Money, Focus, Customer Behaviour and Striving for Normality
We’re pleased to provide findings from a recent report by our partners and behavioural science practice, Capuchin which explores challenges marketers face beyond the COVID-19 pandemic.
Post pandemic concerns about changing customer behaviour, money and striving for a sense of normality figure highly on marketers’ priority list.
“Our report shows a massive impact on budget with 70% seeing a large or complete change and reveals the deep impact on marketing plans of the changes being planned” comments James Cragg, Chief Commercial Officer, Capuchin
The research was conducted across an expert panel of 85 marketing industry professionals in May / June 2020, seeking to understand the details of how strategies are changing for the rest of the year and beyond.
“Over half are planning a “large or complete” change in marketing strategy“, adds Dan Thwaites, Chief Strategy Officer, “which is leading to further changes in creative execution, customer experience, products and propositions. We’re seeing brutal focus, removing anything unnecessary, unclear or uncertain, and attempting to achieve some degree of normality.”
The report explores these changes further.
“Customer insight is still critical with a third of respondents maintaining spend in this area and a quarter expected an increase”, notes Patrick Fagan, Chief Science Officer, “with most respondents saying that psychographic segmentation, nudging, and proposition development have become more attractive.”
“This is perhaps not surprising, as studies show that when people feel threatened they show predictable behavioural responses, including becoming more conservative, more risk-averse. This data-driven, scientific approach can also help combat other threat responses such as becoming more insular, and more stereotypical thinking.”
Interestingly the workplace itself has also changed, with companies expected to become more caring and innovative, likely at the expense of being competitive and rule-focused.
“Customer insight is still critical with a third of respondents maintaining spend in this area and a quarter expected an increase.”