Last updated on June 22nd, 2023
The COVID threat may not be gone yet, but the end is in sight. To win in the post-pandemic world, marketing has to pivot again. Start by understanding five key economic trends that are shaping consumer behavior.
Here at APEX-CMO-Search we can help you understand the impact on your marketing leaders. Here are keys to understanding how to pivot after covid.
Five trends are shaping the economy and customer preferences in the post COVID world.
Ecommerce growth, including delivery and fulfillment services, has grown significantly in the past year. In May 2021, the United Nations reported on the growth of ecommerce for multiple countries:
The ecommerce is not just about volume. Consumers are also buying other groceries online in increasing numbers.
Investing marketing resources in ecommerce opportunities needs to be a top focus, especially for consumer-focused companies.
The pandemic forced millions of people to switch to long-term remote work. As vaccines roll out, it is clear that many companies and employees do not want to return to pre-pandemic working patterns. Fast Company reports that 52% of men and 60% of women would quit their jobs if they were not allowed to work remotely on a part-time basis. This will help you pivot after covid.
The rise of remote work and hybrid work (i.e., a combination of in-office and remote work) has two implications for marketing leaders. First, marketing leaders need to look for ways to offer flexibility and remote work to attract and retain marketing talent. Second, marketing leaders may want to revisit their spending on billboards and downtown areas.
In April 2021, the household savings rate was 14.5%, nearly double pre-pandemic levels (i.e., 7.6% in January 2020), according to the St Louis Fed. Many households have paid down debt while others have saved funds. The boom in pandemic savings – Bloomberg estimates global consumers saved over $2 trillion during the pandemic – poses a significant opportunity for marketers.
In the short term, marketers can emphasize luxury experiences over price promotions. Not convinced? We checked Google Trends to compare how searches for “luxury” vs. “cheapest” have trended. In March 2020, searches for “luxury” fell to 53 out of 100 interest. By July 2021, searches for luxury had nearly doubled to 98. Searches for “cheapest” have increased in 2021, but they have consistently lagged behind luxury searches.
There are a few ways to respond to pent-up demand and help you pivot after covid.
A growing number of brands are winning attention by embracing activism and social responsibility to a greater degree.
There are a few ways to pivot your marketing in response to these trends. Start by gathering data about your company’s performance on racial equality, climate change, and other challenges. You may find that your company has made significant progress over the past few years. In that case, consider running a campaign highlighting your company’s accomplishments.
The final pivot opportunity is to put more resources into experimentation. For example, consider taking inspiration from companies like 3M and Google that have encouraged their staff to experiment with new ideas.
Without the right marketing talent to develop ideas and execute campaigns, it is tough to act on these trends. Talk to us today about innovative ways to find marketing talent to reinvigorate your business for pivoting after COVID. Apex-CMO-Search is here to help, contact APEX for further information.
Found this blog informative? Find out more on our Insights page.
About the author:
Digital CMO & CDO Strategist & Change Agent driving disruptive transformations & growth in the U.S. & Canada. Start-Up Founder & Owner, Digital Marketer, Talent Recruiter, M&A Catalyst and Board Director experience with Mentoring, Diversity & Inclusion, CX & UX/UI Design, Data Science & AI, NPS, Partnerships and ROI. Serving client sectors in Digital Marketing, Talent Recruiting, Financial Services, Digital Technology, Consumer Goods.
Ready to get started? Click here to take the next exciting step!
Dive deeper and discover all we have to offer
Input your search keywords and press Enter.