You’re living through it.
The worst recession in 80 years.1
Yes, the world isn’t full of sunshine and happiness today. But there is a silver lining. And, let’s be honest, a silver lining sounds pretty great right now.
Here it is.
Consumer goods spending in June was 5% above pre-COVID-19 levels.
Yes, that’s correct.
In the midst of a challenge, there is always opportunity. A chance to improve. To rise above. But, you have to look for it.
Today, that’s a chance to make more money if you sell consumer goods.
Generally, in a recession, spending on goods is cut. In this case, however, it has shifted. Rather than reducing, the way we’d expect it to, it’s taken on a new shape. A massive chunk has now moved online: we’ve seen a 41% increase in eCommerce. Ten years of growth in just six months.2
But, that’s not all that’s changed.
You’re also picking up revenue from deserted services. Spending on travel, restaurants and entertainment has dropped dramatically. And with it, consumers have more to spend on other categories. For you, specifically, that means a shift from buying services to buying more products.
And with it, a chance to influence buying behavior.
In fact, in June we watched as 55% of consumers committed to new brands. And, at the same time, loyalists began to pick up favorite brands again—across multiple categories.3
Omnichannel buyer behaviors are your new best friends.
Embrace them.
They’ll tell you everything you need to know about your target audience. And with that knowledge, you can create a perfectly tailored customer experience. That’s what every buyer dreams about. And it’s what your brand needs. It’s time to stop surviving the crisis—and start thriving in it.
Here’s how to thrive.
#1: Research.
Step one: understand consumers’ new needs.
Find out what your audience really wants right now. Survey them in-store. Capture their feedback with videos, pictures and surveys—while it’s raw and representative. Hear what they want you to change, or do more of, in their customer experience. Get the insights straight from their mouths.
Here’s how you do it.
Use the nation’s largest, highest-rated panel: Surveys On The Go® to track consumer behavior. Collect in-store and online insights from 10 million daily consumer journeys. Then, push a Point of Emotion® survey for real-time feedback: complete with pictures and videos to share “why” consumers are buying.
These insights are as good as gold.
You can tie them directly to an increase in sales. Because once you know what consumers need from you, it’s just a matter of time before you can provide it. And here’s the truth. There’s only one consumer panel in the world to deliver on first-party, eCommerce insights: use it before your competitors do.
#2: Build trust.
Step two: get personal.
The best way to build a relationship is to create trust. That’s as true in life as it is in marketing. Brands are no exception: 85% choose a brand based on trust4. You build trust by delivering on your brand promises. People buy products they relate to who they are—or what they aspire to be.
The rest is simple. Find out what they’re missing and fill that need.
You may never have this chance again. The spending drop in services is so large right now that new markets are now open to your products. People who couldn’t purchase before, now can. What are you doing to meet their needs? Your consumer goods category is defying the recession.
Dig in now.
Research. Find out what they want. Build trust. Then deliver. Rather, rinse, repeat. We’re in this recession for the long haul. Use the time to your advantage. And get started with research today.
References:
- https://www.forbes.com/sites/gadlevanon/2020/08/12/in-todays-deep-recession-consumer-spending-on-goods-is-above-pre-pandemic-levels-why/#3c7209a1476f
- https://mfour.com/wp-content/uploads/2020/07/eCommerce-infographic.pdf
- https://mfour.com/report/new-research-are-55-brand-loyal-again/
- https://mfour.com/wp-content/uploads/2020/07/Case-Study-Scent-Booster-Research.pdf
