Business Must Adapt To New Realities In Changing Buyer Behaviors
The Omicron variant of Covid-19 has produced the most dramatic surge in the pandemic since the initial onset of the pandemic. Despite early indications the virus causes milder forms of illness, the degree of disruption is substantial. Although impossible to measure, the impact on the current American psyche is undoubtedly a negative one. Increasing all forms of anxiety, frustrations, fear, and other psychological response. Contributing to the evolving mental health crisis the pandemic has spurred on.
We are two years into the Covid-19 pandemic. A few things about it have been consistent. A look at any of the multitude of graphs on positivity rates, hospitalizations, etc. shows waves, peaks, valleys, and the likes. Correlating to variants and the migration of the virus.
Based on qualitative buyer interviews, here is an interesting observation about buyers during the two years of the pandemic. Buyers have changed in waves, peaks, and valleys – just as the virus has. One perception that needs to change in business is that of believing buyers have changed only in how they interact and spend. It is surprising to see this singular view of how buyers have changed remain a static point of view.
Buyers are changing just like the graphs mentioned. In waves, peaks, and valleys beyond just how they interact and spend. This latest Omicron variant is causing and will cause even more changes related to behaviors, perceptions, emotions, and more. Not only are buyers changing but also buying processes are changing. These changes combined are causing significant gaps in the ability of businesses to understand and serve their buyers and customers.
These combined changes now present a new set of risks to businesses. Calling for businesses to re-evaluate and reinvent their strategies towards buyers and customers. While we have seen investments in increasing capabilities to interact with buyers, what has been glossed over is gaining a deeper understanding.
Businesses today, to be businesses of tomorrow, will need to change their strategy on how to stay up to date with their understanding of buyers and customers. For far too long, gaining this understanding, via buyer insights research and buyer personas, has been viewed as a one-time spend.
With buyers and buying processes changing in waves, peaks, and valleys in a new reality, this can no longer be the case.