Marketer's To-Do List before 'Going Cashless'

The last couple of months have been nothing but tough for companies in India. FMCG sales are down by Rs. 3,800 crore, and consumer durables sales are down by 40%. The auto industry too is affected, but with different intensities across segments.

So companies are trying their best, by going digital / cashless.

And while business is hopeful, brands are panicking – everyone is adapting to this new trend so fast, that it has already become old news for consumers. “Cashless / Digital payment” is already the new clutter.

Here’s what can help your brand.

Step 1: Stop that advertisement release
Releasing a full page advertisement in the newspaper will make top management, investors, and partners happy, but it will do little to boost your sales, simply because your entire finance, logistics, and distribution network isn’t perhaps ready yet. Therefore, choose your media wisely, and cascade your message through targeted channels only to your most critical audiences – company newsletter, SMS, even WhatsApp groups can come in handy.

To add credibility, put up an announcement on your website, and add that link to all outgoing messages in other channels.

Step 2: Create a G-T-M plan
Going cashless will change and challenge many existing practices within your organisation. Hence, treat this new step like a product launch, and prepare a full go-to-market plan. Talk to all stakeholders and see if they are ready to switch to cashless, and also if your infrastructure is ready to handle the estimated boost in new traffic.

Step 3: Prepare a promo plan
It is very likely that by now, your consumers have already tried something from your competitors, and are frustrated with the problems they had to face. Here, your readiness is your biggest differentiator! Come up with promotions that leverage this – bulk promotions, cross-selling, preferred treatment, ready delivery, etc. And while you are at it, go for new partnerships and tie-ups too.

Step 4: Now, release that ad!
But only targeted at geographies where you are ready. With today's tools, most media can be geo-targeted. Explore digital too. After all, the consumers are already there, and they are most ready for digital transactions.

Step 5: Track all your efforts
When a business goes digital, a lot more data becomes available at every stage of the transaction. And at a much shorter lead time too. Wash, rinse, repeat.

Happy New Year!
Got more ideas? Feel free to add in the comments.