Upcoming Uncertainties For Marketers Amid Recession
Marketing is considered one of the most important parts of any organisation. In this digital era, the nuances related to it have changed. It is no more about posters, pamphlets, billboards, TV advertisements, etc. The marketing department has more or less digitised in a way by giving importance to social media marketing, influencer marketing, and targeting audiences.
However, the news of the upcoming worldwide recession has already shown its results in a freeze in hiring and funding. It is similarly applicable to the marketing department of any organisation, as it leads to heavy cash burnout several times.
"The market is warmed up for direct to consumer (D2C) brands. Now, consumers clearly know what they want and they have more options. Now brands have to look at how they do brand building and making the best products. In the next year, we will see competition intensifying and some great work from marketers," said Anuja Mishra, Chief Marketing Officer, Mamaearth.
"The recession year will be subjective; some sectors will be prone to the recession but some, like insurance and health, might not, " said Gagan Arora, Head of Marketing, Pristyn Care.
Since marketing is considered the department for cash burn, brand building, product placement, and promotion. It may take years for a company to generate a profit from its sales or revenue and, as a result, will need an adequate supply of cash on hand to meet expenses.
"If your marketing dollar spending does not bring back cash burn, then it is wrong. People think that brand building requires cash burn. It is a mistake, " Parth Joshi, Chief Marketing Officer, Bharatpe, stated.
However, the few things where every Chief Marketing Officer talked about was the consumer proximity that is the right product for the consumer and the other was the role of Influencer marketing and the active and passive matrix of views , impressions and affiliates.
