Marketers must think in terms of scenarios, rather than making predictions on binary outcomes.
This article suggests marketers be more flexible in thinking and acknowledge uncertainties due to the pandemic to effectively forecast trends and make informed decisions. Though surveys can help identify trends, the survey data could prove irrelevant as COVID-19 fatigue sets in and consumer sentiments change.
Brands must base their product strategy and marketing investment decisions on trends that are secular as these are more likely to continue after the pandemic. While trends like remote-working and digital entertainment have emerged, marketers should analyse whether or not these trends have longevity.
Making predictions based on different scenarios for planning purposes can help eliminate overlaps, identify differences, and hypothesise smart overall forecasts. Establish strong opinions and be willing to adjust or ditch predictions to adapt.
[3 minute read]