The world spent the last year talking about a ‘new normal’ post-pandemic. Four months ago, after doing our own research with consumers, we warned there would be no ‘norm’ and uncertainty would continue as we emerge from an ‘18 month slumber’.
We are witnessing this right now, as price inflation from soaring commodity prices, due to supply shortages, are causing significant impact for many brands, and ultimately consumers' pockets.
Even 3 months ago this wasn’t on most people’s agenda.
Work we did through COVID has shown us that how people perceive goods and services has fluctuated from extreme to extreme on an almost monthly basis. What will be true today will not be true 3-6 months time.
Are you sure every element of your brand strategy is right?
So many questions are being raised at the moment. Where does my brand sit in all of this? Will a price increase be accepted by our consumers? How about in 3 months time? What will our competition do?
We’re seeing brands launch premium products based on research they did several months ago, when many consumers had disposable income and time on their hands. Yet there are relevance concerns if the focus becomes price undercuts.
Uncertainty of longevity is a real fear, which can either drive brands away from spending on research or push towards leaning into your consumers even more.
We believe now is the time to stay even closer to your consumers to avoid the pitfalls of uncertainty.
Are you tracking real life behavior and projective desire? Making decisions based on what someone does, not just what they say they will do, matters now. Unpacking the emotional drivers behind behavior, how likely they are to change, and what will trigger change. Understanding your audience from a smart holistic human approach of what they do, how they feel and think, and what they want will help you navigate uncertainty to make better decisions for now and tomorrow.