In March of 2020, a pandemic was declared.
Everyone had to adjust and make changes to their day-to-day lives. Additionally, businesses were forced to change. While some closed, some shifted to online sales. Some businesses rode the waves of lockdowns and reopens. Everyone is still experiencing the consequences over a year later.
While the pandemic is not over, COVID has become a part of the ‘new normal.’ So, as everything reopens, the new normal needs to be considered. This is why businesses need to relook at their audience, and adjust their marketing strategies accordingly.
How Have People Been Purchasing?
The global pandemic led to consumption shocks that upended long-standing habits. This begs the question of what happens post pandemic. In fact, everyone is different, but a vast majority of the population falls into two groups.
The first group is composed of the individuals who worked from home, and had the ability to accumulate more savings. These individuals maintained the jobs and income they had prior to the pandemic. Due to the fact that many things were locked down, they had a decreased ability to make purchases which allowed them to accumulate greater savings than they had prior to the pandemic. They have an increased purchasing power post pandemic.
The second group is made of individuals who were less fortunate and lost their jobs during the pandemic. While they had options to acquire income, they likely took a cut, and had to pay bills and other expenses. This group has a decreased purchasing power as they did not have the opportunity to save during the pandemic.
Depending on your audience will change the purchasing potential you have to work with. If your audience is made of white collar workers, you can expect an increased purchasing power. However, if your audience is made of red and blue collar workers, you can expect decreased purchasing power.
What are Their Expectations
Consumer’s post pandemic are expecting consistency and flexibility. This has decreased enthusiasm for in-store visits, so many consumers expect an online presence of some sort. This includes social media, an online store, or the option for curbside pickup. WIthout these options, many consumers may not come.
The pandemic expedited the demand and implementation of contactless payments. In fact, less people are carrying cash or cards due to the e-wallets. This has become an expectation from consumers, and will continue to be as technology continues to advance.
In the end, consumer expectations rely on businesses maintaining the options they had available during the pandemic. This allows consumers to have the power of choice pending on their comfort levels.
What are Their Hesitancies?
Post pandemic consumers fall on a spectrum. Some waited for the restrictions to lift so they could spend more frivolously. They had the mentality that they needed to make up for lost time. On the other side of the spectrum, you have consumers who plan to spend less than they did pre pandemic. This is because they realized they could live well, with less. This spectrum needs to be understood.
Consumers are hesitant of a reopening because of the potential of a 4th wave. This is the reality as the globe attempts to shift to a new normal. This is why options need to be readily available so you can reach the greatest number of consumers.
The post pandemic world is nerve wracking, but the majority of consumers are equally hesitant.
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The world has shifted to a point where COVID-19 is a part of our normal. Similar to the flu, it has become something we all have to live with. If it has implications for marketing, and by understanding your audience, you can create a strong post-COVID marketing strategy.
Octopus & Son wants to help you with your marketing strategy. Reach out to us to learn more and see how we can help you.
