With any major event, comes changes in consumer behavior, perceptions, and psychology. Following 2020’s COVID-19 pandemic, much market research has discovered how consumer behavior will react. Follow GROWL’s guide to make the best consumer data-driven decisions for your brand.
First things first, consumer behavior is changing
Like most industries altered by social distancing and mask-wearing, shopping habits are changing. Here are some quick facts on consumer behavior in 2020.
- Non-essential shopping has slowed
- Travel/tourism has taken a great hit; however, the industry sees a potential late-summer peak
- Online shopping and curbside pick-up have increased drastically for all industries
- Consumers are more spending-conscious
- General spending has increased
- Shopping local has become a critical consumer focus
What businesses can expect for consumer behavior in 2020
We have seen consumers spending less and less on non-essential items, save for home entertainment; in fact, spending on essential products (groceries, personal care products, household supplies) has increased a considerable amount. Consumers will spend less on apparel, entertainment (outside of the home), travel/transportation, and other services in the coming months following COVID.
Social distancing is making technological innovations like grocery delivery or curbside pick-up more than a trend. There’s been a trend of utilizing technology as a versatile tool during isolation for everything, from ordering online to entertainment, and even strengthening social connections. Although people have been physically interacting less, 80% say they feel more connected to their communities, even more, feel that that sense of connection will continue long after the virus.
3 steps to stay connected with consumers
Now is the time to reshape your marketing strategy to meet the new needs of your consumers. Have conversations and listen to their needs – they might have changed. Your consumers’ habits are changing, and it’s up to you to shift so that you can meet them where they are.
Think about your company’s operations, not only consumer-facing but internal as well. Consider what changes are necessary to better serve the needs of your consumer and be a better employer for your team. Start by evaluating your processes. Look for ways to connect your team better, maintain culture, and improve the experience of your company from top to bottom. Once you have an internal plan in place, you can confidently move forward as a consumer-facing company.
After you have adjusted your marketing strategy, internal processes, and facets of your customer interaction, you are ready to implement these new processes. Pay attention to how these changes affect your bottom line, study the data to see if you are making the right changes for your consumers, and communicate with customers and stakeholders.
Are you ready to restrategize and identify new ways to communicate and engage with your customers? Contact the GROWL Team today.