As the U.S. economy gradually reopens, you may want your marketing strategy to look different than it has in the past. Why? Because the market is in flux, and consumers are reevaluating existing brand relationships. Here are three of those changes and what they mean for you.
1. Customer loyalty is in flux.
According to a recent survey, 75% of consumers are unable to find many of their regular products in stores. Moreover, nearly half (45%) are unable to find their regular products online. As a result, these consumers have become open to new brands that they might not have bought in the past.
For you, this means that there has never been a better time to introduce yourself to a new group of potential customers. To get started, consider launching a new campaign to grab those buyers before your competitor does.
2. Known brands must prove their value.
Customers are open to change, but they’re also sensitive to price. Only 12% of consumers say that they’re “very willing” to pay for a preferred brand over a generic label, and 52% are “somewhat” willing to do so. More than one-third (37%) favor generic brands for their cost savings.
For you, this means that known brands need to prove their value more than ever. Use your direct mail, email, and mobile communications to communicate why your products and service are worth paying for.
3. Customer habits are changing.
In this unusual time, consumers are changing the way that they live. They’re ordering out more, supporting small, local businesses more, and bringing more lifestyle elements in-house. (For example, 56% of consumers are brewing more coffee at home than they used to.) Some of these trends will stay long after the pandemic is over.
For you, this means that you need to understand how your customers’ habits are changing and how you can adapt your marketing strategies to address them. You may still use the same mix of channels you have in the past, but you just need to position your messaging differently to reflect new consumer habits and sensitivities.
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