How Finance sector adapted to the pandemic and digitalization?

Charandeep Singh Chawla is the Head of Marketing and CRM at TVS Credit Services Limited, one of India’s leading BFSI enterprises. 

It is impossible to overlook Mr Charandeep Singh’s initiatives and achievements in the field of marketing. Charandeep, an Agri-Engineer by academic achievement and a talented marketer by commerce, has held positions in Sales, Promotional Strategies, Brand Management, CRM, and Digital Marketing throughout his 15-year career. Mr Singh has worked for giant corporations such as Mahindra and Mahindra Limited and Mahindra Finance before joining TVS Credit Services Limited in 2017. He is an inspiration to any marketer who aspires to lead the marketing industry.

According to Mr. Charandeep Singh, change is a constant in every business. And so the marketing industry has significantly changed after the pandemic. He feels that prior to the advent of technology, marketing was believed to create a certain degree of brand equity, but it has now developed significantly more expansive and available. 

A Cultural Shift In Marketing Sector

several segments of customers who have adopted digital in the last 1 ½ years maybe would have adopted 3 or 5 years later; the pandemic just catalyzed the process.

People have undergone a tremendous transition from the offline to the online world. When asked about the shift in The marketing sector, he said that the way a marketer evaluates marketing initiatives has witnessed a dramatic shift. According to him, nowadays marketers are appraised based on several criteria, such as the ROI of digital efforts, which increases the organization’s direct commercial value, in addition to brand metrics.

Focus On UI/UX

Mr. Charandeep Singh also added that the best way to get along with this digitization is through adapting to new ways. Also, he feels that marketers should concentrate on UI and UX improvements for their digital assets to improve the entire customer experience.

Key Challenges Faced By Marketers

Several challenges have been brought on by this covid outbreak, including:

Physical customer touchpoints closed for a certain period

As per his opinion, it was tricky for CMOs to keep frequent consumer engagement when there was no hard selling or actual transaction happening. Then, not to be overlooked, working remotely from home gave employees a feeling of estrangement.

Positives Of Digital Marketing

Traditional marketing lacks the response mechanism or interactivity which digital marketing offers you

Further, he talked about how digital marketing was vital in overcoming the barriers posed by the outbreak. He thinks that the best medium for one-way advertising is digital media. It aligns with the company’s broad objectives and spending plans. Through its digital campaigns, the corporation also gets a strong idea of ROI.

Conclusion

Not to forget, advertising is just one aspect of marketing. It can be executed in a range of ways as times change. But always keep in mind that after the pandemic technology notably benefited the marketing sector in reaching new heights- “Every Bad Situation Will Have Something Positive”- Anonymous. 

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