COVID-19 price sensitivity research
Download the results: "Impact of COVID-19 on consumer price sensitivity"

Contents

Decision behavior amidst disruption
Adapting your marketing mix for short and long-term success
Adapting your pricing and NRM strategies
How to optimize your eCommerce strategy during disrupted consumer behavior
Exploring psychological distance, social distancing and decision

Decision behavior amidst disruption

COVID-19 is changing consumer decision behavior. Stay-at-home guidelines and stock shortages have accelerated online behavior and trials of new product choices. Which behavioral shifts will last?

Read how you can put the SKIM decision loop into action

As marketers, you need to quickly adapt to consumers’ short-term needs, while also keeping an eye on shoring up your long-term strategies.

To make the right decisions, it’s vital to understand the fundamentals of decision behavior.

The SKIM Habitual-Deliberate Decision Loop provides a framework for companies to understand decision behavior and help guide their business strategies – to achieve both short- and long-term goals.

It is especially useful to understand how COVID-19 dramatically changed the context of decision making. For consumers, the global crisis triggered a disruption, moving their “habitual” purchase decisions to more “deliberate” shopping behavior. With over 40 years of expertise analyzing consumer behavior, we’re here to help with tips and best practices.

Read more about the steps you can take to adapt to consumer decision behavior in the wake of COVID-19.

Adapt your marketing mix for short and long-term success

You know you need to adapt your marketing mix as you react to unprecedented events. To thrive in both the short and long term, it’s important to adapt your “4Ps” (product, place, promotions, and price) in the context of decision behavior.

The 4Ps are the factors you can control, despite uncertain times. Ensuring your strategy for each one is rooted in behavioral frameworks will give you the competitive edge.

Read on for practical considerations to keep in mind when using the traditional 4Ps.