COVID-19 Sped Up Consumer Trends, Speaker Says

The COVID-19 pandemic led to countless changes in the way consumers behave, but it also forced several trends that already had been in effect prior to the pandemic to accelerate and become more commonly accepted.

That was the message from Daniel Levine, a trends expert with The Avant-Guide Institute. Levine spoke on “Consumer Trends in a Post Pandemic World” during the Million Dollar Round Table’s virtual annual meeting on Wednesday.

As an example of an accelerated trend, Levine pointed to the increase in virtual meetings. Such meetings already were taking place before COVID-19 ground most travel to a halt. But virtual meetings became much more accepted after the pandemic hit. He predicted that future meetings will become more of a hybrid, where those who wish to attend in person can do so, but there will be a virtual option for those who do not wish to travel.

The trend toward offering options both virtual and in-person, “will expand business in such a way that you will be able to reach more people,” Levine predicted.

The pandemic has changed the way many people in business are thinking, he said. Some questions that he said must be asked when doing business in the post-pandemic world are:

1. How do you exceed customer expectations?
2. How do you differentiate from your competition?
3. How do you stay relevant in this new world?

Three main trends driving business in the post-COVID world, Levine said, are:

1. Emotional wellness. The trend toward mindfulness, finding meaning, and attaining wellness in mind, body and soul.
2. Personal technology. Greater use of mobile phones than ever. The idea that technology is moving so quickly now that it is difficult to keep up.
3. Institutional trust. We are in a period in which there is a challenge of trust in businesses and institutions.

Levine challenged attendees to ask their teams the following questions as they prepare to do business in a new environment:

1. How can we better align with our clients’ values?
2. How can we change our marketing to sell wellness?
3. What technology will help make our clients’ lives easier?
4. How can we be even easier to contact and work with?
5. What more can we share about ourselves to engender trust?

Susan Rupe is managing editor for InsuranceNewsNet. She formerly served as communications director for an insurance agents' association and was an award-winning newspaper reporter and editor. Contact her at [email protected]. Follow her on Twitter @INNsusan.

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