CORPORATE COMMUNICATIONS
Compiled by Yamini Sequeira
A QUESTION OF ENGAGEMENT
Shevanthi Rajanathan elaborates on what it’ll take to retain customers
Q: What were the challenges marketing communications faced during the COVID-19 pandemic? And what is impacting it now?
A: The pandemic ushered in new complexities and challenges we could never have dreamed of. After it came the economic crisis.
As a result, marketers had to be sensitive about how they communicated with customers since they weren’t in the right frame of mind to accept ‘business as usual’ marketing tactics. Understanding the pulse of your customers – and how their behaviour or consumption patterns have changed – can be gleaned through research, data and social listening.
Organisations that regularly gather information on customer sentiment and analyse the data are better equipped to strategise about how to communicate their brands’ value propositions by using the appropriate communications mix.
Q: And what were some of the positives that resulted from that difficult period?
A: The main positive development was that digital media and e-commerce were revolutionised. People were forced to use e-commerce out of sheer necessity.
Increased use of digital media became the trend, along with social media influencers and TikTok videos, which aimed to create awareness for brands, events and promotions. I believe that using micro influencers makes the message more credible.
Marketers should also be aware that although the digital medium and scope of communications have grown, these haven’t replaced other media in the Sri Lankan context.
Another positive outcome was our enhanced sense of community and family.
Q: In the currently distressed environment, do the same branding and communication rules apply – or are marketers trying to innovate?
A: There were several opportunities during the pandemic for organisations to be innovative and engage with diverse stakeholders. However, any approach should always be based on the mission, core purpose and values of the organisation.
Customer dynamics have changed and innovation plays a key role.
In food retailing for instance, we offered affordable options for consumers so they had a choice in purchasing and providing nutritious meals for their families. Discounts and credit card promotions offered substantial savings.
Communications plays a key role in taking these messages out to the public domain so that customers can ‘shop smart’ and save.
Insurance businesses launched new products that helped people get back on their feet while the banking sector focussed on short-term investments and digital products. Fast-moving consumer goods (FMCGs) also conducted brand building and tactical campaigns. Renewable energy products such as electric bikes were introduced by small enterprises for large organisations.
Q: High inflation will see a drop in consumption… How can corporate communications mitigate the impact of this on sales?
A: The approach should be to remain relevant to customers; then in the long run, the impact can be lessened. We will need to prepare for higher taxes, and ways to minimise costs and expenses, and dissect profit margins.
Marketing and communications will have to focus on ‘return on spend’ and ‘efficiency in what we spend.’ Businesses will have to add value to their product and services mix to retain customers. Introducing new levers or innovative solutions will be useful too.
Marketers need to be data driven in their product offerings – as well as in media consumption – to be cost-effective. The golden rule is to communicate and engage with customers, as well as key stakeholders, using multiple strategies within one’s budget.
Q: What are the key areas that need a sustainability focus in the manufacturing process? And what role does corporate communications play in this context?
A: Sustainability needs to be part of an organisation’s goals. Involving employees is important since it gives meaning to what they do, in addition to building loyalty in the workforce.
The younger generation expects organisations as truly responsible entities to have sustainability goals.
Initiatives for sustainable operations in the current context can include technology driven solutions, as well as renewable energy and eco-friendly solutions. Organisations in the food sector can champion reducing waste, increasing nutrition and so on.
Corporate communications plays a role in initially sharing sustainability goals or intent; and thereafter, progress needs to be periodically communicated to all stakeholders. Rather than maintaining a one-way information dissemination process, businesses need to promote the participation of stakeholders in the sustainability journey.
Q: In the Sri Lankan context, how do you see corporate communications faring this year?
A: Disposable incomes will reduce further and price hikes could take place. Ad spends could also reduce.
The ideal solution is to be innovative, provide solutions that are relevant to your customers and potential clients, and strategise to establish an effective communications mix that keeps the public engaged with your brands.
Eventually, the way in which you engage and communicate with diverse stakeholders should resonate with the mission of the organisation.
