Recent findings from the McKinsey Global Survey of executives highlights some very interesting trends that may influence the way you market and sell your products and services.
A recent article edited by Daniella Seiler that was posted on the McKinsey & Company website highlights some of the findings from this survey.
One key finding was the fact that businesses were forced to make technological advancements years before they normally would have.
This was partially due to the fact that consumers demanded these changes.
According to the McKinsey & Company article, “During the pandemic, consumers have moved dramatically toward online channels, and companies and industries have responded in turn. The survey results confirm the rapid shift toward interacting with consumers with digital channels. They also show that rates of adoption are years ahead of where they were when previous surveys were conducted—and even more in developed Asia than in other regions. Respondents are three times likelier now than before the crisis to say that at least 80 percent of their customer interactions are digital in nature.”
It is also interesting to point out that when asked why they didn’t implement the changes before the crisis, many businesses said it just wasn’t a priority. Fear of customer resistance to changes was also listed as a barrier for not making changes prior to the pandemic.
However, the pandemic has changed everything.
According to the McKinsey & Company research, over half of surveyed executives who said that they made changes to respond to changing customer needs or expectations or increased customer demand for online purchasing and/or services think that these changes will remain permanent after the crisis is over.
Things to Watch in the Future
From a marketing standpoint, it will be interesting to see if consumers continue to adapt to a technologically driven marketing and sales process, particularly in markets that had been resistant to it prior to the pandemic.
If consumers continue to be more responsive to digital communications and buy more products and services online, then marketers will need to continue to move their marketing dollars into digital.
This could be particularly exciting if the demand in rural areas continues to increase.
This is something marketers and business leaders should be watching. Stay tuned!