Blog articles about Consumer Health
The COVID-19 crisis and the Corona crash are shaking the context for consumer decision behavior. As a result, the context for net revenue management (NRM) has also been disturbed for consumer goods companies.
Companies must adapt revenue strategies to the new situation, at the same time as consumers are adapting to “the new normal.” To be successful, you need to anticipate and influence consumer decisions in a changing environment. This holds true in times of normalcy, but especially during the recession to come.
Although the COVID-19 crisis is not yet over, learnings from previous crises and knowledge of consumer behavioral frameworks mean we can map out consequences for net revenue management strategies.
So, what should you consider in planning your next moves?
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?
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.
Consumer behavior is usually embedded in daily habits; sometimes consumers make more deliberate decisions. COVID-19 triggered a dramatic change in the context of consumer decision making: Many daily habits have come to an abrupt halt; more decisions are now deliberate.
Your company is probably feeling the immediate impact of these behavioral shifts and you may be charged with adapting short-term marketing strategies accordingly.
Exploring voice analytics in new product development research with Johnson & Johnson
Have you ever conducted early-stage innovation research and found yourself in a situation where you don’t entirely trust what consumer feedback is telling you? Many of us have had to deal with overstated interest and the need to dig deeper into unmet needs.
Uncovering both rational and emotional needs is vital for new product development (NPD) strategies – to accurately size the unmet need or opportunity for innovations. However, what is the best insights approach?
In light of increasing patent expiration rates, a switch from Rx to OTC proves to be a successful counter-strategy against generic erosion. As a result, marketers face challenges entering a new competitive environment. Our Consumer Health team has valuable experience in bridging the knowledge gap between healthcare and consumer markets to facilitate your decision making process.