As COVID-19 impacts countries and societies around the world , consumers have been forced to dramatically change their purchase behavior. In some cases, the pandemic has enabled certain behavioural shifts that cannot be wished away easily even when the pandemic has stopped.
At a recent Webinar organized by Nielsen and looking at the shifting Nigerian landscape amid COVID-19 ‘, the global leading Insights company shared a perspective on which scenarios we see in the short term and how these impact the FMCG manufacturer or retailer. Such revelations may suggest a review and reformulation of strategies post COVID-19 so you can prepare for what’s next.
Speaking on what the future outlook and how companies could navigate forward based on the changing scenarios, Ailsa Wingfield, Executive Director, Global Intelligence and Thought Leadership, Nielsen Global Markets informed that companies should reconsider and plan on how to adapt to future dynamic condition occasioned by COVID-19.
For economies to Rebound, reboot, or reinvent depends on the extent of the effect of the pandemic and strategies applied by business managers and government, Wingfield said at the Nielsen webinar ‘’Life beyond COVID -19, Rebound, reboot and reinvent’, that conditions consumer behaviors requires different strategies.
According to her, partial impact of the pandemic on certain economies will enable economic rebound while exacerbated consequence will cause economies to reboot and intense shocks will cause reinvention on economies affected.
Further, she said that for countries to advance, governments need to assist with multi-dimensional and complex strategies and balance and assume economic activities to contain the virus and save lives.
Ged Nooy, Managing Director, Nielsen, Nigeria believed that the pandemic has come with disruptions for companies and businesses around the world even to the extent that consumers have been forced to change their behavior. However, Nooy hinted that not only that the pandemic came with challenges, it also came with opportunities.
Abiodun Olawale –Cole , Consumer Insights Lead, West Africa therefore said as a consumer research company that Nielsen could help organisations understand the shifts and plan their market strategies as consumer preferences have been altered.
The company advised economies in rebound stage to reinstate marketing investment, adapt messaging/tone relevance to altered circumstances and engage where audiences have migrated. For brands in rebooting economy stage, Nielsen said they need to repair relationships based on purpose and meaning, hone communication around reassurance and caring while brands in reinvent stage need to apologise and reposition to win back disillusioned consumers and communicate change/improvements in conduct.