The past one and a half year have been quite an experience for all of us. An onslaught of COVID 19 is not yet over, but some respite has arrived after the second wave reaching its peak. Looking back at the past, I guess we have entered a new world order with new rules and lifestyle. However, people are pretty disappointed, especially those who lost their loved ones during the pandemic, but there is always a ray of hope. Our scientists have gifted us few vaccines in record time, helping us to fight the virus, and nearly 30 Cr citizens have already been vaccinated until now.
Market Sentiments are looking positive once again.
Coming down to business and economy, our economy is down but not out, and expert prediction on the recovery is encouraging. Although an element of uncertainty prevailing and people are sceptical about future threats, we all need to stay and think positive as the opportunities for a better tomorrow only comes through the window of darkness.
The brand marketers also understand it. They are well aware of situations ( beyond human control) like a pandemic, natural calamities, recession, war, which can put temporary breaks but not a permanent full stop. So market dynamics like consumer behaviour, market practices, lifestyle may undergo some change that can influence the brand marketing strategy. And the marketing experts feel that the right time to gather brand momentum is now based on few ground realities.
Research Data and Inferences
The EY Future Consumer Index, already conducted extensive consumer-focused research during the pandemic, has identified five distinct groups of consumers that emerged in the global marketplace today( listed below).
Affordability first Group (32% of total consumers)
They are living within their budget, focusing less on brands and more on product functionality.
Health first (25% of total consumers) Group
They are keen on protecting their health and their family, choosing products they trust to be safe.
Planet first (16%of total consumers) Group
They try to minimize them by using goods that impact the global environment and buying brands that reflect their beliefs.
Society first (15%of total consumers)Group
They work together for the community, buying from the organization they find to be honest and transparent.
Experience first (12%of total consumers) Group
Living in the moment to make the most of life, often making them open to new products, brands, and experiences.
Key Takeaway
Brands must know more about the customer segment
Post-COVID crisis, the brands should communicate very local and to the point, addressing specific consumer group based on their circumstances and what matters to them. The brand manager must study the real-time ground situation of every geographical territory and the consumers.
Getting into habits of personalized communication
Post COVID marketing communication needs to be personally aligned to an individual's situation and values against the traditional demographics as a parameter.
Creating a personal, human connection within a commercial message requires defining consumer segments that influence the purchasing behaviour. The brand manager needs to go that extra miles now.
Brands focus now more on delivering experiences.
COVID crisis has accelerated digital transformation and mindset across the world and making customers expectations skyrocketing in terms of what the brands could do for them more than just a seamless digital transaction. Brands now have access to massive customer data, and to retain/them, the brand strategist needs to work overtime on a better-personalized experience model every time.
The New Market Dynamics
Covid 19 crisis has placed enough challenges on the marketer. People are still in protection mode and focus on themselves, families, employees, customers, and communities. Messages are continuously popping in Social media about safety guidelines, health advisory and social distancing.
The fear of pandemic and social distancing guidelines keeps everyone at home, resulting in significant shifts in behavioral trends. Consumers have returned to broadcast cable television for credible information. They are also downloading gaming apps, spending much time on social media. The remote working arrangements, live workout sessions, Zoom college lectures, and social engagements are the new behavioral practices of the new-gen consumers in the present context.
The daily requirement of essential goods through home delivery apps makes the e-commerce trade reach a new height. In addition, health and safety concerns drive more customers toward online payment systems, using mobile phones to pay at check-out without touching a surface. These are the latest trend in the post-pandemic era.
Some of these behaviour changes may be temporary, but quite a few may be permanent. People and society slowly started coming out of the pandemic crisis, but the momentum behind digital-experience adoption is unlikely to change. Last 18 months, the world has seen many changes and compelled to adopt a new lifestyle for survival and progress.
Under the given circumstances and in the prevailing new world order, we must watch and observe what actions can the brands undertake to serve and grow their customer base, market share, mitigate risk, and take care of their customers? And the right time to gather brand momentum has arrived now only. Brand managers got to think, strategize, operate, and lead in new ways during these uncertain times, and we have to learn and progress together with confidence, optimism and humility.