Gayla Marketing

CMO's Dish on the Behaviors of Their Customers During Covid. Marketing Charts 2020.

There has been ample evidence that customer behavior has changed due to the COVID-19 pandemic. But what changes are CMOs seeing and when do they anticipate these behaviors to return to what they once were, if at all? A special edition of The CMO Survey takes a look at these and other questions.

The May 2020 survey of more than 270 top US marketers shows that customer behavior has changed in several ways. Without a doubt, the most noticeable change for nearly all (97% of) respondents has been lower in-person marketing engagement, whether that be in sales or store visits or at tradeshows. Much of this is due to stay-at-home initiatives in the US, as well as the cancellation of events, with a dramatic impact on the events industry.

Along with the reduction of in-person engagement, 85% of CMOs report seeing an increased openness to new digital offerings introduced during the pandemic, while 84% have witnessed increased value being placed on digital experiences.

In the past, US consumers have been known to put their trust in companies that value social responsibility and not just the bottom line. As such, 8 in 10 (79%) CMOs say they have experienced greater acknowledgement of companies’ attempts to “do good.” And, while B2B companies have been making a concerted effort to embrace purpose as part of company-wide initiatives, the report shows that B2C companies have experienced this customer behavior change more than B2B companies.

Although about two-thirds (65%) of respondents reported that new customers have been attracted to their products and services, it’s not all good news. CMOs have also noticed that consumers are less likely to buy (67%) and have an unwillingness to pay full price (43%).

To a much lesser extent, CMOs also cite weaker loyalty levels (25%), a lower likelihood to purchase online (24%) and weaker concerns about privacy (24%).

When Will Customer Behavior Return to Normal?
CMOs are optimistic that several of the consumer behavior changes seen during the pandemic will return to normal (pre-pandemic levels) in 6-12 months. Indeed, the largest share of respondents believes current behaviors such as the unwillingness to pay full price (38.5%), lower likelihood to buy (37.7%), and weaker loyalty levels (36.4%) will return to pre-pandemic levels within that time frame, as opposed to within 6 months or in longer than a year.

Some sectors are even more optimistic in regards to customer behavior. Interestingly, 45% of companies with no internet sales capabilities expect purchase levels to return to normal within 6 months, perhaps as these companies are more reliant on physical sales models and believe the end of stay-at-home directives will gradually result in more foot traffic.

That said, not all behaviors are expected to return to the pre-established norm. Many respondents, for example, do not expect that the increased value consumers place on digital experiences will ever return to pre-pandemic levels. The same can be said about weaker loyalty levels when it comes to B2B and B2C product companies – these groups were also more likely than services companies to predict that loyalty levels will never return to normal.

What Are Customers’ Top Priorities For the Future?
Looking ahead to the next 12 months, CMOs are most likely to expect customers to make trusting relationships their top priority over others such as low prices and excellent service. CMOs predict that superior product quality will be the next-biggest priority for customers in the next year.

These two predictions are somewhat consistent with what CMOs felt would be customer priorities in February, before the pandemic was declared. Nonetheless, respondents are now more likely to believe customers will prioritize lower prices as they did a few months ago. And, fewer feel that customers will prioritize aspects such as excellent service and superior innovation.

If you’re like many business owners out there, the coronavirus pandemic has rocked your world. According to a SHRM study, 62% of small businesses say they have experienced a decrease in revenue since the start of Covid-19. To deal with this change in cash flow, you may find yourself having to change up other processes for the time being, such as your marketing strategies.

Marketing During Covid-19: 5 Tips
The Covid-19 pandemic has changed the lives of consumers and businesses alike. And, with this major change and a “new normal” comes a new way to market to customers.

To pivot your marketing amidst the coronavirus and help keep your business thriving during trying times, use these five Covid-19 marketing tips.

1. Reassure Your Customers
Your customers are your business’s #1 fans. Without them, you wouldn’t be the successful business you are today. In a time with so much uncertainty, you need to reassure your customers that you’re there for them and that your business isn’t going anywhere.

So, how do you tie in reassuring your customers into your marketing tactics? So happy you asked! To inform your customers about how you’re responding to the coronavirus and let them know you’re there for them when they need you, you can:

Send out email updates
Post regularly on social media
Add information in customer accounts (e.g., on the dashboard)
Recommended For You

16 Effective Techniques To Improve A Company's Digital Marketing
Want To Increase Your Email Open Rates? Follow These Six Rules
Keep Your Eyes Peeled For Cybersecurity Threats During Covid-19
Reassuring your customers that everything is going to be OK is a must during this pandemic. Trust me when I say this: your customers will appreciate the updates and your sensitivity toward the situation.

PROMOTED

Civic Nation BRANDVOICE | Paid Program
Graduating During A Pandemic
Grads of Life BRANDVOICE | Paid Program
Leveraging Opportunity Employment To Advance Racial Justice In Corporate America
UNICEF USA BRANDVOICE | Paid Program
1 In 3 Of The World’s Children Poisoned By Lead
When reassuring your customers, keep a calm tone with a positive message and relevant language. And, remember to include how they can contact you if they have any questions.

2. Get Creative
This coronavirus age is not the time to fall back on your old marketing strategies. It’s a time to take risks and be creative with your marketing tactics.

When it comes to marketing your business during coronavirus, the more creative you are, the better. Having a unique way to market your products or services makes you stand out from your competition. Not to mention, spicing up your marketing can help draw in new customers and keep business booming during the coronavirus.

So, you may be asking yourself, How can I take my marketing up a level while dealing with the coronavirus? For starters, you can promote unique offerings, like DIY kits and care packages, to get customers flying through your doors. You can also offer virtual options to customers, like online classes, meetings, and showcases.

Whatever creative route you decide to take, have fun with it. Have a brainstorming session to think about what you can do to attract customers and make them want to spend their hard-earned cash during these trying times.

3. Kick Things Up On Social
Even before the coronavirus started, social media was king. As of 2019, a whopping 79% of Americans have social media profiles. And, that number continues to grow as more people go virtual during the pandemic.

To market your company in the middle of coronavirus, take your strategies to social. The truth is, this coronavirus age is prime time to promote your business offerings online. To market your business on social, be active, and present. You can:

Start or join conversations
Utilize sponsored posts or paid advertisements
Post more frequently
Have an online contest (e.g., share for a chance to win X)
Keep your customers in the loop with store updates
Promote special or limited-time offerings
Social media is a great way for you to create buzz about your business. Not to mention, it’s a relatively inexpensive option to promote your business and spread the word about your offerings online. So, what are you waiting for?

4. Build Relationships Virtually
Building relationships is one of those things that can be easier said than done, especially when you’re trying to build them online versus in-person. But if you want to market your business in the midst of coronavirus, you have to embrace building and strengthening relationships with your customers online.

To strengthen relationships with your customers, put yourself in their shoes. What would you want to see and hear from a business? How would you feel if you saw one of your business’s marketing communications?

Keep open, honest, and considerate communication going. If you currently don’t have a regular cadence of communication with your customers, now’s the time to start (think email marketing campaigns).

When communicating and connecting with customers during the coronavirus, be empathic, genuine, and thoughtful. The more you connect with your customers and get a feel for who they are, the better you can market to them in the future.

5. Improve Your Online Presence
With the coronavirus in full swing and more and more people hopping on the online bandwagon, there’s no better time to work on your business’s online presence. Having a strong online presence can help you build your brand and gain credibility to attract new customers. Plus, it makes your business more readily accessible to customers so they can find out more information about what your business has to offer.

According to one source, internet hits have surged between 50% and 70% due to the coronavirus. With so many people spending their free time online, why not take advantage of it? To give your business’s online presence a nice boost, you can:

Optimize your business website for mobile
Create valuable content
Do some SEO research
Incorporate keywords on your website pages
Engage in online communities and forums
Improve user experience
Again, there’s no better time than now to boost your online presence. And remember, even if you already have a top-notch online presence, there’s always room for improvement. So, get out there and give your business the online boost it deserves!

Why Is It Important To Market During Covid-19?
Pandemic or not, marketing to your customers is always an important aspect of running your business. But, how can continuing and improving your marketing efforts during Covid-19 benefit your business. Well, it can help you:

Get ahead of your competitors
Learn more about your target audience
Build on your business relationships
Set yourself up for success post-coronavirus
Now is not the time to put the breaks on your marketing efforts. It’s your opportunity to be more strategic than ever, put yourself in your customers’ shoes, and better market to your customers.
Article from Forbes July 22, 2020.