TALKING POINT
Covid-19 Black Swan:
Marketing Responses
By Boniface Ngahu
Black Swan
This column has questioned whether past
events qualified to be termed as Black
Swans. Talking Point is not asking that
question today we are looking straight
into the face of a Black Swan event -
The Corona Virus which has come to be
known as Covid-19.
Nassim Taleb author of the book Black
swans states that for an event to be
viewed as a black swan it has to be rare
and extreme that can be seen through
the prism of rationality later on. It has an
origin from the new world where swans
were always known to be white, when
black swans appeared there was a great
debate as to whether a swan can be black.
rationality later because it started from
the fact that the likes of Bill Gates have
been talking about infectious Disease X
that might kill millions in a few months
since 2016. The virus also started from
Wuhan in China before it spread to the
other parts of the world. for slow adaptation, recent changes have
been coming at a very fast rate calling for
equally speedy response. Black Swans like
the September 2011 terrorist attack on
Twin Towers and Camp David happen in
a supersonic speed with long-term impact
on several aspects of life.
Other similar pandemics like the plague
and the Spanish flu also taught the world
some lessons that should have been more
useful in addressing the current crisis.
The pandemic seems to have taken most
countries by surprise with limited or no
preparedness, and lessons from China and
other countries affected earlier were not
effectively transferred to those who were
affected later. Given that most such events requires
adjustment
to
existing
lifestyles,
marketing solutions are always required
to guide behavior change and meet
consumers at their emerging moments
of needs. Thinking about Covid-19, the
lifestyle adjustments needed are almost
unprecedented requiring a big deal of
marketing strategies adjustments and
communication.
Covid-19 as a Black Swan Marketing Responses
Required
Covid-19 qualifies to be a black swan given
that it is rare and extreme (frequently
termed as once in a century occurrence).
It can also be viewed from a view of Futurists and strategy experts tell us that if
you don’t change, change will change you.
While most changes are gradual allowing
Responses required have to be multidisci-
plinary with marketing role being that of
simplified messages to direct consumer, in-
spiring new products development and ad-
justing routes to market. One of the top
level interventions is the preference for con-
tactless delivery offered by digitalized plat-
forms, where winners and losers are likely to
be defined by their digital proficiency.
40 MAL35/20 ISSUE
The responses required have to be
multidisciplinary with marketing role
being that of simplified messages to
direct consumer, inspiring new products
development and adjusting routes to
market. One of the top level interventions
is the preference for contactless delivery
offered by digitalized platforms. This
especially applies to food items and
essential supplies where winners and
losers are likely to be defined by their
digital proficiency.
Brick and mortar retailers depending on
physical presence of the customer are
forced to evolve by having even people
like furniture salesmen being available
virtually (from home) for consultation
with potential clients and development of
home delivery systems.
Consumers
OK
Brands
Mentioning