Encouraging reports on the success rates of different COVID-19 vaccines notwithstanding, much of the world still faces a recession next year and brands will need to adapt accordingly – including reassessing what constitutes value for consumers.
Some consumers will trade down, others will focus on getting the greatest possible value – in terms of efficacy, quality and reliability – for their outlay.
A survey for WARC’s Marketer’s Toolkit 2021 finds that brand marketers are responding in a number of ways, including developing new product offerings to cater for post-pandemic consumer preferences (40%).
Other tactics involve focusing ad spend on specific product lines (33%), running price promotions and sales (30%), reducing product portfolio (21%) and altering pack sizes (20%).
Marketers are recommended to go ‘back to basics’ and evaluate all elements of their brand proposition to find a model that suits the post-pandemic consumer mindset.
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Sourced from WARC