Do you know what your consumers want to buy next?
Know your audience – Segmentation by demographic, geographic, behavioral, or psychographic may land you nowhere
Challenges faced by the businesses are multi-faceted.
- remote opportunities
- technological literacy
- limited in person availability
- health care and wellness
- security in uncertain times
- boost efficiency
- increase flexibility
- resource availability
- improve customer experience
- revenue-generating activities
- receiving assistance from experts
Corona virus crisis has seriously impacted wide spectrum of businesses:
Healthcare : Overwhelming increase in customer queries for support and information have forced this sector to integrate innovative technologies to cope with these issues.
Food & Retail : This outbreak has created the micro-moments for people to buy and order goods via their smartphones, laptops, PCs, and tablets.
Construction & Real Estate : Negatively impacted by this pandemic due to Supply chain disruption, shortage of resources and materials etc.
Logistics and supply chain management: Seriously suffered from this pandemic due to lack of transportation & manpower, inability of maintain schedule resulted in delays in delivery.
However, major challenges are faced by the businesses that don’t have an online presence.
To outperform competitors and grow faster, you should automate workflows, digitize operations, and improve customer experience.
The consequences of CoronaVirus have been felt by everyone in the world. Under this situation business houses have to primarily address various challenges on immediate basis :-
- decreased productivity
- project downtime,
- higher costs on materials,
- optimize expenses.
- prevent losses.
Another significant aftermath of this pandemic is the evolving online market segment who are looking for solutions in education, entertainment, healthcare, food & retail, games etc.
As consumer needs and behaviours have changed drastically over the year,
businesses are facing new challenges altogether.
With lockdown restrictions and store closures in place, businesses had to get creative to help customers and deliver the products/services they were used to.
Due to the acceleration of digital adoption by consumers throughout the pandemic, companies lack insight into what their audiences want to hear and are struggling with where & how to prioritize marketing activities as a result.
Take a look at this incredibly powerful insight by Google that my force you to rethink your marketing strategies :
Research by BCG and Google has shown that businesses save up to 30% in costs and generate 20% more revenue with successful data-driven marketing strategies.
Segmenting this market by demographics or by geographic, behavioral, or psychographic is extremely difficult as digital consumers are awaiting their complex & diversified needs and wants to be fulfilled ranging from 15 yrs to 80 yrs.
Source : Google
With lockdown in progress, consumers still having limited access to their normal activities & offline shops and the world standing still for more than a half of a year, long-term behavioural trends have surfaced.
To make complete turnaround from making losses & to register growth (even in pandemic), business houses have to address these consumers’ needs, helping them not only to survive but actually thrive.