How does an economic crisis impact customer behavior?
Companies and brands are affected by economic developments in more than one way. The inflation, the shortage of personnel and the shortage of raw materials affect your day to day business operations. Customers adjust their buying behavior in the face of an (impending) economic crisis. How to respond?
After the Covid crisis, the economy immediately went into overdrive. This led to a tight labor market, enormous inflation and housing prices going through the roof. Now we are heading in a different direction with an impending recession.
So what is the best customer and marketing strategy?
Checking consumer behavior and customer relationships can be rewarding. Can we identify patterns in how consumers react to economic headwinds? What is the best customer and marketing strategy – at this particular moment? Is it all about prices? Do customers only respond to discounts and promotions? Or can you help and retain customers in other ways?
Our white paper “Strengthen customer relationships, especially during an (impending) economic crisis” prepares for a possible recession. We observe changes in consumer behavior and how to respond to them.
- How (and why) is customer behavior changing? Is it a permanent change?
- How can companies and brands respond or even anticipate?
- Are there lessons to be learned from previous crises?
- Does your proposition need to be altered? Should you invest more in R&D?
- How to keep helping customers, in all circumstances?
