The current global crisis is redefining business as usual forcing most brands to re-invent themselves. While some companies go for minor tweaks, others are completely redesign their business models. Big names might be able to survive by making smaller adaptations, but struggling small businesses need drastic change to survive. Is it time for your organization to change course? What are the consumer trends you can’t ignore?
You might have noticed a shift in the way your customers behave. In times of uncertainty, it is natural that customers will prefer brands that offer transparency, inspire trust and solve problems. Understanding your customer is an essential first step. Write down changes you may have noticed or conduct a short survey among your customers. What resources are at your disposal to address at least one of the shifts you have identified? If you know what new challenges your customers are facing, you might find new windows of opportunity.
Another practical way to know what kind of pivots are taking place is by learning from others: observe your industry. How are other businesses adapting? See how other companies are dealing with the same changes you are facing. It is not about stealing their ideas, it is about getting inspired and gearing into action.
Paying attention to global trends can also open windows into what might work in the new normal. As we face the pandemic, we are not just fighting a virus but also inequality, misinformation, and environmental threats. When you study what changes can bring you closer to your customer base, try to find room for some of the topics consumers care about. Here are a few trends to keep in mind:
Global consumers like brands that stand behind a cause, not just a simple campaign to score PR points but as an integral part of their purpose.
There is a growing focus on sustainability.
Stronger drive toward the expedience and convenience of mobile shopping and automation.
We are all learning to live in a crazy new normal. Challenging times tend to bring about creativity and ingenuity. Have frequent brainstorming sessions, ask questions, observe your environment, get inspired and act. It is in our nature to adapt.