Worried About COVID's Impact on Your Business? The Solution is Consumer Insight

The way the world works completely changed overnight. Consumers can't exists within their day-to-day lives the same way, whether they're shopping, working, or even taking care of their children. This has had an understandably huge impact on the economy. Why? Because nothing in a consumer's life can be taken for granted, so we shouldn't expect their behavior to remain unchanged.

Consumer Insights
During COVID-19

What is "Consumer Insight"?

A customer insight, or consumer insight, is an interpretation of trends in human behaviors which aims to increase the effectiveness of a product or service for the consumer, as well as increase sales for the financial benefit of those provisioning the product or service. (x)

In layperson terms, consumer insight is knowledge and understanding about what products/services consumers want, need, and how they go about getting them. This concept has been around long before the explosion of normality that came with coronavirus. But it is more necessary than ever to invest in gaining consumer insight right now.

Interested in Marketing Research Topics?
Read my post about MFour Mobile Research, Inc's mobile survey app, Survye On The Go.

Why Is Consumer Insight Important During COVID-19?

One easy to spot change in consumer behavior is that masks are currently required to go inside any business. With the proper research, insight can be gained about how this is affecting the way people buy products, how long they stay in a store, if they're shopping less, etc.

To put it simply, you cannot assume that the truth you knew yesterday is still the truth today. The pandemic has only been in full force since March and yet it feels like an eternity has passed. There's new developments every single day and the consumer is reacting accordingly.

1. In March, consumers were panic buying everything from toilet paper to dry beans. Did they need to? Not necessarily. But due to fear, they were purchasing in a new way.
2. In April, we were all settling in to the new norm and needed products to support us. This was different from person to person, but consisted of hobby items, video games and accessories, office supplies, etc. In addition, many people were cooking at home for every meal for the first time in a long time.
3. In May, the weather started to change, people had stimulus money, and they were bored of being cooped up. Consumers began to invest in ways to get outside at home.
4. In June and July, we've all been wondering what is going to happen to the economy and if schools will be opening. This unsurity is leading to less spending. There's also been a major second wave in most states, which is causing another dip in consumer confidence.

Companies like Walmart, that kept up with these consumer behavior trends managed to stay relatively well-stocked and prepared.

A consumer behavior expert explains why this toilet paper demand is happening pic.twitter.com/JCn0HJDmXi

— Business Insider (@businessinsider) July 15, 2020

What Can We Do About Consumer Insights During COVID-19?

Consumer behavior is changing during COVID-19 so companies should follow suit.

The obvious first step is to begin investing in ways to gain consumer insights right now. This could involve investing in new software, staff, training, you name it. But it is worth it. The only way forward is to understand customers and be flexible to their needs and behavior. No, it doesn't matter what industry you're in, how successful you were in the past, or anything else. Begin paying attention to your customers in order to survive.

---

Connect with me on LinkedIn!

Gabrielle G.