Covid ‘reset’ button changed business and customer trends
Today we have a generation that gets upset when they post something on social media and they don’t get enough likes and follows. We are dealing with a sensitive generation that needs to “feel” something before launching.
There are many other dynamics that will shape future customer behavior and some have already emerged, having been triggered by Covid-19.
For example, luxury car maker Rolls Royce has been making and selling cars to the super rich for 117 years, but in 2021 it sold the most cars in the company’s history. Raison? According to the company’s CEO, Torsten Müller-Ötvös, many people realized how fleeting life was seeing people they knew die of Covid-19 and there was no point in putting things off their to-do list. things to do. The average Rolls Royce customer age is now 43.
Following the Covid restrictions, people also hoarded money because there was no expensive holiday travel or impulse buying of luxury items. All of these factors added up to deliver a great year for Rolls Royce.
Another industry that has experienced a global boom due to Covid-19 is the life insurance industry. Fear of dying prematurely drove sales up. Some countries have seen double-digit jumps as demographics get younger. Google received an increase of more than 50% in searches for life insurance.
Since the pandemic forced the mass closure of restaurants, there has been a spike in home food deliveries, but one of the unintended consequences of that is that more people have decided to learn how to cook. Food vloggers have exploded on YouTube, attracting millions of subscribers and views and earning millions of dollars.
This has led to another interesting development: new platforms for advertisers. This was such a welcome development, as many traditional ad platforms no longer met the needs of advertisers.
The beauty of the pandemic era is that one thing leads to another and it becomes a chain reaction, creating a change in the way business is done.
World Health Organization chief Tedros Ghebreyesus said on January 18 that the pandemic was far from over. What are the implications?
The longer pandemic behaviors last, the more likely they are to become the new normal. Companies founded on pre-pandemic behavior will tread risky ground if they do not adjust their core business and strategy. Some are still holding on, hoping things will return to normal. Well, this is the new normal and those who don’t adapt will fall victim to their own rigidity.
Africa can take advantage of this opportunity to project itself into the future. The pandemic felt like a reset button for the whole world. At no other time in recent history can we remember the entire world being shut down and commerce brought to its knees. It will be sad if after the release of this pandemic reset we still have the same issues that existed before.
Wale Akinyemi is Head of Street University (www.thestreetuniversity.com) and Chief Transformation Officer, Power Talks; [email protected]