The 2020 Behavioral Shift Is Real
Events like COVID-19 fundamentally change the psychology of consumers (and marketers) in powerful ways. Economists and Behavioral Scientists have documented this throughout history. Perhaps most interesting, they find that we display predictable “herd behavior” under stress. Businesses that adapt their campaigns to meet this behavioral shift will grow during a time like this.
Stop Trying To Change Customer Behavior —Change Your Own Instead.
In the Great Recession, we adapted our marketing approach by embracing the behavioral shift of the consumer.
The result was powerful… Marketing that worked in a recession.
In 2020, the catalyst for the behavioral shift is different, but the behavioral response of individuals has been very much the same.
The Behavioral Flaws of Your Competitors Can Be Harvested
Fear of change coupled with loss aversion behavior are dominating the marketers decision making process.
“people seem to be more motivated by the thought of losing something than by the thought of gaining something of equal value”
Your Competitors are terrified of losing right now…
Google Ad CPCs are discounted as much as 50% in many verticals.
Facebook CPMs are on sale by almost 75%.
The last time we saw customer acquisition opportunities like this was 11 – 12 years ago. Marketers who know how to harvest this cheap media can grow their market share by 2-10x. In 2008, we figured that formula out and added it to our PlayBook.
Recession Proof Your Marketing by
Adopting Behavioral Science
Debating whether we are (or will be) in a recession is pointless. What the customer feels and believes is all that matters. Stop trying (failing) to change customer behavior and instead learn how you can adapt to meet The 2020 Behavioral Shift.
Schedule a Quick Call