Understanding Your Customers’ Values

However, the stress and anxiety brought about by the pandemic have acted as a catalyst, accelerating this process. The broader U.S. population is already experiencing a shift in values, and for brands, keeping pace with these changing attitudes is crucial to maintain their connection with and appeal to their target audiences. This requires strategic market research to understand how specific consumer segments will be impacted.

The landscape of values is undergoing a significant transformation. The turbulence caused by the pandemic, with spikes in unemployment and slow recovery, has created financial strain for many consumers. As a result, affordability and convenience are increasingly becoming paramount for them. Additionally, stay-at-home orders have led to heightened social isolation, fostering a growing sense of public empathy. This, in turn, makes community values more important than ever. Consumers are seeking out brands that are committed to making a positive impact on social welfare and community health.

Brands aiming to foster connections with these evolving consumer groups will need to consider expanding their production within the United States.

So, how can your company discern the changing values of your customers?

Market research offers valuable insights by actively engaging with your target audience and delving deeper into what motivates them.

Here are five noteworthy changes in customer values directly linked to the pandemic:

Shift to Online Shopping: The need to stay indoors has naturally increased the demand for online shopping. We've witnessed rapid changes in consumer behavior that would have otherwise taken years to materialize. According to a study, U.S. consumers spent $211.5 billion on e-commerce during the second quarter of 2020, marking a 31.8% quarter-over-quarter increase.
Increased Focus on Leisure Activities: Consumer behaviors have undergone noticeable shifts, whether it's an increase in self-care, mental health, physical wellness activities, or the time spent watching television at home.
Changing Spending Habits: These behavioral changes are leading to shifts in spending habits. People are now prioritizing experiences over material possessions. Additionally, due to the closure of spas and salons, there has been a surge in purchases related to self-care.
Value-Based Purchasing: Job instability, fear, and stress brought on by COVID-19, along with people stockpiling essentials at home, have led to a greater emphasis on value-based purchasing.
Home as the New Hub: In 2020 and likely beyond, the concept of "home" has taken on new significance. It has become our school, gym, office, restaurant, and sanctuary from the challenges of the outside world. Consumers are now looking for brands that support the idea of a versatile home where they can comfortably spend their time.

It's crucial to remember that while these shifts are becoming evident in certain consumer segments, it's essential to analyze your specific target audience and pinpoint the values that are most likely to influence their attitudes and behaviors.

Stay actively engaged with your customers, continuously reassess your target audience definition, and put your product to the test:

Does it still meet the needs of your target market today?
Does it effectively solve their problems now as it did a year ago?
What are the current areas of interest or pain points?
Is the benefit of using your product or service still relevant?

To succeed, your strategic marketing campaign should connect with and inspire your audience to take action. Understanding and analyzing the desires and needs of your audience can benefit various aspects of marketing, from advertising to branding. Consequently, you'll be able to:

Create branding that establishes an emotional connection.
Produce valuable and beneficial content for your audience.
Develop a website designed to cater to visitor needs.
Place advertisements where your audience is most likely to be.
Provide the information your audience seeks in sales materials.
Increase conversions and sales through the above efforts.

Conducting swift and strategic research into the evolving values of your target audience can reveal insights critical to shaping your brand's development. Now is the time to scrutinize how your target audience's values are evolving.