What happened during the pandemic?
With forced new shopping and research behaviour, consumers embraced the option to shop around, trial and switch from established brands or choices.
What will happen next?
Positive outcomes from new trials have provided consumers with the confidence that other options exist, and that exploring alternatives can produce great results.
What does this mean?
Brand loyalty is fragile. Market leadership, share of market and brand perception is all up for consideration and change. Brands now have a broad market - beyond a core target – that are willing to listen and trial different products or services that they may not have considered previously.
What do brands need to do?
Focus on an existing audience. Narrowly defining your target audience limits the potential opportunity for brands to grow in the new normal.
Adhere to laws of growth principles relating to targeting all category buyers, maximising weeks in market and building mental availability.
Be willing to invest in broad reaching media and appeal to core human truths rather than those anchored in a defined audience alone.
Clearly understand what your brand stands for and focus on building its distinctiveness in market beyond just connect through consumer culture.