Earlier this year, in my March article, Seeing Light at the End of the Tunnel, I talked about some industries being badly affected by the pandemic as well as those sectors taking advantage of changes in consumer behaviour. 6 months on, it is time to review the market again.
For many industries, adapting to the changing behaviour of consumers has been incredibly difficult. However, being in Business to Consumer or Direct to Consumer businesses requires the ability to constantly adapt in order to survive and grow. For example, those businesses that quickly understood and responded to the growing concern of their consumers linked to a safer shopping experience managed to keep their existing customers satisfied and even strengthened their relationship with them.
It’s clear that some industries such as tourism, hospitality, travel, etc. are struggling in the current climate, but once the pandemic is over, and this disruption will end, those businesses will bounce back stronger than ever – to the point that they might even struggle to meet the pent up consumer demand to travel again.
Meanwhile, other industries have flourished and benefited from a surge of new consumers during the pandemic. Consumer insights, such as the one below, repeatedly indicate that the pandemic caused a change of behaviour in many consumers, encouraging them to try new things from buying immunity foods and working out with exercise apps to cooking and baking, owning pets and growing plants. Many consumers have taken this time to rethink and make big decisions such as renovating their home, moving to new types of locations etc.
So, what do these shifts in behaviour mean for brand owners?
These examples reveal that consumers are still spending money, but what has changed during the pandemic is where and how they spend their money. Some of these behaviour shifts may well lose their momentum after the pandemic is over, while others are here to stay. If you’re seeing the rise in demand for your products and services, it’s time to take advantage of the current situation and make digital media work harder for you by using the power of paid media advertising so as to enhance the acquisition of new customers beyond organic reach by promoting your brand on various digital media platforms.