6 Key Strategic Behaviors Tied to COVID-19
A recent study released by Nielsen in early March identified the six key behaviors tied to the COVID-19 outbreak. While reviewing trends among the first impacted countries outlines a clear behavior pattern, it is still very early in the outbreak and day-to-day monitoring is important.
6 Key Stages
- Proactive Health-Minded Buying
- Reactive Health Management
- Pantry Preparation
- Quarantined Living Preparation (current state of the US)
- Restricted Living
- Living a New Normal
Learn more about the six key stages here.
Business and consumers across the country are currently classified, by Nielsen, as stage five, Restricted Living. Communities are on lockdown and large gatherings are restricted. Brick and mortar consumption are mostly shut down and consumers are turning to online consumption. Price concerns impact consumption and limited stock is driving up price.
Businesses across the country are now also facing challenges in keeping employees on payroll while meeting revenue targets. Furloughs and layoffs are on the rise and unemployment claims are reaching historic rates. Wordstream released trends for 21 industries who are seeing positive, negative or moderate success when it comes to leading indicators of consumption. LEARN MORE>
To combat the consumer pivot, businesses are being challenged with remote workforces, innovating how they connect and serve customers and adopting online and digital services.
Businesses can benefit now by analyzing internal customer data to identify, quickly, how they can best service their customer base. The Living a New Normal will come, although it is not clear when that will come to fruition. However, one data point that does seem clear is that COVID-19 will change the way consumers and businesses connect long into the future.
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You can count on The Partnership to continue to share accurate and fact-based updates as well. See more on COVID-19 here.
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Leader. Dad. Coach. My passion in life is developing people to be better human beings in finding life success. Finding great breakfast experiences in Des Moines fuels the fire. Shannon Welch is vice president of sales for LOCALiQ in Iowa.