Are you actively monitoring your market behaviour?
During these unprecedented time, it’s important to understand the overall consumer behaviour in order to be able to adjust marketing campaigns. We work directly with Google and also have a number of tools that allow us to keep the finger on the pulse when it comes to the consumer market. Here are some insights for this month:
- After a significant drop in concern in the first wave of COVID (around 13% drop), 95% Of Aussies are now concerned about a potential second wave, 41% of which are “very / extremely” concerned. As a result 2 in 3 Aussies are now looking for updates on the COVID19 pandemic on almost daily basis.
- 33% of Aussies are watching more online videos (mainly YouTube). This has remained fairly consistent from the beginning of the pandemic. 17% of those claim they will continue watching more video after the outbreak.
- 29% are shopping online more frequently. This is a continuously growing audience.
- Aussies continue to strongly approve of brands running promotions (over 7 in 10) and 41% wait for products to be on promotion, discount, sale, etc
- 72% Approve of brands offering flexible payment terms (e.g. instalments, payment plans, etc)
If you are marketing your business online there are some key takeaways from the info above. Firstly, if you are not running any offers/promotions you are less likely to get engagement or enquiries in comparisons to competitors that are. Secondly, if your brand campaigns are non-existent, you are potentially missing out on some immediate wins. Lastly, in 2020 the general consumer market has become a lot more conscious about their cashflow and started to make a lot of decisions based around affordability options (eg. payment plans). As a result of these factors services like Afterpay and Zip Pay are growing massively (check their share price).
The current market environment is a great opportunity for businesses to do better. Many large organisations are struggling to adjust their marketing to the new trends which creates a great chance for smaller businesses to market. After all the market hasn’t gone anywhere, it’s changed.
If you are struggling to put together your offer or not sure how branding campaigns can help your business feel free to reach out. We are passionate about what we do and would love to speak with you.