02 REASSESS PRODUCT /MARKET FIT Define or Adjust New approach consisting of frequent, data-informed Value Proposition reassessments will help you adjust to best engage with your customers. While it’s unclear what the world will look like once things start to return to normal, we can Undertaking a comprehensive review of your be sure that consumer and buyer needs will product and how consumers and buyers have have changed. Our research suggests that changed their engagement with it is the first while consumers are resilient to crisis, returning step in dialling in a new conception of product/ to regular behaviors once the acute phase of market fit, updated to fit new needs. It’s a good the crisis is over, “the COVID-19 crisis is less of idea to go back to the core; draw up a list of a point-in-time event than many other crises assumptions about your product’s interaction are, and reminder events and data are likely to with the market and look at how each has continue flooding the news daily for some time changed. It’s time to return to those core to come. As a result, it may take a while for questions: Who is your product for, and why do consumers’ natural resilience to activate and for they need it? their pre-crisis behaviors to return.” This makes adjusting and projecting difficult. Beyond customer needs, the paths through which customers get to the purchasing There are, however, steps you can take to assess point has also changed; physical interaction how immediate and medium-term changes is no longer an option, and the ways in will affect your product, and taking an agile which customers engage with products has GRAPH 6 Most consumers feel that life has changed profoundly and will never be the same. 70% 50% of consumers feel that their lives are believe that things have changed permanently different today than pre-virus and will never be the same as before 100 50 86 83 83 83 70 61 65 64 61 51 0 UK Italy Canada US France UK Italy Canada US France Source: BCG COVID-19 Consumer Sentiment Survey, April 24-27, 2020 - global.