Don’t Reopen Your Business. Reimagine it.
Marketing options to help retailers survive disruption
A new reality has set in. 13.3% of Americans are unemployed, a vaccine for COVID-19 is potentially years away, America is rife with strife and only 33% of U.S. consumers expect the economy to rebound in the next 3 months. A whopping 64% of Americans describe themselves as very or extremely concerned about the U.S. economy, while 63% are very or extremely concerned about not knowing how long the pandemic will last. It’s a grim portrait, but America is resilient, and crises have a history of spurring change.
As the country moves slowly toward easing restrictions, don’t look to simply “reopen”. You (and your competitors) have been at varying stages of paused for the last several months, which offers an unprecedented reset for your business to not just reopen, but reinvigorate, relaunch, and reimagine how your company emerges from this. Where you may have once clamored for every inch of business from others in your industry, the time to win market share is now, and is dependent on your ability to identify and adapt to the new consumer.
That change is on full display today. Consumer behavior is shifting rapidly, and new habits are being formed. Some of these behaviors include shopping on new websites, getting groceries delivered, using video conferencing for medical appointments, and gaming and streaming content more.
Americans are also shifting their brand loyalties. About one-fifth of American consumers have switched retailers and/or brands due to COVID-19, and around half of them intend to stick to their new choices.
All brands and retailers need to pay attention to these shifting habits as they represent an opportunity to rebound from this pandemic. It isn’t enough to employ the same old tactics and strategies. Things are not going to get back to “normal”. This is the new reality and now is the time for businesses to come back with a changed mindset and fresh approach in communicating and selling to customers. Some “musts” for all businesses are:
A user-friendly, compelling and fully functional e-commerce experience. A commitment to rebuilding consumer trust by demonstrating through action that their voices are heard. Customers need to hear that your business is taking all necessary safety precautions to protect them and your employees.
Flexibility. If you’re re-opening and expecting to recapture past splendor, you’re chasing ghosts. Everything has changed. The landscape, customer behaviors, the competition. Have you?