Marketing in Times of Crisis – Chapter 02: Confinement

MARKETING IN TIMES OF CRISIS – Chapter 02: Confinement / What happens to consumers in times of crisis? 😱
DAY 1: “Really, they’re confining us? Well, it’s 15 days at home and that’s it…”
DAY 58: “Que te matoooooooo!!!”
15 days that in the end were two months and accelerated the process that consumers go through in times of crisis, we tell you about it now.
What happens to consumers in times of crisis? They go through 4 phases that affect the strategy that brands will adopt to convince them:
👉 PHASE 1: denial. They do not want to reduce their expenses so they try to regain their pre-crisis income levels through overtime, small jobs, etc.. “This is not going to last long, I do some overtime, a little effort and that’s it.”
👉 PHASE 2: they get into debt using their credit card and loans. “This credit I’m paying back right now, as soon as this is all over.”
👉 PHASE 3: reduce their non-core expenses. “🤔 this is dragging on… We’d better invite friends over for dinner at home instead of going out to dinner.”
👉 PHASE 4: they reduce their basic expenses. “I don’t need that much food and clothing either.”
Sound familiar? Well, this process directly affects brands. What do they do in the meantime? We will tell you about it in the next chapter of MTC, Marketing in Times of Crisis!