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Covid-19 Wrecker and Teacher

pandemic on economics -

The Coronavirus disease (COVID 19) has brought the world to its knees. Many have paid the ultimate price around the world and more casualties await, very sadly. Economies have seen upheavals like never before, globally and so have diverse businesses across Industries with many embarking on drastic measures in a bid to survive laying; off, merging or even collapsing. The picture looks grim for the future.

Nigerians are a dynamic people who are known for tenacity and hard work. We have always gone about the business of earning a living with great zeal and enthusiasm like our lives depended on it (of course it does!).

Incidentally, many earn a living from daily wages. Being in lock down, therefore, means no work and no food. For those in paid employment, the story is not different. No work means no income for the organisation and no salary for the Staff.

No one ever envisaged a time such as this, when income will be so threatened. Lock down in the face of COVID 19, therefore, met many unprepared, both emotionally and financially.

Our Government, at different levels, appears to be overwhelmed. Managing palliatives for a population of 200 million of which 82 million (about 40%) live below the poverty line has proved a daunting task.  Covid19 has taught bitter lessons and Nigerians are emerging the wiser for it.

Changes in behaviour are occuring and these include changes in spending pattern as well as modifications to consumption behaviour.

Some Consumers are re-thinking brand choices at this time, for diverse reasons, in response to their current experience and dwindling disposable income.

What effort are you making to stay in tune with your target group, at this time? Consumer Research aimed at ascertaining their perceptions and experiences and how these are shaping behaviour generally, and informing attitude to your product category in general, and your brand, in particular, is important.

With insights gleaned, you will be able to nurture your brand past this crisis, into a certain, successful future even if other Category Players, do not succeed, similarly.

Consumer Understanding is one of our specialties at Deep Dive.

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