The demand for products and services is set to fall drastically post the coronavirus pandemic, says the latest survey
The Marketing Week and Econsultancy survey of 477 UK brand marketers reveal more than a third of marketers expect over 50% fall in demand for their brand’s products and services over the next two quarters. Marketers are preparing for a significant slump in demand.
As per an analysis of over850 marketers at global brands, 77% of B2B marketers and 71% of B2C marketers expect to experience some form of all in demand due to the Covid-19 pandemic. Post the outbreak, 75% of B2B marketers are more likely to introduce new ways of working, while57% said they would implement new processes once the lockdown is over.
When it comes to innovation, 43% of B2B marketers expect to come up with new ideas towards customer communications. They are also more likely to implement product or service innovations in response to the outbreak. Nearly half of marketers in large organizations expect to innovate their approach to marketing messaging and branding post-outbreak.
Only 7% of marketers believe consumers will go back to their past behavior as the new normal is going to be significantly different once life resumes post-pandemic. Nearly 65%of B2B marketers believe specific behaviors will change long-term, while 29% of marketers believe the COVID-19 crisis will have a long-term impact on how people behave in many aspects of life.
Marketers are looking forward to introducing new products and services to help uplift their businesses post-lockdown. They are planning to implement new measures depending on the changing demand and consumer behavior as society tries to adopt the ‘new normal’ lifestyle post-COVID-19.