STAYING CONNECTED WITH STAKEHOLDERS KEY TO SURVIVING DOWNTURN

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By Nabodita Roy

Kolkata: Parveez Modak   the executive director of strategy & insights, MSL India, enlightened students about the growth of digital media, social media, and the need to stay afloat with creative content, advertisements and campaigns, while speaking on the topic  ‘New Media PR (Branded Content Included) & Business Ethics’ on the 5th day of the MediaNext 2020.

MediaNext2020 is being organized by the Kolkata-based Adamas University in association with Sharda University, Birla Global University, DME, AIMEC, LOK Samvad Sansthan, exchange4media, ABP Education and IndiaReal. The MediaNext 2020 is being organized over a period of 10 days from June 1, 2020 to June 10, 2020. Each day of the conclave focuses on one specialized domain of the Media and Entertainment (M&E) industry and the impact of the Covid-19 pandemic on that specific domain.

“Staying Connected is Important in Times of Downturn,” Parveez said, while giving insights into corporate behavior amid the COVID-19 pandemic.

“We need to understand that whenever there’s a downturn, it comes with its set of challenges. However, it also gives rise to new opportunities from time to time,” he said, while stressing in the market would eventually recover and grow exponentially once the pandemic ends.

He said that it was necessary to engage and communicate with all stakeholders, especially in the current scenario, no matter what the circumstances.

Cutting budgets or spending less is not the solution; it’s a short-sighted tactic and doesn’t pay you in the long run, he explained.

“Organizations that have been successful during and post downturn have focused on three areas — Operational efficiency, engaging with stakeholders, and deeper understanding of consumer behaviour. This goes on to prove a point that communication and marketing play an important role during a downturn and recession,” he stated.

Emphasising that stakeholders have to be taken into confidence, he said, “You have to resonate with your stakeholders, you have to be empathetic, understanding, compassionate, honest and transparent with them. You have to be helpful and not be opportunistic, leverage core competencies to provide products and services, and serve those who are suffering.”

He cited examples to explain how corporate and brands are taking all the safety measures to help their employees and how some of them are helping the underprivileged in the time of crisis.

Many brands are launching campaigns to raise more awareness about the current situation, Parveez said, appreciating their efforts.

Asked about employee retrenchment by various companies, Parveez replied, “That’s the last thing any organization would want to consider, but at the end of the day we have to look at the larger interest. The organization has to survive. It is difficult to sustain a business if people do not buy products or services. Those are business realities we have to face internally. It’s a harsh reality.”

In times of crisis, it is important not to get disheartened and be resilient, he opined.

“The digital sphere is booming. Learn about technology and digital platforms. It will help students in moving forward in the days to come,” Parveez added.

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