Back to Basics?? What to do when your consumer behaviour changes.

In the midst of a global crisis marketing faces some very real challenges, the first of which is the shifting mindset of consumers. The consumer segments we have been selling into and optimising against are no longer accurate. When bad news spreads, especially news that has a real impact on our wealth and health, we have new perspectives that change our buying behaviour. 

To be persuaded to buy consumers’ needs:

• Disposable income

• Confidence about the future

• Trust in the economy

• Seeing consumption as positive

Consumers now have new priorities and buyers immediately will focus on their physiological needs and basic needs such as food, water, sleep. This was evident in panic-purchasing at grocery stores – in situations where people are losing control, they grasp at things they can control.

Safety:

A part of safety is job security and financial stability. In economic uncertainty we make less impulsive purchases and this will result in immediate drop in sales or uptake in your service. 

Social Needs:

We also have our social needs and re-evalute our connections with friends and family and see where we can make them stronger. In this instance, Zoom and various other social media tools to keep in contact has been the basis of our interaction.

Esteem:

When we lose confidence - we become uncertain. We question our goals, our achievements, and truly reflect on our basic needs. Where your consumer is on the esteem scale will determine how they respond to your messaging. If you inject humour into the situation, those who remain uncertain of their health and wealth are put off, but those who are more certain, well, they might enjoy it. 

You need to zoom out and accept that your present marketing strategies may be ineffective because your consumer has changed. You may need to accept that consumer behaviour has changed in ways that may be permanent or semi-permanent.

Please get in contact with me at dean@thewayagency.com.au to learn more about how you deal with the “back to basics” principles.