In today’s world, just putting out the right product or service is not enough anymore. Consumers expect more, and their expectations are always rising. Winning them requires creating contextually relevant experiences for them.
What do we mean by “contextually relevant experiences”? This means that it’s not just personalization value but understanding the context in which consumers make purchasing decisions (i.e. when, where, how, why). Consumer buying behaviors change under different circumstances, and companies need to understand the value of hyper-relevance in order to keep pace with this non-constant behavior.
Emerging consumer segments are increasing importance
When we think about who the new consumer is, certain emerging segments are increasing in importance. As women, minorities, millennials, and Gen-Z experience significant economic growth and buying power, it will become even more important for industries to engage them through new value propositions and marketing catered to their specific needs. As the U.S. population ages, Gen Zs and Millennials will become a driving force of the economy and responding to the needs and values of them will become even more critical to successful customer engagement.
Enter the world of the everyday consumer where things are changing
The world of the everyday consumer is changing as technologies are changing and as players from across all industries continue to evolve and do more for the consumer
- Blurred lines between digital & physical: We no longer live in a world where we can differentiate between physical and digital experiences. We live in a hybrid world.
- Fluid experiences: Trends from outside industries around the consumer expectations that influence their desired experiences.
- Non-traditional service providers: There are disrupter companies that shake-up traditional markets and make something that once seemed very hard like same-day shipping, seem extremely easy to consumers and therefore something that consumers now begin to expect
- Brand loyalty: Consumers are shopping around more than ever before. The traditional concept of customer loyalty has shifted, with the onus on the company to constantly adapt and cater products, services and experiences to the customer.
As the world around us changes consumer expectations change too
With all these changes around us, your consumers' expectations are changing and they are constantly rising. 64% of consumers in the U.S. are more likely to choose a brand if it exposes them to new sensations or experiences – 76% of Millennials agree. Consumers' expectations are not what they used to be and we need to be aware of these behaviors to effectively manage and adapt marketing strategies.
6 Expectations of the New Consumer:
- Hyper-Relevance & Personalization: "I expect things relevant to me."
- Integrated Experiences: "I expect seamless experiences across digital and physical."
- On Demand Services: "I expect it now."
- Proactive Notifications: "I expect to be informed without asking."
- Easy Button Services: "I expect technology and automation to enable and do more for me."
- Self-Service: "I expect to be empowered to do things on my own when I want."
Winning the new consumer is winning everyone one of your customers
If you develop the capabilities to know, understand, and speak to your consumer as an individual, winning her is the first step to winning every one of your customers.