Businesses are changing:
Different Tactics for Different Times
Since the timeline of COVID-19 remains unclear, it is crucial that businesses understand the long-term dynamics of the economy and consumers. Businesses must adapt their strategies to the long-term consumer behavioral changes which will last beyond COVID-19, and understand the implications behind each of the three stages, Onset, Oscillation, and Open. For the full analysis, please click here.
The chaotic first stage of the crisis
During the first phase, the extremely rapid spread of Covid-19 necessitated a near-total shutdown of society. All non-essential businesses were obliged to close their doors to the public. Tactics during this phase should focus on effective digital marketing—consumers are unable to physically enter stores. This phase is coming to an end across the United States, though the degree of opening will vary by jurisdiction.
An extended period of unpredictable disruption to business
As the lethality and spread of the virus fluctuates, periodic mandated slowdowns of the economy or localized panics due to high volumes of infections/deaths should be expected. The end of lockdown does not signal the end of the crisis—the economy may improve, but will not yet return back to normal.
Reopening will be a process and customers will change
Many of the changes seen in the oscillation phase will be temporary, but some will persist. Consumers will have different values going forwards than they did pre-COVID-19. Once the economy permanently reopens consumer behavior will have changed, and businesses will once again need to adapt in order to survive during the open phase and beyond. Click here to see a framework that can help businesses determine their readiness to reopen