It is difficult to downplay COVID-19’s effect on the planet as a whole. Within just a few months, whole markets have been uprooted and the market and social environments are very different from what they were at the beginning of 2020.
While the pandemic ‘s influence was felt differentially around the world, unique patterns appeared in market behaviors and behavior. When looking at consumer habits across 45 countries, the US research firm, Mckinsey and company found that the current economic climate has brought to the forefront the following market trends:
- Values and Essentials
- Digital and Omnichannel flights
- Shock at brand loyalty / business
- Economy Nutrition and “Service”
- Homebody economy
Such patterns point to the value of brands showing their consumers concern and offering a message of optimism amid some difficult times. Market purchase decisions are constantly being influenced by the advertising, behavior and accountability of a company.
All of this has seen many firms and organizations having to make improvements to their marketing plans to keep up with the changes. We’ll take a further look at these trends in this article and give you tips on how you can execute every trend in both your conventional and digital strategy.
Put clearly, consumers have cut their spending on non-essential goods and services and increased purchases of ‘essentials’ such as food and household goods. Consumers as a whole are more aware about where their money goes, and want to make sure that the correct
purchases are made.
Showing the product ‘s advantages should be combined with a sense of concern for the clients, and the wider situation. Displaying empathy will turn into practical measures such as reducing your rates, negotiating payment arrangements with customers if they run into financial problems or providing them with educational tools such as courses or guides.
Although it is true that buyers are more conscious of what they are buying, it is not to say that there is no shopping at all. Like several brick and mortar companies closed during the lockdowns, sales online are booming.
You may probably conduct the majority of your business online, depending on what industry you are in. If not, then find moving at least a portion of your online trading could be time consuming. This may include placing your goods on your website for sale, marketing your products / services through online ads and improving the way you represent your customer base.
Your marketing strategy will reflect the changes in support for small, independent businesses. The current scenario offers companies and brands the ideal opportunity to maximize their involvement in the neighborhood and to be active in local initiatives.