Consumer behaviour is evolving in a number of different ways. From engaging with businesses on new platforms, to expressing changing demands for the type of goods on offer, it's not always easy to work out which developments will affect B2C marketing strategies the most.
While each target market may express its own specific requirements, there is a series of overarching trends defining the way global consumers as a whole are changing. While some technological advances are encouraging people to buy more products in new and exciting ways, financial pressures are having the opposite effect. How can businesses ensure their marketing strategies take these individual behaviours into account?
1. Financial pressures impact willingness to buy
Financial pressures are changing consumers.
The rise of e-commerce has painted online consumers as click-savvy people who are more than happy to take advantage of each and every online deal. However, a recent survey from McKinsey & Company found that financial pressures mean this type of shopper is in the minority.
According to the firm, the overwhelming sentiment is one of frugality and caution, as the survey revealed that almost one-third of respondents (26 per cent) are living paycheck to paycheck. What this means is that many consumers are cutting back on luxury goods in order to buy the products they depend on.
2. Demographics are becoming more complex
For decades, marketers have been confident in their ability to divide consumers up into segments and sell them products accordingly. However, recent research compiled by Yahoo, Ipsos and Audience Theory found that it's no longer this simple, as more effective analytics solutions means consumers can now be broken into many different categories and be offered personalised content in many cases.
The report, as published by Business Insider, found that 37 per cent of millennials are much more likely to click on promotional content if they feel it is directly relevant to them. Instead of simply offering content that generalises, organisations need to focus on targeting these campaigns toward specific groups, a task that is made much easier with a mailing list.
3. Organisations are becoming more mobile-centric
There has been plenty of discussion about the mobile revolution that's shaping consumer-buying habits, but these trends aren't just unique to individuals. Deloitte discovered that organisations across Australia are becoming more focussed on mobile devices, a fact that could change the nature of marketing communication.
According to Deloitte, there are around 5 billion devices in use in organisations across the world, presenting more unique and varied channels for relationships to develop.
To find out more about the way customer relationships are changing, contact the team at The Prospect Shop.