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Published Oct 6, 2020

#75: How To Pivot During the Pandemic with Phillip Stutts

Explore how to pivot confidently in the face of rejection and economic uncertainty with Heather Monahan and Phillip Stutts as they delve into leveraging data-driven marketing and embracing personal value during the pandemic, alongside understanding consumer behavior shifts and the crucial role of trust.
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  • Consumer Behavior

    Phillip Stutts emphasizes the power of data in understanding consumer behavior, especially during the pandemic. His marketing agency partners with a leading data analytics company, analyzing vast amounts of consumer data to help businesses pivot effectively. This approach allows companies to understand consumer motivations and adapt their strategies accordingly.

    The greatest answers have ever come from me finding them through this period, because the first 15 minutes, it's all the things on the top of your head. The next 15 minutes, you hit a wall, because you're just like, I don't know. That was just wall on the top of my head. And then the last 15 minutes, it's just pure gold.

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    Stutts shares that during the pandemic, his agency provided free data insights to clients, helping them navigate the rapidly changing market conditions 1 2.

       

    Need vs Want

    The pandemic has shifted consumer priorities from wants to needs, a trend Phillip Stutts highlights as crucial for businesses to understand. He notes that consumers are now more focused on essential purchases, driven by necessity rather than desire. This shift requires businesses to position their products as necessities to remain relevant.

    Everything right now is about need, not want. I've talked about this for a long time. People are buying because it satisfies their needs, not their wants.

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    Stutts also points out that price and convenience have become key factors in consumer decision-making, with many seeking discounts and seamless purchasing experiences 3 4.

       

    Charitable Strategies

    Incorporating charitable elements into marketing strategies can resonate with consumers, especially during challenging times. Phillip Stutts suggests that businesses offer customers the option to direct a portion of profits to a charity of their choice, enhancing the perceived value of their purchase. This approach not only supports charities but also aligns with consumer values, making products feel more like necessities.

    Consumers are so worried about their budgets right now that they're not contributing to charities. And charities are really suffering.

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    Stutts shares that his company has successfully implemented this strategy, allowing employees to choose charities for donations, thereby increasing engagement and satisfaction 5.

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