Imagine a small pebble being tossed into a large lake. You can see the ripples cascading from that single point of entry. The same can be said for a single change in behavior amongst consumers. I’ll show you how. On May 26, 2020, Harvard Business Review published a post on post-COVID behavioral trends.
One of them is that 54% of Americans are cooking more, according to a study they cited from Hunter, a food marketing firm. Not only that, 35% say that they are enjoying cooking more now than before. Why would a marketing firm care about people cooking? Well if people are cooking at home, they aren’t eating at restaurants. It also means that people are buying more groceries, so food distributors may want to know this so that they have more domestic packaged food available rather than commercially packaged food. It also means for restaurants that they may need to shift how they are doing business to stay in business, like creating meal kits that are delivered or are available for curbside delivery. (I don’t know if that’s actually a good idea. I just made it up as an example.)
A single behavioral trend can shed light on a lot of different things happening in the market across a lot of different industries. For marketers, they can help the businesses that they consult for shift how they are doing business or how they are promoting their business. For the businesses being aware of behavioral trends can help the owners make strategic decisions about their business. Staying in business means shifting with changes in the market.
Being data-driven in your business and marketing plans is essential for the health of a business.
©2020 Michelle Raab, PhD. All rights reserved. Copyright notice: You may copy up to 50 words without permission, provided that you give attribution, link back to the original post, and do not change the meaning or message.