Now that lockdowns have come to an end, companies and consumers are going back to work. Life is returning to normal. But that does not mean we are back to business as usual. The world of consumer finance has changed. And how brands understand and target their customers needs to change with it.
Two post-pandemic consumer finance trends
- Digital finance platforms boomed during the pandemic. E-commerce, cashless transactions, and digital wallets have all gained market share in the last 18 months thanks to lockdowns and social distancing. Consumers have now become accustomed to the speed and convenience of managing their finances online. And these trends will continue to grow in the future. With Vietnam boasting some of the highest smartphone and internet penetration rates in the region, this is a promising growth market for financial brands.
- Meanwhile, the pandemic has also transformed how people think about their finances, families, and futures. Consumers are now more conservative about their short-term shopping habits and more prudent in their long-term spending plans. Therefore, demand for insurance, investment, and savings has risen as people become more focused on protecting themselves from future financial hardship.
Disrupting the financial market
These trends have created a new customer base for personal finance products and digital banking platforms. But demographic differences are emerging. Our data shows important variations between age groups, income brackets, rural and urban dwellers, and professions, to name a few.
This has big implications for financial brands. Consumer priorities have changed. Therefore, pre-pandemic marketing campaigns are no longer relevant in the ‘new normal’. So banks and insurance companies need to rethink their customer insights and re-set their segmentation strategies.
In other words, companies now need to step-back and re-discover what their customers think and want. And then create new consumer segmentations more in tune with these trends. In doing so, financial brands will be better able to target the right people with the right message and reach them in the right place at the right time.
Get market-leading segmentation with YouGov
YouGov offers banks and insurance companies market-leading tools and technologies with which to track these consumer trends. We have been asking thousands of people in Vietnam for their opinions on financial matters ever since the pandemic first began.
Over that time, we have built-up an unrivaled bank of knowledge about Vietnamese consumers and their post-pandemic perceptions of spending, saving, and investing. And we can segment this data down to the most granular level.
This information is all contained in YouGov Profiles. Our platform makes it simple for financial companies to find, understand, and engage with their target audience. With our unique tool, brands can deep-dive into what matters to their customers and build up a complete picture of their attitudes and behaviour in the ‘new normal’. This includes thousands of detailed data points including brand usage, interests, as well as media and social media consumption.
This matters. Understanding a target market is essential to achieving effective customer engagement and conversion. With our in-depth insights, marketing managers can tailor their campaigns and target their messages to a receptive audience of engaged consumers.
Meanwhile, those who are still using segmentation strategies from before the pandemic might be talking to people who are no longer interested or who no longer want to listen.
To find out more about how YouGov can help brands to monitor, measure, and act on what consumers think, just contact our team on email@example.com