The speed and global spread of coronavirus has brought about a huge shift in people’s behavior, such as bulk-buying or self-isolating. The virus has led to our environment becoming increasingly ‘liquid’, subject to change and operating without familiar context and predictable patterns. With these shifts in consumer behavior, how can brands stay relevant to want their customers want?
Coronavirus means brands need to be flexible and adapt to change. When the context and pattern in which people live changes, brands should ask themselves how can I add value considering this new reality?
As many brands seem uncertain about how, or even if, they should respond, this paper looks at how firms can pursue consumers in the right way and deliver value in a time of contextual fluidity. While, of course, it is vital to avoid being seen as a crisis profiteer, there are a number of ways brands can play enhanced roles in people’s lives in a period of time where people are out of their automatic behavioral rhythms. There is little doubt we are now making decisions in a time of distress, making us more likely to pay attention to the brands willing engage with us in the right way.
[WEBINAR] Pharma utilization and cost management for self-funded employers
With rising prescription drug costs increasingly due to cell, gene and other high cost therapies, employers are exploring various approaches to managing drug utilization and spend by their employees. Join us for a complimentary webinar as we explore this topic in detail and outline implications to market access strategy development.