REPORT

Post-COVID Shared Spaces: From Response to Reimagination

Shared spaces need to be reimagined. Here’s how to deliver thoughtful experiences and services.

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COVID-19 has changed our perceptions of physical spaces. It has caused an upheaval in how we work, shop, interact with one another and so much more. But as society re-opens, we need to move past the short-term “fixes” that many essential businesses introduced during the onset of the crisis and think about the long-term implications of what comes next.

Businesses and brands need to understand what are and what will be, the drivers of customer behavior in this next period so that they can reimagine their experiences and services to deliver against them. Without question, digitally-enabled experiences will play a major part of the “new possible” and brands need to respond and prepare their organizations today.

Read our guide to learn:

  • What does the “new possible” look like and how to accelerate transformation
  • Where to start and what are the steps required to develop the right strategy and new experience principles
  • What are the next generation experiences that will define how to operate effectively in this new environment

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Culture as a Catalyst: Power Your Organization’s Transformation

Cultural resilience is a learned skill. We’ll show you which levers to pull to effect meaningful change.

59 min

Watch the webinar replay for advice on where and how you might focus your efforts to build the cultural resilience needed to drive your company’s transformation forward. Slides from the webinar are available here.

The research report – “Catalysts in Action: Applying the Cultural Levers of Transformation” – that informed this webinar session can be downloaded here.

If have any questions or would like to learn how our Organization & Culture practice helps clients identify a clearer path to a cultural transformation that thrives on change and powers growth, contact us today.

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Prophet’s Commitment to Diversity, Equity & Inclusion

We’re working to diversify and educate our team, pledging $4 million to create a more just world.

We were overwhelmed, in the best way possible, with the discussions we had within Prophet to do more and better in the face of systemic racism, particularly as it impacts the Black community in the US.  When it comes to making Prophet a diverse, equitable and inclusive workplace, the hard work – the intensive transformational work – lies ahead. Our first step is to make a set of specific and measurable commitments as a firm. 

These are Prophet’s commitments to promote racial and social equity both within our firm and our broader communities. 

1. Diversify Our Firm  

Bring in Black team members across every level of the firm. From Board members to partners to consultants, with goals set starting in 2021.

2. Bring in External Expertise

Hire a DEI-specific recruiter in 2020 and a global head of DEI by 2021.  

3. Focus on Education

Develop firmwide training programs focused on antiracism, micro-aggressions, inclusivity and bias. This includes a suite of ongoing training and learning opportunities to further understanding, education and dialogue on issues of diversity and belonging. These global initiatives will be designed to ensure the ability of our teams to launch and participate in self-identifying affinity groups.

4. Support Racial Justice Externally

Commit over $4 million of pro-bono hours over the next five years, to organizations committed to racial justice.

We are committed. We are dedicated. We are ready. 

FINAL THOUGHTS

We are just as passionate about growing our people as we are about growing our clients’ businesses, and we’ve long been committed to welcoming the entire person to work every day. We know we need to do more encourage and amplify the voices of all employees. We continue to strive to be fearlessly human and unexpectedly irreverent, welcoming the entire person to the office every day.

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COVID-19 Silver Linings: Awakening a Culture of Humanity

Finding meaning in pandemic paradoxes is awakening empathy and authenticity.

I am generally the type of person who naturally seeks to find a silver lining in times of stress and change. When the pandemic disrupted our personal routines and business norms, I very much enjoyed the initial creative flurry of activity as everyone designed a new version of themselves for the world of remote work: where they were going to sit at home, what they would wear, and what background they were going to use (real or virtual).

Any bursts of optimism, however, were clouded by the ever-present anxiety about a future to be defined by what we were losing: the ability to see each other in 3D, shake hands, or embrace. What has surprised me most is how the enforced use of technology in our world of isolation has coaxed out more of our humanity at work.

1. Our whole selves on display. All day.

A decade ago, the poet David Whyte wrote of the sad state of arriving at work, parking our cars and cracking our windows as we headed inside. The real reason we left our car windows cracked, he observed, was so that we didn’t suffocate our souls left behind in our vehicles as we assumed the shadow versions of ourselves which we show at work.

In a world where video conferencing quickly became de rigueur, we were forced to confront others as they truly are and to share a fuller view of ourselves in return. While most have now learned it’s healthy to go camera off from time to time, our insights from our collective period of voyeurism remain.

2. More empathy. More authenticity.

Not all opportunities to connect are truly embraced in our workday world. When COVID lockdown began, the standard obligation to inquire about each other’s well-being was still mostly habitual, not genuine. However, living through tough times together can nurture mutual respect in the understanding that it is ok to admit we are not always at our best. Sharing our raw emotions broke our routines and deepened our abilities to care for each other authentically.

3. More distance. More trust.

As is true in crisis, we bond against a common threat. This rallying together against the common enemy of the coronavirus has forced us to let go of some of our preferences, especially those ways that help us feel in control. With leaders being stretched with so many more critical decisions than before, they are learning they must trust in the decision-making of others. As one of our Prophet leaders observed about the process of letting go, “Perfection is the enemy of ‘good enough.’ And good enough might not include my favorite idea or personal stamp.”

4. Deeper relationships. Enriched collaboration.

The traditional centering of collaboration around functional expertise inadvertently narrows diversity of thought by pre-determining who is in the room. A broader understanding of our colleagues reveals valuable passions and skills that may not be indicated by a job title. As we learn more about each other through these new windows into each other’s lives, we let go of pointless preconceptions and improve our work together.

“Living through tough times together can nurture mutual respect in the understanding that it is ok to admit we are not always at our best.”

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FINAL THOUGHTS

Relieved of our former fixed routines, we have no choice but to embrace a willingness to learn and adapt. Whether learning a new role, a new aspect of our current role, accommodating radical shifts in our business models, we are invited (read forced) to learn at a new scale and speed. As I look for the silver lining in the face of disruption that I never wanted, it seems entirely possible that a growth mindset will be the legacy of this pandemic. And I relish the idea that COVID-19 might serve as a catalyst for increasingly authentic, human-centered cultures in business.

If you have any questions or would like to learn how our Organization & Culture practice helps clients to build resilient cultures that thrive on change and accelerate transformation then contact us today.

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Meet Dency Cheng

Winner of our “Propheteer of the Year” award talks about openness, agility and empathy.

Dency quite literally stumbled upon Prophet. One day, when she was visiting Hong Kong University of Science and Technology’s MBA office, she spotted an ad for a part-time job analyzing Prophet’s signature global report, the Prophet Brand Relevance Index. She applied, and the rest is history. The following summer she interned at Prophet’s Hong Kong office, where she dove right into project experiences with the co-workers she now considers a second family.

An experienced problem-solver with a collaborative approach, Dency is a key player in our newest office in Singapore. As an Engagement Manager, Dency focuses on building meaningful relationships with her clients, helping them achieve success in their roles while bringing ideas to life through pilot test-and-learn and execution.

Dency’s impact at Prophet has not gone unnoticed. She was honored with the coveted “Propheteer of the Year” award at the annual Aaker Awards ceremony – our annual global employee recognition awards. Learn more about Dency…

How do you describe Prophet’s culture to your friends?

Prophet’s culture is very open, nimble and entrepreneurial. I’ve met so many people with unique backgrounds, talents and perspectives across Prophet. There’s great flexibility at work, with ample opportunities to travel. Speaking up is highly encouraged regardless of seniority and everyone is treated as a valuable member of the Prophet family.

What’s one piece of professional advice that has stuck with you most?

“Be the kind of person who can put yourself in someone else’s shoes and understand something not just from your own perspective but from theirs as well.”

“She was honored with the coveted “Propheteer of the Year” award at the annual Aaker Awards ceremony – our annual global employee recognition awards.”

What has been your biggest challenge since starting at Prophet? How did you get through it?

One of the biggest challenges I faced was being tasked with turning around a sizeable project that was not delivering to client’s expectations. It was truly a “sink or swim” situation. Within the first day, I had to quickly organize and prioritize key tasks, ask for additional resources and divide key deliverables into manageable pieces to be socialized with the client. Thankfully, the Prophet team was very supportive with an “all-hands-on-deck” approach. In true Prophet fashion, we did it, together, and the client was impressed with the work we were able to deliver within a short timeframe.

If you could call yourself five years ago, what would you say? What if you could call 10 years into the future?

If I could call myself five years ago, I would thank myself for following my heart and taking the leap of faith to leave my comfort zone. I had been working at the Monetary Authority of Singapore for the first five years of my career then. While I was satisfied in my job, I was eager to try something new though I wasn’t sure what I really wanted to do. So I went to business school where I discovered a world of opportunities and had the time to reflect on my purpose in life. I came across an opportunity to spend my summer interning at Prophet Hong Kong and the journey has since been exhilarating and rewarding.

If I could call 10 years into the future, I would congratulate myself for getting through the “toughest” decade of growth and remind myself to keep having a learning mindset while staying true to my purpose and values as I gain new experiences.

You’ve taken the time to meet the rockstars behind our work. Now, how can we help? Let’s chat.

FINAL THOUGHTS

We are just as passionate about growing our people as we are about growing our clients’ businesses. We encourage our employees to be fearlessly human and unexpectedly irreverent and motivate employees to think freely. From novice interns to seasoned executives, we all contribute to the transformative thinking that our clients crave.

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REPORT

Reimagine Your Business for Uncommon Growth in the Post-COVID-19 Era (Part 2)

Learn about the underlying consumer trends, social and technological enablers leading to new opportunities.

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The COVID-19 pandemic will have a long-lasting impact on businesses and their customers. Some industries have been disrupted, while others thrive despite the crisis. Leading through disruptive times requires businesses to consider new consumer perspectives, rethink their value propositions and further accelerate their digital transformations.

At Prophet, we have identified two imperatives that will help businesses achieve uncommon growth in the post-COVID-19 world: adapting to the new normal consumers and accelerating digital transformation. In this report, we delve into the underlying consumer trends, social and technological enablers, as well as emerging patterns of digital transformation that all work to point out new opportunities.

In this report, you will learn:

  • Key consumer trends that will impact future business growth in the new normal
  • Major enablers that will accelerate digital transformation post COVID-19
  • Emerging patterns across industries that reveal the state of digital transformation in Asia
  • What business leaders can do next to seize the transformation opportunity

Download the full report below.

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Meet Jarrett Fein

Winner of our Aaker Award describes how Prophet is “just corporate enough.”

Jarrett, an Engagement Manager in our San Francisco office, has spent his career up and down the California coast. He grew up in Orange County and went to UC Berkeley where he studied political science as an undergrad. He was there for a while, working at a startup and digital political strategy firm before venturing down Highway 1, landing at UCLA where he earned his MBA. Following business school, Jarrett found his way back up to the Bay Area and Prophet – attracted by the firm’s diverse portfolio of clients with interesting business challenges.

Today, Jarrett is a pivotal member of our West Coast team, working as a hybrid strategist and verbal branding specialist with clients across many industries including B2B/B2C tech, media & entertainment, hospitality, travel, and many more.  In the office, you can find him cracking jokes or leading his teams in spontaneous 1-minute plank exercises (famous in our SF office) to break up the workday.

At our “Aaker Awards” – Prophet’s annual employee awards ceremony – Jarrett was honored for his commitment to the Prophet value, “Fearlessly human.” Get to know Jarrett…

What kind of work do you love doing with your clients?

One of the advantages of working at Prophet is the diversity of work we do. It’s honestly hard to choose one type of work for this answer. I’m most stimulated when I’m working very closely and collaboratively with clients—it’s that feeling of true partnership that I love most. Cross-functional or global projects are interesting too since it affords us the opportunity to understand business or brand opportunities from a range of perspectives.

Walk me through an ideal day at Prophet. What does it look like?

My ideal day begins with some quiet thinking and working time at my desk, then hopefully continues with a mix of that quiet time and some level of interactivity (collaborative internal or client meetings). A day with exclusively one or the other is tough! Throw in some time to devote to an internal firm-building initiative too.

“Jarrett was honored for his commitment to the Prophet value, “Fearlessly human.””

How do you describe what you do to your relatives?

I say that we partner with companies to help them unlock growth—and that there is so much that can fall under that. It could mean renaming a brand, determining which new products or experiences to invest in, how to most effectively leverage data to attract customers—and so, so, so much more.

How do you describe Prophet’s culture to your friends?

I point to our corporate values and say they authentically represent what it’s like to work at Prophet. I think Prophet’s culture (and the people who make it real) is one of the best parts of the job.

Which one of Prophet’s values do you resonate most with and why?

I’d have to say Fearlessly Human. I think the fact that we’re “Just Corporate Enough” (another Prophet value) means that people feel comfortable bringing their whole, authentic selves to work—which makes people genuinely like coming in to work each day. It also makes for a place where we aren’t afraid to push each other to think differently, which not only makes for a great place to grow personally and professionally but better output for our clients.

FINAL THOUGHTS

We are just as passionate about growing our people as we are about growing our clients’ businesses. We encourage our employees to be fearlessly human and unexpectedly irreverent, and motivate employees to think freely. From novice interns to seasoned executives, we all contribute to the transformative thinking that our clients crave.

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Brand Behaviors: Critical for Leaders, Managers & Employees

Empower employees to interact with customers differently, adjusting policies to reflect new hardships.

Think about the last time you ordered a cup of coffee. Did the barista who took your order smile and welcome you? Or was it clear she was ready for his shift to be over? How about the last time you needed to speak to a customer service manager? Was the manager reading robotically from a script, or did she take the time to ask questions and empathize with your situation?

How your business leaders, managers and employees show up has always been a critical input for how customers feel about your brand. And when you have customers interacting with your brand weekly, daily, or even hourly – consistently positive interactions can drive trust, loyalty and repeat business, while even just a few negative interactions can cause customers to jump ship and head to a competitor.

This is nothing new – experiences have been built, and brands have grown through the way employees treat customers. What’s new is how important these brand behaviors will be as the world adjusts to its new normal. We are being thrown, without warning, into new ways of interacting with customers. Brands that lead with care and purpose will build trust. Brands that are careless in their actions run the risk of losing out.

A New Normal for Brand Behaviors

Brands with well-defined brand behaviors or service styles have a competitive advantage over their peers. There’s a reason why Team Members at Chick-fil-A always respond with a “my pleasure” and a genuine smile when you say, “thank you.” It’s core to who they are and how they serve, and it’s ingrained in every employee from day 1.

“Consistently positive interactions can drive trust, loyalty and repeat business, while even just a few negative interactions can cause customers to jump ship and head to a competitor.”

Something as simple as greeting a guest with a smile, or taking a few seconds to ask how their day is going will always be strong examples of Brand Behaviors that build loyalty. But think for a minute about the new behaviors that might drive trust in a post-COVID-19 world:

  • An employee wiping down a touchscreen after every customer
  • A cashier being empowered to give a nurse a free cup of coffee
  • A manager knowing how to empathize with a customer who can’t make a monthly payment because he’s been furloughed

Now, the stakes are higher – the presence of positive, on-brand behaviors will build trust and loyalty, while the absence of these behaviors will force customers to go elsewhere. As a leader, it’s a great time to revisit the standards for how your employees interact with customers and how your brand is experienced.

Building Brand Behaviors

Implementing a set of on-brand brand behaviors is an intuitive, yet careful process with many critical milestones.

1. Clarify the Ambition

Well before jumping right to “what do I want my employees to say or do”, it’s important to start with an ambition. At the end of the day, Brand Behaviors must be thought of strategically in the context of what your brand stands for and link back to the priorities of the business.

  • What is core to our brand purpose and which aspects of our brand do we want employees to bring to life?
  • How do we want our customers to feel?
  • Why is this important to the overall growth of our business?

2. Define the Behaviors

With the ambition in place, you can translate the strategy to behaviors for customer-facing employees; behaviors that will be recognized and appreciated by your customers, and easy to learn and display without disrupting the roles and responsibilities of frontline employees.

  • Where are the moments that matter most in the customer’s journey and experience with our brand?
  • How can our employees bring our brand to life in these moments in simple, memorable ways?
  • Are there exemplary on-brand behaviors happening already that we can share more broadly? And which new behaviors will our employees be excited to display?

3. Codify and Share the Behaviors

Even they go nowhere without thoughtful planning to share and create buy-in with those expected to display them. Here it’s all about simplifying the ask and telling a compelling story that gets employees excited to play a role.

  • Why are we asking our employees to display these behaviors?
  • What will get our team excited and incentivized to display these behaviors?
  • How will these behaviors empower our team to serve our customers better, while being authentic to themselves and to our brand?

Getting Started

Defining and implementing Brand Behaviors is a journey, but it’s a journey that can get started with a few simple steps:

  1. Reflect on how you want your brand to show up, especially in this uncertain world
  2. Think of the simple but memorable behaviors that will bring your brand to life and stand-out from the competition
  3. Connect your team to the bigger why and make it easy for them to exhibit new behaviors

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FINAL THOUGHTS

Now more than ever the experience your customers have with your brand is paramount. And the brands that come out ahead at the end of this crisis are the ones that will have started by leading with care and purpose.

For more on equipping your teams to display brand behaviors through learning and development, read this article titled “10 Things to Say to Your Team Right Now” or contact us today.

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Five Enablers Accelerating Digital Transformation Today

Partnerships, 5G and contactless delivery can speed the pace of change.

The post-COVID-19 era provides a unique opportunity for companies to reimagine their businesses and accelerate digital transformation. In Asia in particular, companies were already prioritizing digital transformation companies – COVID-19 has sparked an acceleration and scaling of digital efforts as consumer behaviors evolve. According to a recent Prophet survey, acceleration of overall digital transformation is the second most impacted area for companies by COVID-19, following business continuity and employee safety.

In this article, we have identified five major enablers of digital transformation that businesses should consider and capture.

1. Accelerating 5G: Fueling Innovations & Greater Connectivity

The new normal has catalyzed the need for smarter and more integrated solutions, all of which demand greater connectivity enabled by 5G. The effects on businesses are far-reaching, changing the way we approach manufacturing, logistics, public security, healthcare, entertainment and more. We have seen many industries tapping into 5G to accelerate automation. For example, mining companies across Asia have deployed intelligent unmanned mining trucks to maintain productivity and safety during COVID-19.

5G also unlocks the potential for a seamless and immersive shopping experience, making the shopper’s journey more efficient and entertaining. Chinese e-commerce player JD (京东) accelerated the implementation of its automated logistics and delivery system during the pandemic. Packages were automatically sorted in their smart warehouses and delivered to shoppers via robots and drones 24 hours a day. Alibaba’s Tmall (天猫) launched a 3D virtual shopping experience at the 618 Shopping Festival. Over 100 brands have participated in the initiative, among which, IKEA has created a 1:1 virtual showroom, bringing its 3,000 sq m Shanghai store to consumers’ mobile phones.

As 5G is being more widely deployed in China and across Asia, companies have an opportunity to reimagine their businesses from both an operational and a customer experience standpoint.

2. Virtual Business: Digitally Enabled Selling and Customer Servicing

Consumers have become comfortable with going online to fulfill needs that are traditionally served in person. Seizing this opportunity, companies have to re-design their end-to-end customer experience to enable digital engagement from discovery and purchase to after-sales service to capture and retain these new ‘digital natives.’

Retail companies have to upskill their sales employees as they adapt and migrate their sales force online. Cosmo Lady (都市丽人), one of China’s largest underwear and lingerie companies, transformed its employees into a WeChat salesforce with the aim of achieving closer proximity to consumers.

Financial institutions are also evolving their traditional way of interacting with customers through digital tools. In May 2020, Citibank HK introduced its industry-first remote video insurance application service, where financial advisors can recommend and sell insurance products through virtual meetings.

Coming out of the COVID-19 crisis, many companies have an opportunity to rethink their selling and customer service processes to be far more digital and in tune with customers’ new expectations.

3. Unexpected Partnerships: Creating New Value for Consumers

Companies across industries have shown tremendous resourcefulness during the pandemic in creating new solutions through partnerships. To create new and integrated customer experiences, they looked beyond ancillary partnerships to combine capabilities, resources and technologies in innovative ways.

Global FMCG giants are exploring partnerships across industries to create new offerings, especially when traditional channels are faltering. In India, P&G partnered with Swiggy, a food delivery app, to deliver essential household products to consumers, in the absence of a delivery supply chain.

Companies are also sharing their consumer ecosystem as a new media platform to amplify their reach to a broader audience. Back in March this year, H&M granted the Red Cross access to its official Instagram account to spread health and safety messages to the brand’s 120 million followers, compared to the health organization’s 300,000 followers.

Companies that are constantly seeking out new ways to create value through various resources and capabilities will be the leaders of tomorrow.

4. Data Exchange Unlocked: Mainstream Acceptance

Big data has been an invaluable tool for companies to identify and respond to consumer needs in creative and agile ways. While privacy concerns have always been a sensitive issue, the pandemic has made consumers become more comfortable with sharing data and having it tracked across platforms, in exchange for safety, health, transparency and efficiency. The many success stories of government-led, data-driven contact-tracing programs implemented in South Korea, Singapore and China, have shifted consumers’ perceptions and opened up their minds to what is acceptable.

But there is a caveat. Consumers now hold even higher expectations for the value they get in return from the data they share. Therefore, companies must find ways to deliver greater value in exchange for more data. For example, gaming hardware company Razer is giving out free surgical face masks to every adult Singaporean. In exchange, consumers are required to download the Razer Pay app and register their personal info for verification.

In the world of finance, global financial institutions are creating new, appealing offers in exchange for customers’ personal data. DBS Bank in Singapore launched a 30-day free COVID-19 relief insurance for its customers. To enjoy the free coverage, customers needed to provide information about their demographics, finance and health. DBS saw 52,000 sign-ups within a day, showing that customers are willing to share data in exchange for the desired value.

Thinking of the post-COVID-19 era, companies need to reconsider how they access and collect data and whether value they provide in exchange makes it worthwhile and acceptable to customers.

5. Contactless Economy: A New Mindset Towards Customer Experience

For years, advances in digital technology have been raising the expectations for convenience. But in a post-COVID-19 world, convenience is no longer simply about speed or being frictionless, it is also about being contactless – eliminating the need for any human contact or interaction.

Prominent service providers in Southeast Asia like Gojek and Grab, have become a critical node for the e-commerce business during COVID-19 as consumers opt for contactless delivery due to health and safety concerns. Hotels and restaurants that were previously shielded away from a direct-to-consumer delivery service are now partnering with Gojek and Grab to sustain their business.

The new normal consumers have embraced the contactless experience and are expecting more value beyond safety and hygiene. To respond to these needs, global retailers are investing in technology to deliver superior experiences. To address the frequent issue of buying the wrong shoe size online, Nike introduced the app Nike Fit for customers to find the right size by scanning their feet, eliminating the need to go to a physical store.

There is a new mandate for businesses to adopt a ‘contactless mindset’ and to rethink their operations and customer experiences, even after the pandemic is over.

“The post-COVID-19 era provides a unique opportunity for companies to reimagine their businesses and accelerate digital transformation.”

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FINAL THOUGHTS

There is no doubt that businesses will have to stay digitally agile in this new normal. By understanding these important enablers that have come to shape digital transformation, business leaders can identify new opportunities and map out their next growth moves.

What to do next to spark uncommon growth in the new normal? Stay tuned for the final part of our series, in which we will discuss the distinct patterns emerging across industries and the unique opportunities for businesses to accelerate their digital transformation agenda.

Download the full PDF report here, or read the first part of the series, where we explored the new consumer perspectives and habits to have emerged in the post-COVID-19 era.

Connect to learn more about what levers you can pull to reimagine your business for uncommon growth in the post-COVID-19 era.

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REPORT

Organizing for Digital Marketing Excellence in Life Sciences

We offer a practical guide to help life sciences execs evaluate how well their digital marketing is working.

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Over the past few years, the life sciences industry has experienced shifts in how sales teams interact with customers. And with onset of COVID-19, many of those demands accelerated rapidly. Companies must find ways to adapt and enhance digital capabilities to avoid disruption and drive strong business outcomes.

In this report, co-authored by Prophet and Altimeter, we offer a practical guide to help life sciences executives evaluate how their digital marketing organizations are working today and how to organize for the future. Finding the best digital marketing operating model can be complex – and may require rethinking operational hierarchies and legacy structures – but organizations must prioritize the changing demands of customers and find a model that meets their needs.

Read this report to learn:

  • Three organizational models that will help identify your best organizational fit.
  • The key questions to ask when evaluating the success of your digital marketing structure
  • Relevant examples from life sciences and B2B healthcare executives and their organizations’ approach to digital marketing

This report specifically looks at digital marketing within life sciences organizations but for cross-industry examples, you can read more in Altimeter’s research, “Organizing for Digital Marketing Excellence”. In addition to the three operating models, it also includes a four-step process for organizing your digital marketing team. Read the full report here.

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Webinar Replay: Operating in the New Normal

There are many variations of passages of Lorem Ipsum available, but the majority have suffered alteration in some form, by injected humour, or randomised words which don’t look even slightly believable.

56 min

Watch the webinar replay for insights on what leaders should do and how they can prepare for operating successfully in a post-crisis world. Slides from the webinar are available here.

Learn more about how Altimeter and Prophet can help you and your organization. Our offerings include:

Interested in a conversation with Charlene or someone from Altimeter? Please get in touch today.

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Five Consumer Trends Impacting Future Business Growth

Self-care, moving from “I” to “we,” and a reshuffled e-commerce world shake-up experience expectations.

The COVID-19 pandemic will have a long-lasting impact on businesses and their customers. Some industries have been disrupted, while others thrive despite the crisis. Leading through disruptive times requires businesses to consider new consumer perspectives, rethink their value propositions and further accelerate their digital transformations. At Prophet, we have identified two imperatives that will help businesses achieve uncommon growth in the post-COVID-19 world: adapting to the new normal consumers and accelerating digital transformation.

Considering Asia is ahead in getting back to a new normal, in this series, we will delve into the underlying consumer trends, social and technological enablers as well as emerging patterns of digital transformation that all work to point out new opportunities in Asia and also soon to be in the rest of the world.

Adapting to the New Normal Consumers: Five Major Customer Experience Trends

In order to reimagine your business, you must first understand the new consumer habits, perspectives and expectations arising from the pandemic. COVID-19 does not change the fundamentals, but it is accelerating the trends that were underway. As consumers are immobilized at home, they are forced to rethink how we work, learn, live, entertain, stay healthy and buy. Such seismic changes are a wake-up call for companies to rethink their value propositions and accelerate digital transformation.

1. More “We” Less “I”: A Greater Sense of Community and Social Responsibility

After years of rising individualism and personal expression, the pandemic has sparked a greater sense of community and civism. As social interactions are limited, the post-COVID-19 world will be one that is characterized by a shared desire for deeper, more meaningful connections both with others as well as the planet.

Companies will be held accountable for their business decisions more than ever. Fashion, for example, will accelerate its efforts to deliver more sustainable and responsible products through a cleaner value chain. In response to this trend, global companies are taking the initiative to become more eco-conscious. In May 2020, fashion label The R Collective launched its Denim Reimagined collection using surplus denim from Levi’s jeans. Officially endorsed by Levi’s, the upcycling collection was launched at Levi’s flagship store in Hong Kong.

Deeply impacted, the travel industry will also need to reinvent itself to match the new travelers’ expectations. Post-lockdown, travelers will not only expect the highest degree of protection and hygiene, but they will also travel with a renewed sense of purpose and sensitivity towards the health of people and the planet. They will actively search for activities and experiences tied to communities and look for greater transparency on sustainable measures taken while on the road.

2. Home Sweet Home: A Safe Haven Where Everything Happens

While the world can expect a surge in attendance at theatres, bars and gyms once quarantine measures are lifted, many consumers will have already formed routines indoors. With the convenience brought upon by a range of digital platforms such as TikTok (抖音), Hema Fresh (盒马鲜生) and Ele.me (饿了么), the home has become a place where we can work, learn, shop, exercise, socialize and entertain.

For example, many have found peace of mind in the kitchen and picked up home-cooking during the crisis. McCormick, a food company that manufactures spices and condiments, is seeing a double-digit YoY increase for its products in China, even after quarantine restrictions have been eased, indicating cooking at home is here to stay.

This means that traditional service providers will either have to outcompete the home experience or adapt to offer the digital equivalent substitutes for their services. In May, Apple launched an online shopping experience offering the same services available in its retail stores, including the virtual ‘Today at Apple at Home’ classes recorded by Apple’s Creative Pros. Across Asia and in China, many nightclubs have delivered on needs for social connection by launching dance parties on TikTok. Bars and clubs will need to ‘up’ their game and reclaim their spot as favorite destinations out of the home.

3. ‘New’ New Retail: A Reshuffled Game of Online and Offline Retail

The COVID-19 outbreak has forced consumers to become familiar with engaging online, even those who were previously slow to adopt a digital lifestyle. It is no wonder that the pandemic has upended the retail industry and compelled retailers, both large and small, to provide online shopping experiences that offer escapism and instant gratification.

“Online shopping has become social, personal and entertaining.”

Online shopping has become social, personal and entertaining. Appetite for live-streaming content on platforms such as RED (小红书) and BiliBili (哔哩哔哩) is growing, which puts more pressure on offline retailers to deliver a truly distinctive customer experience that online shopping journey cannot fulfill.

The food delivery industry has also found new and improved ways to provide its services to the mass. Across Asia, services such as KFC, McDonald’s and Meituan (美团) offer a completely contactless order journey and assure high safety and hygiene standards at the same time. Traditional retailers will have to rethink their experiences and the customer journey to deliver on the same guarantees.

4. Health is the New Wealth: A Renewed Focus on Self-care

With COVID-19 exposing the vulnerabilities of our food systems and prompting increased vigilance over personal hygiene practices, staying healthy will become a top priority for consumers. This not only means that products need to guarantee safety, but healthcare will also need to be accessible through digital means. The customer experience in healthcare will need to be on-demand, accessible at a distance and highly personalized.

Online medical consultations were already becoming ubiquitous in China, but the use of digital platforms is a defining characteristic of COVID-19. The Ping A Good Doctor (平安好医生) app saw a 10-fold increase over the coronavirus outbreak to reach 1.11 billion accumulative visits in January.

The insurance industry will also be transformed with rapid demand for better health coverage and life protection. While international players like AXA, AIA or MetLife will compete with enhanced services to capture the more affluent rising middle class, mutual-aid insurance platforms, such as Xiang Hu Bao (相护宝), are capturing the lower end of the market with a peer-to-peer business model (300M members as of April 2020).

5. Value Redefined: A Shrewder Consumer and Smarter Purchasing Decisions

With millions being affected financially as a result of unpaid leaves and extended furloughs, many will shift preference toward low-priced value propositions and will want to be financially savvy. Consumers who have the spending power will also reassess their definition of ‘premium,’ seeking more pragmatic, tangible superiority in the brands they choose and putting greater value on responsible buying.

Shopping festivals such as Valentines Day, Double 11, 618 will continue their hot streak as over 15 e-Commerce holidays are scheduled in 2020. But the journey doesn’t end after such “deal hunters”. Gen-Z and millennial shoppers are learning to offload used possessions and embracing a more sustainable attitude. Chinese social media saw the rise of #ditchyourstuff (断舍离), and the second-hand or flea market app, Idle Fish (闲鱼), has witnessed accelerated growth in recent years.

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FINAL THOUGHTS

The post-COVID-19 era provides an unprecedented opportunity for businesses to lead and transform, achieving uncommon growth in the face of disruption. While many businesses recognize their consumers are no longer the same, they are eager to learn where to start in order to seize the transformation opportunity.

By pulling different levers from consumer insights to brand marketing, experience design and digital transformation, businesses can formulate a strategic roadmap to respond, adapt and transform. Act now and win the day.

Stay tuned for the next part of the series, in which we will delve deeper into the major enablers that will fuel and accelerate digital transformation in this new normal.

Download the PDF report, or contact us to learn more about what levers you can pull to reimagine your business for uncommon growth in the post-COVID-19 era.

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