Many brands and their CMO’s(Chief Marketing Officers) have chosen to give up advertising for the first half of 2020. They’ve decided on this because many of them are afraid their marketing could be seen as offensive or people might accuse them of trying to take advantage of this terrible situation we’re all in. A survey was conducted polling more than 12,000 people across 12 countries and they found some answers to the current marketing conundrums.
Why are consumers not buying?
Many consumers are currently very concerned about their money. A lot of them have had their hours reduced or have been laid off as a result of the pandemic. This has made them very wary of spending money on big-ticket kinds of items, or products that are not put out by trusted brands.
Do consumers even want to hear from brands right now?
Yes! They are craving reassurance and familiarity during this turbulent time. They want to hear about things that the brand is doing in response to the pandemic. Consumers want to hear about how the crisis is affecting the company and its products and/or services. Consumers tend to look at trusted brands as “friends” and want to hear messages of hope! They also want to be kept in the loop about how to acquire the brand’s products or services.
What do consumers expect from brands right now?
Consumers expect the companies they know and trust to do their part in making sure everything recovers after the pandemic is over. The majority of people polled said that brands have done a better job addressing the crisis than their governments. Most believed that the support of brands will be essential to their country’s recovery post-pandemic. The majority of people want consumer brands to help produce supplies that will help with pandemic needs. They also overwhelmingly want brands to give discounts to health workers, vulnerable groups, and the unemployed.
How to adapt to the current market
It’s important to start by doing your research.
- What are your consumers’ buying trends and how have they changed in recent months?
- What are the new unmet needs?
- What new markets are emerging for your company?
Time to fire up the social media marketing! People have turned to social media as a substitute for physical socializing and as a way to get news on events. The digital “meet-and-greet” is one of the best ways to reach out right now. Companies that have a close relationship with their customers will find that they want to hear that brands miss them. They want reminders of any positive feelings your company can bring them.
Engage with your customers in creative ways! Don’t just give them generic messages. Find creative ways to get them to interact with your company. Hold contests, encourage consumers to make posts with your products.
- At-home fashion shows for clothing brands
- Show off their creative projects using the tools from your stores
- Give them recipes to try out at home
More than ever, people want to know that the brands and companies they love care about them too.