Today many of us stand on the precipice of our local economies re-opening, but what kind of market are we re-opening to? At the very least COVID-19 is affecting the short-term, altering the way consumers purchase goods and services. Several recent news stories have focused on immediate changes in behavior that we need to be aware of moving forward. The pandemic has also prompted a new perspective on brand purpose and opened up a (missed?) opportunity for technology to be one helpful step ahead of the consumer. But will these outcomes have a long-term, lasting effect? We’ll need to keep a close eye on Q3 and Q4 performance to see. Meanwhile, I hope you find these articles interesting and helpful, and that you enjoy your weekend. Be safe!
Coronavirus Could Usher In A New Era Of Brand Purpose
Analysts are suggesting that the demand for businesses to tangibly contribute to the public good will only grow in the coming months. The lasting effects of this demand could elevate brand purpose — which was already gaining traction pre-pandemic — to the new industry standard. Read the full article from Marketing Dive here.
COVID-19 Creates 4 New Consumer Segments
Without a doubt, the pandemic is creating changes in consumer behavior. In fact, Ernst & Young’s recent consumer index indicates that 42% of consumers surveyed believe their shopping habits will be fundamentally changed because of the pandemic. The company also identified four consumer segments evolving from the pandemic, which it termed “Cut Deep,” “Stay Calm, Carry On,” “Save and Stockpile,” and “Hibernate and Spend.” Dig in to the report’s highlights and get key take-aways here.
Are Digital Assistants Reaching Their Full Potential?
The short answer is no. Curt Munk of WPP’s Geometry shares his opinion, noting that products like Alexa and Google Assistant have missed their moment to truly matter. Munk states, “…consumers are being forced to get creative in how and where to make purchases. This is where digital assistants should be flexing muscle and should have been one step ahead of us all.”