Pandemic-related demand could begin to taper

Issue:

Many home services companies are having a banner year because people are spending more time in their homes; people are either more mindful of needed repairs, or re-allocating funds toward home improvement that may have otherwise been spent dining out, going to the movies, or traveling on vacation. And as another example of pandemic business influence, a recent story in the Wall Street Journal explains that Best Buy sales are up, thanks to spending on laptops for people who are going to work or school from home, and video game consoles that have helped pass the time in off-hours. Best Buy warns, however, that those sales may taper-off soon, as pandemic-related demand is satisfied.

Opportunity/Idea:

Demand created by the Covid-19 is likely to fade at least slightly, either because everyone who wants to buy has done so, or because one or more of the three vaccines that show promise (at this writing) has be widely distributed, adopted, and effective… and people can get back to normal. Smart companies won't wait for that to happen. They will proactively establish (or re-establish) their core value proposition, and once again rely on advertising as a demand generation tool.

Ways you might use this issue to gain an appointment:

  • Send a note that includes a link to the WSJ Best Buy story. Explain that, "When I read this story, I thought of you. It would be a good idea for us to anticipate the day when pandemic-related demand begins to fade, and we have to more carefully create demand and tell the story about your true value proposition. I have some ideas about how we can do that better than ever…"
  • Or, your message might sound more like this: "Our research division has shown us how consumer sentiment has evolved dramatically over the course of the pandemic… and as the second or third quarter of 2021 approaches, those changes are likely to accelerate even more. It would be smart for us to review some of that research, and discuss what kinds of shifts you might anticipate, in terms of demand for your products and services, as the distribution of a vaccine becomes something we can begin to talk about."

Using this issue in a Needs Analysis:

  • The pandemic created substantial demand for [home services, home improvement, personal electronics, kitchen upgrades]. Do you see the day approaching when much of that demand has been satisfied, or the vaccines again alter consumption habits for a lot of people? How can I be helping you plan for that day?
  • Pandemic-driven spending is likely to fade as the virus does. In what ways might we really capitalize on the sales opportunities that exist right now (or, "get, while the getting's good")?

Sources:

https://www.wsj.com/articles/best-buy-continues-gains-from-home-products-online-sales-11606224511

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