SPONSORED CONTENT
Editor's note: Learn about new behaviors, beliefs and changes in the economy in this collection of sponsored reports.
Brand Equity, a Year Into the Pandemic
Purchase power is driven by two criteria – familiarity and brand equity. Brands rely on both to drive sales and create a long-term relationship with customers. The 3,000 respondent study analyzed this relationship, shopping behaviors and the impact of the pandemic. Provoke Insights developed 20 quick-to-read industry-specific reports. Download what’s relevant to you.
1. Alcoholic beverages 2. Automotive 3. B2B 4. Banking 5. Beauty 6. Cleaning supplies 7. Clothing | 8. E-commerce 9. Footwear 10. Furniture 11. Hospitality and tourism 12. Insurance 13. Luxury 14. Jewelry | 15. Non-alcoholic beverages 16. The outdoors 17. Package food 18. Personal care 19. Technology 20. Toys |
Key findings from the study include:
- Nike is the only brand that leads for unaided brand equity in two categories (footwear and apparel). Among the well-known brands, Nike has one of the highest brand equity scores. Check out if your brand makes one of the top spots in your industry. Download the report here.
- When fears of COVID-19 subside, in-person shopping will have somewhat of a comeback. Forty-four percent of Americans prefer only purchasing online. Slightly over half prefer in-store or a combination of online and in-store.
- As the COVID-19 pandemic has spread further across the country, the concern about the economy has remained high (compared to Provoke Insights’ June 2020 study).
- Quality is more important than price when selecting a brand. Trust also plays a critical role in the decision-making process.
The research was fielded from January 18 to February 3, 2021.
Decision Analyst: Consumer Reactions to COVID-19
Concerns over COVID-19 show signs of waning. When we first asked consumers in March 2020, 60% of American adults were extremely or very concerned about the COVID-19 pandemic. In March 2021, that number dropped to 50%.
The Decision Analyst Consumer Reactions to COVID-19 report contains insights from over 9,000 U.S. consumers gathered over 16 waves. In mid-March 2020, when COVID-19 began to have a bigger impact in the United States, we began fielding a research study to understand a number of issues Americans were facing. Some topics include:
- Level of concern/emotions.
- Stress/disruptions.
- Physical/emotional health changes.
- Past-year diet changes.
- Online purchase categories.
- Support for vaccine passport.
- Home gym equipment purchases.
- Smart home equipment.
- Remote working/living locations.
Across the waves, some parts of our survey have remained constant, while other topics have been added or removed. Starting in May 2021, we are adding attitudinal and emotional segmentation to the upcoming wave 17 report. Respondents will be profiled based on a spectrum of COVID-19-related emotions and attitudes. The segmentation will also be made available for client use in their custom studies and will be extremely valuable for profiling a brand’s customer base for greater understanding, targeting and effective communications.
Visit our website for more insights and to download the free report: https://www.decisionanalyst.com/press/2020/covid19panelpulse/.
The research was conducted in waves starting March 17, 2020 through March 17, 2021.
COVID-19 Impact on Consumer Financial Services
Based on the results of Phase 5's survey of household decision makers in the U.S., this report lays the foundation to better understand how consumers' financial behaviors and outlooks have been impacted by COVID-19, specifically with regards to banking, insurance and investing. It explores how behaviors have changed, and whether those changes are likely to last. From there, the report identifies opportunities for financial institutions to adjust their interactions and experiences for this new, dynamic and frequently digital environment.
As the study shows, spending and financial outlook have changed, and financial institutions are now at a crossroads regarding where to invest or reallocate resources to succeed in an uncertain future. A pandemic-induced acceleration in digital transformation has added complexity to the situation. However, Phase 5 clients have been able to make informed decisions and reduce risk based on the findings of this study.
In addition to the topline report, custom reports are available to dig into specific topics, including:
- Where are consumers looking for advice and support, or simply more communication?
- What specific banking interactions do consumers prefer to do digitally?
- What type and level of concern exists about digital payments?
- How receptive are consumers to online investing now vs. pre-pandemic?
- What digital channels would they like to see introduced?
- Are they open to using digital channels for new FI relationships?
Feedback has been strong from clients who have received these custom reports, indicating that planning has been smoother and that they are more confidently prepared for the future.
The research was conducted in July 2020.
Elevate your research projects using Behavioral Frameworks!
InsightsNow's Behavioral Frameworks distill neuroscience into its essence to help turn insights into effective action. These frameworks ensure research projects are addressing the right questions – and have considered all the motivators influencing the behavior change important to success. Researchers can use frameworks as a guide to design research to solve business issues the right way. In this guide, you will learn about five of our frameworks that will help reinforce decision-making habits of consumers; disrupt or change those habits; and uncover what will drive buying behavior:
- The Habit Flywheel™ shows the elements that influence the development of consumer habits that involve using a product.
- Destination Insights™ provides a behavioral foundation for the study of the consumer decision journey, specifically seeking out those moments where consumers are changing or have the opportunity to change their purchase decision.
- The Emotions Insights Wheel™ is useful for understanding what emotion people are really describing when they talk about their feelings – and helps researchers use a systematic process to uncover human truths.
- The Behavior Pyramid™ helps organize and classify information, built with the consumer behavior elements that change the slowest at the bottom and those that change the fastest at the top. This is used to help think through research design and interpretation.
- Modes of Thinking™ framework offers clarity in insights that can be gained by controlling and measuring the different ways consumers think during decision-making. As innovators and consumer researchers, it is exceptionally useful to understand how consumers use their minds – allowing us to better understand how to build and market products.
How Brands Can Support the Black Consumer
The journey toward change can be steep and difficult. From the devastating effects of the pandemic to the blatant examples of police brutality and systemic racism we watched play out from our homes, we were all transformed by what we saw. And, for many of us, those events brought to light a truth that was hard to grapple with … what America is today is different than the America we want to be living in. We left 2020 with hope for a plan to eradicate the virus and an expectation for dramatic change in racial inequality in this country.
With the calls for change continuing, we believe it is important to keep the experiences of the Black community at the forefront. We invite you to watch our two-part panel discussion with Black consumers, “Amplifying the Voice of the Black Consumer.” You will learn:
- Their current views and personal experiences on the realities of being Black in America today amid the global pandemic.
- Their reflections on the impact of the social movement triggered by the killings of George Floyd, Breonna Taylor and other members of the Black community.
- Their outlook on recent political shifts and the impact they anticipate for the Black community as a whole.
- Reactions to what companies/brands are doing and have done to change the narrative and show allyship with the Black community.
- Opinions around what’s still left to be done including how companies/brands can support and elevate the Black community.
The research was conducted on February 18, 2021.