69% of consumers said they are likely to buy or have brought new brands since the COVID-19 outbreak began, according to Mindshare.
Disruptions like product unavailability are affecting long-term brand loyalty during the coronavirus pandemic. Challenger brands can use this opportunity to acquire new customers by adapting their products and delivery services to evolving customer behaviour.
With a majority of consumers continuing to consider new brands even after the pandemic, challenger companies should innovate ways to retain customers in the long run. Smaller organisations can also leverage online advertising during the crisis as acquisition and retention costs are lower than usual.
Meanwhile, established brands should focus on upper-funnel tactics like video and sponsored content to generate brand awareness. They can also incorporate geo-location into their audience targeting strategy to inform consumers when their products will be available online or in-store.
[6 minute read]