posed a crisis for the world, in not just one way, but in multiple ways, affecting health as well as economy, the recovery of which will be a lot longer. There is a new normal that awaits, and reexamining brands in that new normal is what was discussed by keynote speaker Raja Rajamannar, global chief marketing officer, president healthcare business, Mastercard.
The first major point of the session was the expectations of customers and how cutting down of budgets significantly by the brands doesn’t live up to those expectations. Rajamannar pointed out that there exists a distinction between selling and serving. The session also involved insights upon marketers being looked upon as outliers in companies, where marketing officers aren’t understood well enough by financial officers or executive officers. Marketing has narrowed down to thematic promotions, pointed out Rajamannar.
Another important topic in the session was, even in the new normal, the technology shall keep evolving at a rapid pace, and marketers need to figure out a way to understand that technology and be present in that environment making sure there exists relevance.
The session concluded with Rajamannar stating purpose and cause are critical during a crisis and a crisis is a good opportunity to build trust, and brands need to examine how to do that effectively in the new normal.