Posts tagged consumers
Posts tagged consumers
The ever-changing media and technological landscape has created opportunities for creative brands and entrepreneurs to deliver on consumer needs.
This is the summarized version of consumer trends for 2012. Most of these are well known to some of you, for others, this may be eye-opening. The examples are brief but inspirational, click on the link for a more detailed report.
What: Consumers will be showered with lavish attention & tailored services.
Who: Chinese (in particular)
Stats: Chinese residents made over 30 million overseas trips in 2011, a 20% increase since 2010.
What: Apps providing services for consumers to monitor, prevent, examine, improve and manage their health.
Stats: Apple’s App Store has more than 9,000 mobile health apps and the number is growing. Health applications market will reach USD 4.1 billion by 2014, up from 1.7 billion in 2010.
Why: Less intrusive/embarrassing trips to the doctor & increased communication between doctors and patients.
What: Deal hunting is fashionable, its no longer shameful to find discounts.
Why: More is less, promotions, best price for best product/service.
Brand Example: American Express- “Link-Like-Love” social commerce program gives cardholders relevant deals & experiences based on what they like, interests & social connections on FB, Twitter etc…
What: Brands helping consumers recycle by taking back old items. Sometimes this “recycling” is due to legislation.
Brand Example: Nike- Reuse-A-Shoe Scheme (since 1990) old shoes are collected and grounded up into “Nike’s Grind”. This is then used to create athletic & playground surfaces and some products.
What: Cashless societies & Smartphone use is increasing. Brands like Google & Mastercard are offering cashless incentives: convenience, data-capturing, rewards, purchase history & deals. Near Field Communication (NFC) makes this possible. It can be defined as encypted data exchange between 2 devices in close proximity, for example, phone payments.
Bottom of the Urban Pyramid (BOUP)
What: BOUP consumers require innovation tailored to their unique circumstances, for example, health issues, lack of space.
TNW: “A Startup Store Launches In Beta: Retail May Never Be The Same” by Courtney Boyd Myers.
Who: Rachel Shechtman (Retail Consultant) whose clients include: Gilt Groupe, Toms Shoes, Bliss Spa, AOL.
What: Launching a new startup (no name yet) which will have a monthly exhibition, the concept of the store will combine Pop-Up & Art Gallery. The first exhibition will feature 6 NYC start-ups that sell to online consumers:
When: Official launch will be Feb 1 201. The store will open up as a “love” story.
Where: 10th Avenue & 19th Street NYC (Not Surprised, 5 more stories to come!)
Promotions: Daily parties (free champagne- Oh hell yes!) and trunk shows.
The Role of Social Media: Check in with Foursqaure & get a mystery gift. Its time to really reward your consumers for making an effort.
Future of Retail: (According to Rachel Shechtman)
Watch that space!
Do you find yourself hesitating before clicking on Facebook’s “Like” button? You are not alone.
Brands on Facebook look for:
Facebook Users “Like” because:
The Sad Stats:
Therefore, brand connections on Facebook are diminishing. The explosion of Social Media has brought with it so many positive aspects, such as, people are able to make connections on multiple platforms. However, invasion of privacy has become a concern which is causing people to build up barriers between themselves and Brands.
Consumers are beginning to feel overwhelmed with all the information that springs up on their screens, which begs the question, where should brands draw the line?
Do you have any great examples of a brand on Facebook, which has managed to inform, reward and surprise you without being a burden to your social status?
I’m still thinking of one.
Interactive Vending Machines: Consumers are becoming better informed at an earlier phase of their purchase cycles, they no longer need to visit large stores to get their favorite products. Gone will be the days of the “sales associate” because the tech savvy consumer will no longer need help with product information. Vending machines will take the place of stores and sales personnel, offering advice, initiating “digital conversation” and capturing data. I think vending machine stores will allow brands to reach wider audiences. Products won’t be confined to certain aisles within a retail store, this freedom will allow for more guerilla marketing tactics and spontaneous purchases.
Current example: I saw this Proactiv vending machine store in Emeryville, Oakland and thought it was a great idea. People on-the-go who may have forgotten essential toiletries or happen to break out at work have the option to purchase a remedy without the hassle of being questioned by a sales associate. My only concern with vending machines is, what if you want some privacy? Are you willing to be the face of the brand (for that moment)? Otherwise, the ease of the transaction solves a problem and allows the consumer to keep moving along.