Digital Marketing

Consider Consumer Trends in Your Marketing Strategy

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COVID-19’s impact on the world is too great to ignore. In just a few short months, entire industries have changed. The business and social landscapes look very different today than at the start of 2020.

Despite the fact that the pandemic’s impact has been different across the world, certain themes and trends have emerged. When Mckinsey and Company, a US consulting firm, looked at consumer behavior across 45 countries, they noticed the following trends:

Value and essentials are the new priority

Digital and Omnichannel Flight

Brand/business loyalty shock

Health and “caring economy.”

Homebody economy

These trends highlight the importance of brands demonstrating empathy towards their customers and providing a message that inspires hope in uncertain times. Brands’ messages, actions, and transparency are influencing consumer buying decisions more and more.

Many companies have had to change their marketing strategies to stay on top of the changing market. This article will give you some tips on how to implement these trends into your strategy, both traditional and digital.

Let’s get started.

The shift to value and essentials

In times of economic uncertainty and downturn, it is only natural that consumers will be more careful in their spending. They’ll prioritize essential purchases. Between the 20th and 30th of March 2020, 49.6% reported an increase in anxiety due to uncertainty about their financial situation and their well-being.

Although the economic outlook is more clear than in March, the future weeks and months are still uncertain.

What has been the impact on consumer behavior?

People have simply reduced their expenditure on non-essential goods and services and increased purchases of “essentials” such as household and grocery products. The general public is more careful about where they spend their money and wants to ensure that the purchases they make are correct.

What are the consumer trends that affect your marketing strategy

Your product or service might have changed over the past few months, depending on your business. Focus on telling your customers that your product/service is still important to them at this moment and can be helpful in the future.

When you are advertising to new customers, make sure that you focus on the value and benefits of your products/services.

Empathy for the customer and their situation should accompany the presentation of the product’s benefits. Empathy can be demonstrated in practical ways, such as by lowering your prices or negotiating payment terms with customers who are experiencing financial hardship.

Companies and brands that demonstrate understanding and care toward their customers during difficult times will do well after the pandemic has passed.

This is a great time to help your customers in any way that you can.

Digital and Omnichannel: The Future of Marketing

Although it is true that shoppers are more cautious about what they purchase, that doesn’t mean that there is no buying at all. Online sales have soared as a result of the lockdowns that forced many brick-and-mortar businesses to close.

Statistics from June indicate that online sales in the United States reached $73.2 billion, an increase of 76.2% over a year ago. The transition from offline to online businesses is likely to continue. This trend has been predicted for a very long time. However, the timeline is now much shorter.

The Effects of Your Marketing Strategy

You may already be conducting the majority of your online business, depending on your industry. It may be worth considering transferring a portion of your business online if you haven’t already. It could be as simple as making your products and services available on your website. You can also promote your products/services using online marketing or change the way you serve your customers.

You can provide virtual or video consultations. Online house tours, concept meetings, etc. You can also take your service-based business online – but it is harder.

You’ll need to consider your industry and what you want to achieve. When you are transitioning your company online, there is a lot to consider. For a beginner’s guide on how to get your business online, read this eight-step guide by Oberlo or these twenty-one tips from Entrepreneur.com.

Brand Loyalty: A Shocking Development

Mckinsey’s consumer trends research shows that customers will often try another brand if they can’t find the product they want at their favorite retailer. Recently, this has been a problem due to the disruption in supply chains. Stocks are running low at certain supermarkets and shops.

Consumers are also skeptical of marketing that makes too many false claims or grandiose statements.

What does this mean for your marketing

It’s only natural that consumers will seek certainty and a feeling of normality in uncertain times. You can still use this time to build relationships with your customers, even though there are many issues that you cannot control.

Give your customers as much advance notice as you can if your business is negatively affected.

Keep your customers informed to build their trust and encourage them to stay loyal even during difficult times.

Health and Caring Economy

As economies gradually reopen, businesses are now taking steps to ensure they comply with health guidelines and recommendations to maintain their business.

This can include limiting the number of people in a room, implementing a social distancing protocol, providing hand sanitizer to customers, and requiring visitors to wear masks. Your employees’ and customers’ safety is your number one priority if you own a business with multiple physical locations.

What are the results for your business

Mckinsey’s research shows that customers look for retailers who have visible safety measures, like enhanced cleaning protocols or physical barriers. You can let customers know what you are doing to keep them safe if you have a physical store.

You could post notices or posters on your website and keep your employees up to date with the latest safety and health guidelines.

Laurie J. Foster

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