Consumer behaviours are constantly evolving, and your brand should be too!
We are all aware that the COVID-19 pandemic has had a huge impact on the way people live and this, of course, has impacted consumer behaviour and decision journeys. What consumers value and purchase, as well as where and how they purchase from and receive their information from has changed. This change in consumer behaviour requires brands to re-look their brand strategies to ensure they are still relevant. As Accenture put it in their video titled ‘The “era of the consumer” is here’, “it’s all about knowing them as people not consumers”.
This article will explore 3 things brands need to consider when taking new consumer behaviours into account.
1. Follow consumers in their new decision journeys when you market and communicate
According to Mckinsey, the pandemic triggered an increase in e-commerce and shopping within a closer proximity to home as well as a decline in on-the-go consumption. Consumers are shopping at a reduced frequency but with an increased basket size.
Furthermore, the way in which consumers receive information has changed. There has been a further shift to digital and a decline in out of home advertising as well as in-person engagement.
For brands to fully understand their consumer’s new decision journeys, it is beneficial to get hold of as much consumer data as possible which will indicate where, when and how their consumers are purchasing. This will ultimately shape the brand’s communication and market strategies.
2. Highlight the values that your consumers want to live by
Consumers have also re-evaluated their personal values which has resulted in an increase in support towards purpose beyond profit.
According to a study conducted by Accenture 62% of customers want companies to take a stand on current and broadly relevant issues like sustainability, transparency or fair employment practices. Be sure to highlight your brand’s values and communicate them with your target audience through responsible messaging.
3. Create meaningful brand experiences
As consumers spend less time in stores and more time purchasing online, brands are expected to create more holistic customer experiences across platforms. This can be achieved through innovative solutions such as Artificial Intelligence (AI) and Augmented Reality (AR).
On the one hand, artificial intelligence can be used to predict trends in marketing and advertising and can help brands to understand what their target audience is attracted to which will ultimately improve brand stand-out and consumer engagement.
Augmented reality, on the other hand, allows consumers to experience your product before committing to purchase resulting in an increase in conversion to sales. In fact, according to a survey, 61% of customers prefer purchasing goods in online stores that provide AR features than those without them. Furthermore, AR can be used by brands to provide engaging experiences for consumers to boost brand engagement and loyalty.
In summary, when adapting your brand strategy to take recent consumer behaviour changes into account, get granular with consumer data to best understand their new patterns and behaviours; understand which values are important to your consumers and highlight them in your communication strategy; and finally, explore innovative solutions to improve your brand engagement and experiences. At The Brand Foundry, we offer strategic branding and marketing to elevate your business as well as a wide variety of immersive experiences to help you connect your brand with customers in a meaningful way. Book a free consultation with us today to find out how we can help your brand.