Every organization occasionally needs to be able to innovate and pivot its business models, but doing so quickly and even drastically is exceedingly challenging. Nearly all businesses have had to make such extreme interventions since the pandemic began, whether they modified the business model or fully overhauled it. The Covid-19 pandemic has significantly impacted consumerism globally, requiring and allowing buyers to unlearn old behaviours and adopt new ones. Companies that want to come out of stronger post the crisis, must acquire a systematic awareness of consumer and customer changing habits. For many businesses, this will necessitate the development of a new procedure for recognising and assessing shifts before they become visible to all. Finding a balance between restarting and rebuilding business models for organizations shall be critical.
It’s crucial for marketing professionals to draw lessons from the past and adjust to the circumstances that are fast becoming the new norm. Some business may not be able to return to the way things were, and it is not known what the future holds. Marketing professionals need to explore newer horizons and current times provide the best opportunity for it. Now is the time to adopt innovative marketing strategies that will allow marketers to develop new business models. The theme of the 13th National Marketing Konclave organized by KIIT School of Management, KIIT Deemed to Be University – New Business Models in the New Normal – hopes to take this contemporary and relevant discussion forward.