After the 1918 Flu Pandemic, the world ushered in the roaring 20’s, which was driven in large part by a new economy driven by massive changes in consumer behavior. Game changing innovation like automobiles, the film and radio industry, and mass production fueled a period of economic growth that had never been seen before. Many economists have made similar predictions for another roaring 20’s as we begin to emerge from the 2020 Pandemic. Self-driving cars, digital transformation, 5G networks, and a focus on renewable energy are among the many things that could fuel a new era of consumerism. To position your business for success, we must keep a close eye on how consumer behavior changed during the past several months for clues on how their expectations will continue to evolve. This is the key to riding the expected wave of economic growth.
First off, studies indicate the economic crisis of 2020 is likely to drive Americans to think about savings differently. Instead of a “crisis” being theoretical, every American will remember the uncertainty and economic loss that plagued 2020 and it will push consumers to rethink their approach to savings, liquidity, and spending. Per analysis from Deloitte, this may compel a shift towards more frugality, which could drive more discount and comparative shopping and a focus on quality, long lasting products that maximize value. Now is as good a time as any to think about the pain points that impact your customer and see it from their point of view. For example, if you’re a Chiropractor, this may be a good time to incorporate same day, online or SMS scheduling so that when people wake up with a sore neck, they can come in right away. Or if you’re an auto dealership, perhaps it’s a good time to offer bottom line pricing on your website so that consumers can shop from the convenience of their home. Now is a great time to evaluate your customer needs through their eyes and adapt your product or services to meet that need in a way your competitors aren’t.
The shift to streaming and websites presents businesses with an unique opportunity to reach customers in more cost-effective ways. Streaming ads are non-skippable, can be highly targeted to specific households, and can require lower monthly minimums, opening access to businesses that previously couldn’t afford to advertise on tv. The targeting capabilities of banner ads allow placement on websites that have nearly infinite possibilities. We can advertise a food delivery service right before lunch and before dinner. Or, when someone is reading about knee pain on a web page, we can place an ad touting same day appointments with a local orthopedist right next to that article. The possibilities are endless, and these digital marketing tools will allow unprecedented access to share your new and improved value proposition with your target customers at a lower cost than ever.
Finally, after a period of uncertainty, the brands that will thrive are the ones that project confidence. Advertising is a great way to reengage your customer base and project that confidence and showcase all the improvements you’ve made the past several months. As consumers are overwhelmed with choices, this presents a great way to seize the opportunity and get back to the top of their radar.