As the U.S. economy gradually begins to reopen, 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 re-evaluating existing brand relationships. A new study from Influence Central outlines just how impactful some of these changes are. Here are three of those changes and what they mean for you.
1. Customer loyalty is in flux. According to the survey, 75% of consumers are unable to find many of their regular products in stores. Nearly half (45%) are unable to find their regular products online. As a result, they are open to new brands they might not have been in the past.
What this means for you: There has never been a better time to introduce yourself to a new group of potential customers. Think about launching a prospecting campaign to grab those buyers before your competitor does.
2. Known brands must prove value. Customers are open to change, but they are sensitive to price, too. Only 12% of consumers say they are “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.
What this means for you: Known brands need to clearly articulate their value proposition 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. Consumers are changing the way they live. They are 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.
What this means for you: Understand how your customers’ habits are changing and how you should adapt your marketing strategies to address them. You may still use the same mix of channels you have in the past. You may just need to position your messaging differently to reflect new consumer habits and sensitivities.
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