Time to rethink customer insight – this is the new normal.
As we bid farewell to Covid-19 gracing the headlines and wave goodbye to lockdowns, we find ourselves in a world forever changed, where customer behaviours have evolved in profound ways. The much-anticipated "new normal" is here, but what does it entail? Let's explore the transformative shifts that have taken place and why now is the ideal moment to revisit your understanding of your customers.
In the wake of Covid-19, we all wondered what this new era would look like. Would remote work become the standard, or would offices regain their former glory? Online shopping, already on the rise, surged, while domestic holidays thrived, and international tourism faltered. The world was in flux, and so were the consumers.
In early 2022, as Covid restrictions finally lifted, we experienced a period of recovery and reunions. People emerged from lockdown habits, embraced their loved ones, and began to rediscover the wider world. Now, in 2023, the new normal has firmly taken root, and it's time to reevaluate what we thought we knew about our customers.
In early 2022, as Covid restrictions finally lifted, we experienced a period of recovery and reunions. People emerged from lockdown habits, embraced their loved ones, and began to rediscover the wider world. Now, in 2023, the new normal has firmly taken root, and it's time to reevaluate what we thought we knew about our customers.
Every business is unique, but the odds are that the customer segments, models, and insights you painstakingly developed may no longer align with reality. Change is a constant, and ongoing issues like the cost-of-living crisis continue to shape behaviours. However, Covid-19 was a once-in-a-generation disruptor. Ask yourself: are your habits, priorities, and choices the same as they were in 2019?
To construct meaningful behavioural segments and predictive models, historical data is essential. It requires a year or more of relative consistency to build a reliable model for future planning. Finally, we have the data we need to comprehend the new normal and what it means for your business.
If you haven't updated your customer segments or predictive models since 2019, perhaps waiting for the dust to settle, now is the perfect moment to act. The world has shifted, and so have your customers' preferences and habits. Don't miss out on the opportunity to adapt and thrive in this ever-evolving landscape. It's time to rethink your approach and embrace the new normal.
If you haven't updated your customer segments or predictive models since 2019, perhaps waiting for the dust to settle, now is the perfect moment to act. The world has shifted, and so have your customers' preferences and habits. Don't miss out on the opportunity to adapt and thrive in this ever-evolving landscape. It's time to rethink your approach and embrace the new normal.