The consumer survey of over 2,800 respondents highlights that today's modern consumer is really the “prosumer” of the future. Rather than simply “consuming” all that a brand offers, they are processing information from multiple sources like communication channels, design characteristics, employee interactions, direct experiences with the brand, and the individual products and services…and then evaluating what the brand means to them.
Millennials are collaborative and environmentally-conscious consumers. They are keen to overshare on social media and have an average 12 second attention span. While Generation Z consumers tend to be old souls in young bodies, valuing privacy and are reluctant to take risks, they are also competitive and prioritize equality initiatives. They will only focus for 8 seconds, unless it’s really interesting. There is no longer a “typical” consumer.
Below are the modern mindsets that drive brand value:
Success = agility
Successful modern brands are those who build an authentic purpose for the not-so-typical consumer. Although there is no “one size fits all” approach when it comes to connecting with consumers, the virtuous cycle of trust, purpose and loyalty are valued by all.
Where’s the money?
Accessibility is essential across all categories and brands. It is also crucial for companies to clearly and consistently convey their brand value to build emotional connections with consumers.
The sector makes a difference
For more discretionary categories like personal care and beauty, apparel and fast food restaurants, it is important for companies to invest in consumer experiences and identify the right communication to tell the brand’s story. For household staples, cleaning products and packaged foods, companies should focus on product design to keep the brand top of mind for customers.