Page 8 - IBT August 2021 Issue

FROM

THE

EDITOR

The realm of marketing is ever-evolving. Popularly known as the 7Ps of
marketing--product, price, promotion, place, people, process, and physical evidence --are
about to be replaced with 4CS -- thanks to the pandemic that has caused 4.3 million deaths
worldwide so far. With millions more still being infected every day and still suffering from
complications of long-COVID, the overall healing is still a far cry away. In the wake of the
new normal, we have realized that business as usual is not going to suffice. To adapt, we
have to adopt new rules of work, delivery, and sustainability.
As lockdowns in cities around the world begin to lift and offices open with a hybrid model
of working, we are still caught up in the dilemma of how to save both lives and livelihood
at the same time. What happens as we return to work? How do we prioritize the challenges
as we try to recover the epic losses incurred by the shutdown? One of the critical issues in
marketing is to mitigate the losses with budget cuts. The stats show that budget cuts are
hitting brand advertising (70% of respondents), agency fees (67%), and sponsorships/
partnerships (53%) raising the question - how to navigate through this crisis? What are the
looming dangers of abrupt budget cuts, from the point of view of both a marketer and an
account manager in the agency? How will all these challenges affect a brand’s relationship
with its consumers?
A recent study from UNCTAD shows that consumer behaviors are not going to change in
the post-pandemic world. Nevertheless, how they devour content and respond to that and
how the CTA (Call-to-action) can grab their attention and help enhance sales encourages
industry experts to contemplate on the 4Cs: crises, customers, content, and channel.
In our Annual Marketing Special, we tried to shed light on the changing marketing
dynamics as we engage with marketers and brand experts from BAT Bangladesh, bKash,
Bproperty, BSRM, Grameenphone, Nagad, Robi, and last but not least, Samsung. The
maverick marketers, besides sharing about their journey, told us how the respective
companies are playing their part in building a digital Bangladesh while weathering the
pandemic.
When it comes to digitalization in Bangladesh, one must admit that smartphones have
accelerated the overall development in a short period. They have empowered people in
their daily lives. Our cover focus features Tim Shao, Managing Director of realme
Bangladesh. He has shared with us the market insight and the company’s ‘Dare to Leap’
spirit to cement its position as a tech trendsetter in the local market. With constant
innovation and market insight, they have managed to garner phenomenal success in the
local smartphone ecosystem.
We at ICE Business Times, hope the new generation of startups and companies will find the
success story of reamle Bangladesh useful in setting the trajectory of their growth. At the
same time, the marketers' interviews will encourage marketing and brand communication
enthusiasts all over the country to skill up to emerge as a maverick in the future. Happy
reading!