As the end of the year is coming to a close, people in marketing and sales worldwide are building new strategies to help them connect with their target group. In short, consumers are no longer responding to the same tactics, and this requires some due diligence to stay ahead.
In this post, we will show you all the different trends that are slowly building up for the future of consumerism. These new trends will shape up the future economy and are expected to help retailers grow – at least those who choose to adopt these strategies. Let’s delve in.
- Personalized experiences
Personalization has been getting more popular in the past few years and saw incredible growth in the last 24 months. There are two reasons for this:
- Both millennials and GenZs expect to be treated as humans; individual people with their own wishes and needs. And this is especially visible in industries that are rather saturated with digital content.
- By collecting data using CRM tools, companies are able to improve their customer relationship management tactics and thus build better engagement with their audience.
These to point above, linked with the fact that Generation Z youngers are entering the workforce this year, makes personalization extremely important for business success.
2. Unique experiences
The world is slowly transitioning towards an experience-first purchase model. With an oversaturated market, buyers no longer choose product quality as one of the most important criteria. Instead, they buy products based on the way these make them feel.
For this reason, many online stores are slowly adopting marketing methods that match the in-store experience with the online one. Do you receive special treatment when walking into a high-end fashion retailer? Then you can expect to have top-class customer support on the online location as well.
We expect this trend to continue in the next 2 years, since COVID-19 has shifted the majority of buyers to digital-first purchase decisions.
3. Reward programs
Moving onwards, we should briefly talk about the importance of reward programs for customer retention in the modern economy. It has been proven repeatedly that buyers will trust the same brand over and over if they feel that the company offers personalized recommendations and shares common values.
Moreover, having a customer buy more than once is cheaper than attracting new customers. Overall, you are expected to spend 6 times less money to have an existing customer buy again. This is why many organizations choose to adopt reward programs for their updated marketing strategy.
In case you are wondering what to do in order to set up your reward program, make sure you reach out to Coara, a software development company that has managed to help countless founders and businesses build and improve their business.
4. Welcome the different
Finally, it is important to mention the importance of diversity in the modern economy. As we are moving towards a more accepting world, many businesses choose to adopt values that align with their audience and attempt to be politically correct when it comes to their advertisement strategies.
It is recommended that you develop audience segments within your target group to make the most of this opportunity. By doing so, you will be able to host personalized campaigns that, in turn, will lead customers to your reward program. Once these potential customers sign up, chances are that you will experience an increase in sales.