Survive and thrive during and after a crisis.
Go through your Google Analytics report to identify how buying and other customer behaviors have changed.
Send out surveys and polls to customers for insights into their new habits: for example, search, social, and email habit changes.
Analyze your customer segments to identify products primarily purchased by people still willing to pay full price.
Switch your customer segmentation strategy to a psychological segmentation, based on customers’ attitude to spending and saving in difficult times.
- Slam-on-the-brakes. The hardest-hit segment, which may reduce, delay, or eliminate spending. It includes lower-income buyers and high-anxiety buyers of all wealth levels.
- Pained-but-patient. The segment with near-term anxiety but a positive long-term outlook; often the largest segment. Buyers economize across all areas and more bad news may push them into the slam-on-the-brakes segment.
- Comfortably well-off. The segment that continues buying at almost the same level, with some additional selectivity about purchases. It’s made up mostly of wealthy consumers.
- Live-for-today. A segment that skews young and urban, with a focus on experiences over stuff. They are generally unconcerned about savings, though they may delay major purchases.
Compare your survey data with the psychological segments to identify which segments your customers fall in.
Here’s how to appeal to each psychological segment:
Other ideas include: Reducing the thresholds for quantity discounts, extending credit to customers, having layaway plans, reducing item or serving sizes and then pricing them accordingly, lowering consumers’ up-front adoption costs and reducing penalty charges.