Growing Market Share
Quarantined Customers & New Behaviors
People are stuck at home. Buyer behavior has completely shifted, and it continues to shift weekly, if not daily. To keep up (and hope to stay ahead), we have to continue re-evaluating the shifting needs of customers and their current homebound reality. New habits are developing, and some will not be changing back.
Where do you even start? Good answers start with good questions.
Which is your core audience?
a) The Savers
No matter the income bracket, they’re cutting back across the board. They’re hurt. They’re scared. They don’t see this ending soon. They’re buying essentials only and even downgrading those.
b) The Wait-And-Seers
This is the mainstream. They see the horizon in the distance, but are acting prudent today. They’re looking for deals right now. As long as recovery starts soon, they’ll stay in this camp.
c) The Spring Breakers
Not a care in the world. Living for the next experience and affordable luxuries. They’re barely changing their behavior — as long as they’re employed.
d) The Unfazed
Consumption is unfazed. They’re secure enough to ride it out. They’re either top income bracket or living below their means with financial savvy. They’re glass-half-full no matter what, seeking ways to turn a dire situation into a positive.
Which is your core offering?
Now ask yourself, how do you fit into the lives of these new audiences? Is your brand a must-have, a nice-to-have, a maybe-later or an impulse buy?
So how do we fit right now?
Our core audience needs us today
Q: We’re fortunate. How can we help others?
A new audience needs us today
Q: Do we wait on our core audience to return?
Q: How long will that be?
Q: Do we retool our value prop and marketing towards the new audience?
Q: How will they access our offering?
No one needs us today
Q: Do we invest in tomorrow by shifting to top-of-funnel awareness?
Answered everything? Now what? We’re just getting started.
Read the other articles in this series:
1: Quarantined Customers & New Behaviors2: What now? Postpone, Maintain or Double-Down on Marketing
3: Giving Instead of Giving Up
4: Recessions Create New Leaders
5: What to Do When Ad Spend Must Be Cut
6: Pivoting through a Storm
7: Springboarding to the New Normal
8: Coming Back Stronger: A Marketer’s Guide for Recovery
Or skip the articles and get our entire strategy on how to grow market share during economic change. It’s free. It’s not even gated. Just be sure to tell us how you’re putting it to good use.