The proclivity of loss aversion could be your payback stratagem during COVID-19 pandemic
The strategy of “influencer marketing” has probably gone a step back due to the COVID-19 pandemic and some of the brands, even start-ups are now wielding everyday influencers to get their business on track. Many industries didn’t really bother about navigating the current models of marketing. In fact, the pandemic has started opening new mechanisms for traveling along with entrants.
You are confused now….??
Ok… let’s have a clear understanding of the situation.
It’s not too easy for investors like you to cope with such an alarming condition where the market disconcerts the flow of trade and services related to your business.
You are not too far from a new idea or you may be…but a small change can help you learn the method of doing business. Now…there are not too many options left with respect to influencer marketing. So what you have to do is,
- Transferring more creative control?
- Focusing on adding value to your products that can help people fight pandemic?
- Creating partnerships and platforms as part of your business strategy?
These are all seeming to be the usual methods, probably realities of your brand positioning.
The idea of doing business with Psychology:
We started talking about the psychology of loss aversion which is known to all, but COVID-19 has made it all of a compulsion for buyers to react in this way. This pandemic has its own footprint in terms of losses with individual income, jobs, etc. On the other hand, it has supplemented new opportunities in terms of online business for many.
It’s a normal behavior of people to assess the gain and losses, more often human understanding along with need at this point of time denotes a change in the behavior of consumers towards saving.
Hopefully, this (loss aversion) should be a part of the marketing strategy.
Stick to your consumer’s need and you will see even a clearer picture of a digital footprint.
What’s gone and what’s up?
- Physical stores have taken the shape of digital markets
- Video marketing is a popular trend
- The abolition of middlemen, hence it creates a little discount for buyers
- Non-digital marketing has replaced online marketing
Digital advertisements and content strategy has its own advantages during this situation and any business can compete with anyone without a strong physical presence. This has actual advantages in terms of space required, materials required and resources required.