Trends in Consumer Behaviour - What to Expect Next Year

September 25, 2020

As we are rallying into the final quarter of this eventful year, marketers all over the world are scratching their heads, thinking about all the changes that are coming up in the ability to reach the customer. Buyers are no longer impressed by the same strategies that used to work in the past and are now looking for different things.

By reading this article, you will obtain a better understanding of the upcoming consumer trends, and how you can apply them in your promotional tactics. By exploring all the different points mentioned below, you will be better equipped to understand what marketing changes you need to make to reach success in the future.

1. Personalization is more important than ever

Thanks to the numerous tools that allow us to collect data, companies have made their offer a lot more targeted (or personalized). This has also changed the expectations of customers, who are now almost demanding to be treated in a more ”humane” way. This is largely due to the fact that younger generations show a preference for companies that share common values and understand what their audience really needs. This is especially true in saturated industries. A good example of personalization in action is the use of PPC for law firms. The ads are targeted towards users that could actually benefit from them, thereby generating more leads for the law firm.

By collecting sales data from software (mostly CRM tools), companies are able to understand what the customer is looking for and improve their targeting. This is especially true for retail stores.

2. Experiential economy

We are moving, on a global scale, towards an “experience-based economy”. This means that customers no longer choose a brand based on their quality of products but rather for how the brand makes them feel about themselves.Therefore, many ecommerce stores are transitioning towards marketing methods that aim to offer a truly unique experience to buyers. Maybe it is a surprising discount or a free gift; maybe it is a 24/7 live chat with experts. The options are many and heavily depend on the audience you are trying to attract.

This trend will most likely continue in the last decade, as software becomes even smarter and buyers become even more demanding when choosing brands to buy from.

3. Reward & loyalty programs

Another trend that seems to be increasing in popularity is that of loyalty and reward programs. This is due to the increased importance of customer retention and the effects it has on the revenue of given stores. It has been proven that having a customer buy again is cheaper than attracting a new one.

All in all, you are looking at approximately 6 times more money spent when trying to acquire new customers to your brand. Doesn’t that make retention strategies extremely important? This is why many companies and brands choose to host loyalty plans in their 2021 marketing strategy.

If you want to set up your own reward program, you should reach out to software development companies. Coara is a great MVP development company that also has years of experience with loyalty plans and applications of that sort. 

4. Diversity is very important

As we close this article, we should touch upon the trend of acceptance in a world that fight for equality. As we are slowly breaking down the barriers that separated us from one another, it is important to move on with the world in a manner that shows compassion. This means that you should adopt the values that are important to your audience and support their causes.

A great way to know how to talk to each member of your audience is by splitting your main target group into smaller segments, which you will then reach out individually with a personalized offer. These segments can be based on demographics, age, sex, or anything else you might find relevant.

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