History shows us the COVID recovery is a certainty. But how it’ll go, is not…
What does economic recovery from COVID look like for your brand and your consumers? Because this crisis, like every other, has had its own unique recovery. The Great Depression recovery started with Roosevelt’s New Deal, and ended with World War II.
That crisis in turn led to the Marshall Plan, which helped Europe rebuild, and paved the way for a period of great peace and prosperity in both Europe and the U.S.
And although there’s not a multilateral COVID recovery plan just yet there are signs that a recovery is waiting to burst into life.
But there is a huge watch out. Just as each historical crisis was unique, so was the recovery. And at the beginning of each, uncertainty was the only certainty. The COVID crisis and the embryonic recovery we find ourselves in has so far shown us:
- Pent up demand for experiences post-lockdown, perhaps at the cost of durables spend, which may have already seen its peak
- A challenge to consumer loyalty, resulting in nearly 75% of consumers switching brands, with suggestions they won’t be switching back
- COVID becoming the most disruptive brand EVER and changing the way nearly all industries function. Meaning all brands had to rethink their approach, and will need to continually change through 2021 to succeed
To help plan for these uncertainties you could:
- Hear what your consumers THINK about the past year, the present and the future, at a sector, category, brand and / or product level to gather deep-dive insights to drive your strategic decision making.
- Understand how consumers FEEL about COVID recovery, finances, trust and their future to better understand the opportunities and challenges your brand is facing
- See what they DO when shopping or using products as lockdowns ease and behaviours change once again. Will we be in a new normal, an old normal, or something completely unique?
- In the context of all the above, learn what they WANT from future products and services by fully understanding their unmet needs and delivering innovations that you know will work when they hit the market
If you would like to know more about how you can get better insights that allow you to navigate our continuously uncertain world please click here or on ‘contact us’ below to learn more.