Throughout the course of 2020, COVID-19 wreaked havoc on businesses and individuals and affected all aspects of our daily lives. Businesses had to adapt to a new way of working and consumers through government restrictions were forced to shop more online. As such the consumer and retail industry had to adapt quickly which meant that marketing functions had to follow suit.
Historically, during an economic downturn, a marketing function has typically been one of the first departments to be considered for a reduction in headcount and budget. However, this economic downturn proved to be a little different. There were, unfortunately, job losses within the profession but it has been interesting to see many businesses realising the value and importance of marketing - how it can be a revenue-generating department, a communicator of brand values and an innovative function.
With the consumer and retail industry being one of the most negatively impacted industries, we at Carter Murray wanted to understand how the marketing function was affected, how it responded and what skill sets will be the most important in the months ahead.
Embedded throughout this report are key insights from interviews we conducted with senior marketing professionals across the globe, as well as market opinions from our international teams. Across the globe we found that common themes occurring within the consumer and retail industries which this report will elaborate on. These themes include:
More brands operating a ‘direct-to-customer’ approach
A shift towards an omnichannel approach which unfortunately means a reduction in spending in physical stores but an increase in online sales
A ‘digital first’ approach to marketing with an emphasis on performance marketing and data driven marketing skills top of businesses wish lists
You can download the report by completing the form below.
We hope you find this report useful and should you have any questions, feel free to contact a member of the Carter Murray team in your jurisdiction.