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Turn The Tide - A Facebook India & BCG Report

Facebook India in association with BCG, launched this report to guide brands through the COVID-19 pandemic.

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Turn The Tide - A Facebook India & BCG Report

  1. 1. Turn The Tide by BCG & Facebook: Report Summary The COVID-19outbreakhasproventobe a global pandemicof anunprecedented scale impactingpeople, communities,andbusinesses acrossnations.InIndia,aswiththe restof the world,the firstfew weeksof the lockdown sawthe industryinawave of panicand uncertaintyasthe disruption inbusinesscontinuity threatened to potentially destabilize the economy. Facebookhasalwaysbeencommittedtodevelopingandsharing industry-leadingfull-funnel solutionsfor brands across all categories. As India opens up to limited business activity, this joint collaboration with the BostonConsultingGroup - a consumersentimentsurvey,titled ‘Turn the Tide’ - aims to serve as a reference pointon consumerinsights,trends,andguidance forthe industry,brands,andagenciesasthey begin to negotiate the commencement of operations. What’sdifferentaboutthisreportisthatit’snot justa researchstudybut that italsoprovidesactionable guidance that brands can deploy right away. It brings together the expertise of BCG’s deepinsights and years of consulting experience with Facebook’s experience across thousands of campaigns run on its platforms. Covid-19 has impacted lives in 3 big ways:  Social Distancing  Health & Hygiene  Income Uncertainty Key points:  Consumer journey has altered; brands need to urgently identify opportunities to build for new consumer journeys.  COVID-19 has fueledthe digital medium inan unprecedentedmanner.Some of these consumer trends are here to stay.  Brands are alreadyleveragingsocial media platforms to build for the new consumer journeys. Consumer Behavior has fundamentally changed: Emerging Trends (11 Uber themes) A. Reversal of Past Trends 1. Bringing the outside inside: 79% people are not going out of house, except work 2. Trust inBrand above all else: 63% people are payingmore attentiontoorigin of product 3. Trading Downand Bargain Hunting: 43% people are expectingdecrease in overall spend in next 6 months 4. Shopping for Utility: Purchase triggers expected to become more "functional" B. Acceleration of Existing Trends 5. Embracingdigital services&experiences: 51% consumerssaw anincrease inpaymentvia digital wallets 6. Acceleratedadoptionof e-commerce andO2O: 50% of all consumersexpecttoincrease e-commerce spend in next 1 month 7. Strive for Health & Wellness: +40% may increase spend on Health and Wellness 8. Rise of Smart Shoppers: Informed purchase decision; High salience of digital research
  2. 2. C. New Habits: 9. Remote way of living: The new normal 10. Do It Yourself: Spike in new hobbies and habits 11. Superior Hygiene and Clean Living: 91% Indian households washing hands more often FB-BCG’s Guidance To Brands Based on Report Findings: Build Social Connect in Social Distancing Focuson Hyper- localization Bring alive experiences with digital access Optimize Portfolio for Value creation Relook at MediaMix Model to build efficiency in acquisition Build online presence Strengthen CRM solutions