Part 1: Unprecedented Times
The current unprecedented times have not only changed things around us but also brought along a new set of rules – rules for businesses to operate and for life in general. The term is called ‘new normal’.
The new normal has led to the creation of crisis management teams in many companies, which are now alert and vigilant to any degree of uncertainty. With foresighted teams in place, the companies are now looking at assessing the damages and orchestrate strategies to overcome the financial losses and the talent gap that has been created due to lost jobs following the pandemic. Cost-cutting is now being widely implemented and resources are being reallocated to stabilise the flow and sales of products and services in the market. The typical cost-cutting structure that companies follow is optimising teams and expenditures by restructuring functions and reducing budgets.
One of the industries most affected by these changes is communication, which now has a new set of guidelines to follow. The industry players are now prioritising expenditure by measuring and tracking available resources and meeting required outputs and return on investment for various promotional activities. This is being done to develop an optimal structure and budget split.
From mainstream marketing to the online side of it, the past few years have seen a shift, slowly but steadily. But the COVID-19 crisis has accelerated this transition and traditional marketing strategies are now only be used if no online alternative is available. This change is poised to have a major impact on marketing expenditures and hence play an important role in shaping the future of communication, in post COVID era.
Adnan Wahidi is Account Executive at Cicero & Bernay Public Relations, an independent PR agency headquartered in Dubai offering new-age public relations consultancy to the UAE and across the MENA region. | www.cbpr.me