How Will COVID-19 Consumer Trend Impact Brands?

Uncertain of the new consumer trends for your brand’s future? The COVID-19 epidemic is having a severe effect on consumer behavior, which is changing industry dynamics for customers and businesses. Research shows that five consumer trends will endure after COVID-19. What does this mean for entrepreneurs who are marketers for startup brands?

Adaptability and versatility to accommodate market shifts are eminent. Brands will now have to be more versatile when doing business or face the battle of competition with emerging technologies.  For many, doing business and working from home, while rebranding will potentially become the norm.

This article will highlight one of those trends—”work from home” and how it will impact your business. Work from home will be used interchangeably with doing business from home.

Will Work from Home Become New Norm?

Here is an interesting fact leading to the new consumer trend: According to Venture Beat, Zoom’s daily active users jumped from 10 million to over 200 million in 3 months.  Does that give us a glimpse of the trend ahead? What does that mean for businesses? Entrepreneurs must realize that the dynamics of the market arising from the COVID-19 pandemic are shifting with consumer demand. As such, technology becomes an essential facet of the probable work from home trend.

So, let us now take a further look to understand how brands are likely to be impacted.

How is COVID-19 Impacting Brands?

There are numerous challenges presented, and every business is trying its best to overcome the obstacles, but there are also tremendous opportunities.

Companies are working hard to adjust to the current situation and establish a business model in which they can efficiently handle their company without endangering the health of their employees.

Many people think it unproductive to do business or work from home until an unprecedented event led to enforcement. Specific activities will undoubtedly dissipate after COVID-19 but doing business from home is likely to be one of those consumer trends to endure. 

The COVID-19 pandemic has profoundly impacted lives as we never imagined. Almost all are evolving, from education to human interaction to consumer trends—everything is changing. As new consumer trends imply, both small and large businesses are more than ever choosing to work from home.

According to CNBC, “Working from home could be the new normal for many employees as more major employers and CEOs, including Mondelez, Nationwide and Barclays, talk about a permanent shift to work from home and reduced office space.”

Benefits of the Rapidly Changing Consumer Trend for Brands

We are now seeing the change in market behaviors, and in every walk of life, the world is moving to embrace new customs. Industries are bound to evolve with the transformation of new business models.

One of the leading market patterns expected to continue is creating versatility to do business from home. That encourages the necessary work from home arrangements to curb the effects of coronavirus. Each country is taking steps to keep social distance free, which is why companies might have to inevitably establish a doing business from home model to have their employees work from home.

Many are now discovering that going to the office was never obligatory. Remote work allows employees flexibility, which can improve efficiency. Travel expenses are also significantly reduced. Remote business is cheaper than conventional, as leasing, regular travel, and other services cost much more than a home setup. Doing business from home eliminates operating costs; and companies can reinvest in the market, recruit new employees, or grow the company.

What Does the Work from Home Trend Means for Entrepreneurs?

Some entrepreneurs are not new to working from home, while others are getting acclimatized to the new paradigm. Entrepreneurs should make the most of remote work, as free choice of work hours provide adjustability. Starting work early when you feel optimistic in the morning, while opting to burn the midnight oil to complete further work is advantageous.

As a startup, the business is typically low on cash. So, much of the company’s income consumes by renting a location, furnishing, and operating costs. Doing business from home will enable you to reduce overheads, save the money with remote jobs, and reinvest into your company to scale it up to new heights.

While this brings tremendous benefits, entrepreneurs should not be oblivious to the competition. Technology will create enormous possibilities for brands to market their business while staying ahead of the game. Therefore, entrepreneurs might need to gain new skills and insights into consumer behavior as they journey along.

As new issues evolve, consumers’ pain points are likely to change. As such, entrepreneurs will have to be dexterous and adapt to gain consumers’ trust and build loyalty. A rebranding of their business or adjusting to the consumers’ market might be necessary to connect with target audiences.  For example, research has shown that distilleries are now in the production of hand sanitizers.

Conclusion

Are you ready to take your brand to the next level with a trend towards the post-pandemic crisis?

As you build or rebrand your business, it is important to note that consumer needs are changing, and there is a shift in market dynamics to work from home. Your brand needs to evolve to survive. 

It can be rewarding to do business from home, but it does come with challenges. Often it can lead to miscommunication and create hurdles between you and your employees, among other variables. Besides, to be competitive, you will need to embrace new technologies.

The beautiful thing is that you are never without a solution. If you are versatile and adaptable, your business can provide outstanding value to your target audiences and your employees, in working from home and staying competitive.

Do not expect to start creating your new business models or rebranding too late. I suggest you get started now.

Need more information?  Learn the “trends that will shape the consumer goods industry.”

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