The report from Boston Consulting Group and Facebook titled “Turn the Tide”, shares the needed guidance for brands to modify according to the new needs of the consumers.
The report from Boston Consulting Group and Facebook explains to brands how consumer behaviour has changed amid COVID-19.
The report which is titled “Turn the Tide” shares guidance for brands to adapt and innovate to the changing needs of the consumers in these pandemic times and beyond. The report also focuses on the changed customer behaviour and their changed path to purchase.
The unprecedented pandemic crisis has caused a significant change in the behavioural patterns of consumers’ buying behaviour. The crisis has caused significant disruption for businesses, people, and communities on a global scale. To educate the brands on these changes Facebook India and Boston Consulting Group came together to study and understand the consumer behaviour shifts and also understand the opportunities for the brands to alter their methods of marketing and advertisements.
Sandeep Bhushan the Director and Head of Global Marketing Solutions, Facebook India, said that “As business after business try to understand consumer buying behavioural shifts in both mindsets and behaviours as a result of the lockdown due to COVID-19, we have invested in studying the new paths in the shifts of purchase and are continuing our commitment to enabling growth for both large and small businesses. The ‘Turn the Tide’ report outlines the opportunities that businesses need to embrace in the context of new consumer journeys and category needs. In response to consumers embracing the digital medium, brands need to focus on solutions that are relevant for the new normal such as hyper-localization, creating virtual experiences, re-looking at the media-mix to build efficiency, or building messaging around new habits such as DIY and the increased focus on health and hygiene.”
Recommendations for brands to get used to the new normal:
- Build social connect with social distancing: Engage with consumers in their perspective.
- Focus on hyper-localization: Connect with consumers at their location whether home or anywhere else.
- Bring alive experiences with digital access: Virtual launch of products through digital platforms.
- Optimize portfolio for value creation: Segmenting consumers for more targeted marketing.
- Relook at media mix models to drive growth: Align to new media like digital media which are more viewed nowadays.
- Build your online presence: Own digital platforms for influencing the consumers.
