Consumer behaviors and expectations change over time, and businesses big and small must adapt.
While some trends may be temporary or industry specific, others reflect general shifts in the consumer mindset. These changes can influence a variety of industries for years to come.
Consider these five trends or shifts in consumer mindset and behavior. Do you need to adjust your business strategy in 2017 and beyond?
- It’s All About Me. Customers expect a greater level of personalization in terms of how you communicate with them as well as your products and services. Look for ways to customize your messaging and your offerings to meet the needs of the individual customer, so your clients feel each engagement is personal. Learn more: The Key to Personalization Is Data (Forbes)
- Let’s Share. A collaborative consumption focus means consumers value access to goods/services rather than ownership. We see this trend clearly in the tourism industry with ride sharing and lodging, but it is moving to other industries as well. While this business model is not for every business, realize that new competitors could reshape the market in which you operate. Learn more: Airbnb, Snapgoods and 12 More Pioneers of the Share Economy (Forbes)
- The Marriage of Physical and Digital. Online shopping is on the rise, but it is not replacing brick and mortar. Consumers often seek a hybrid of both, pre-shopping online and buying in-store. Traditional retailers can’t ignore the Internet. Your customers are online, so you must give them a way to interact with your business where they are in order to bring them into your store. Learn more: Google Links, Digital Ads and Offline Sales (Internet Retailer)
- There’s a New Kid in Town. The Millennial generation gets lots of attention, both good and bad. Yet, it is time to start considering the next generation of customers. The next group is Gen Z, also known as “Cybrids” – the oldest of whom are turning 21. How will you appeal to this generation as they begin making purchase decisions on their own? Learn more: What Marketers Need to Know About Social Media and Gen Z (Forbes)
- Show and Tell. Video content is all the rage online. If this trend isn’t on your radar screen, it should be. Businesses of all sizes are trying to figure out how to use video content effectively. Start noticing ways companies big and small use video, and how to make video work for you. Learn more: 7 Video Marketing Trends for 2017 and What They Mean for You (Social Media Today)
Determining what to do with trend information can be challenging. The key is converting insights into revenue-enhancing actionable steps for your business.
Need help figuring out how your small business can capitalize on these trends? Contact the ASBTDC!