Consumer behavior made a drastic shift since the COVID-19 outbreak. This sent companies scrambling to cope with demands for better engagement and safer transactions ASAP. Different industries found different revenue opportunities, and newer technology has arisen to improve customer data collection.
In the midst of all these, 3 common consumer trends are likely to dominate each market, even post-pandemic. Knowing what they are and how they impact your business will allow you to create better consumer engagement strategies.
While online shopping has been in high gear even before the pandemic, 2020 saw it dominating nearly all industries like never before. The need for contactless purchasing and payments has increased the need for retailers to convert their business online. This left brick-and-mortar businesses reeling not only at the loss of foot traffic but also at the threat of losing their suppliers. Experts predict that since most companies’ rocky transition to online shopping has begun to enjoy smoother sailing, direct-to-consumer relationships are likely to expand even more post-pandemic.
Several brands are also seeing the positive impact of D2C in initiating great engagement. They now have more room for bigger and more creative marketing campaigns than they did with their old business model. The direct engagement with their target market helps them humanize their brand and take advantage of customer data collection for future campaigns.
Above all, the mandatory change to D2C just made customer retention that much simpler. The evolving COVID-19 crisis means that you’ll want to grow your loyal customers as much as possible to guarantee revenues and, therefore, secure your future.
Rebates and Incentives
With more companies taking advantage of D2C comes a greater appeal for rebates and incentives. This is one of those traditional marketing methods that can be weaved effectively into mainstream digital marketing techniques. It’s so efficient because people are familiar with it, and they feel they can fully take advantage of it when offered. After all, who wouldn’t want to get their money back, right?
Just as a digital rebate will save you from your financial crunch, so will it give consumers a better chance to spend their money wisely. Offering them a rebate incentive that promises a return on their investment is important for people looking for ways to handle their money after the economic downturn of 2020. This consumer behavior will likely stretch into the coming years, even when the pandemic is over. Now more than ever, people want to secure their funds in case another global health crisis happens before they’re fully recovered.
Better still, new customers are likely to choose brands with rebate programs than those without. Everyone wants to save money during these difficult times, and when you open that possibility to them, they’re going to remember you for it. In the future, they’re likely to always check on your offers first before considering your competitors. Just make sure to keep your rebate program’s guidelines clear so that this marketing effort won’t backfire when customers start to avail their incentives. The worst thing that can happen is for you to market this selling point only for people to realize you let their hopes up for nothing.
Here’s another by-product of the increase in D2C relationships since the pandemic began. The debated practice of gathering customer data has come to this: consumers will voluntarily hand over theirs if you deliver your promise of a personalized experience. For most businesses, this means employing AI or, more specifically, Emotion AI. Your ability to personalize their choices based on their transaction history, consent preferences, and other factors increases the chances of retaining them. In the world of online shopping, consumers want nothing more than convenience. If they’ll get that by willingly surrendering some personal data, why not?
The trick is to sell this idea in a way that makes them feel the trade is worth it. Market the benefits they’ll enjoy, like spending less time looking for what they need or getting notifications for new deals. Continually personalize the experience to retain their loyalty because it’s that you earn their trust and keep them fully engaged.
Sticking to the Basics
Many more trends and themes are changing the economic climate, but none as overwhelming as these three. Before diving into the more complex opportunities in your way, it’s good to stick to the basics. Establishing the foundation of your newer, more online-centric business model is the best way to ensure that your other ventures will be successful.