New Consumer’s Mindset has “SHIFT”, here’s how:
“As uncertainty grows around the globe, emerging challenges have caused a shock in supply and demand. There is no doubt that a change would occur in the mindset of today’s consumers.”
MARKETING AND BUSINESS STRATEGY
Although unemployment is partially affecting the ability of consuming of products or services, other organizations will thrive. Customers expect to get more for their money and businesses need innovative solutions during a period of transition, as these external factors are behind the current state of affairs.
INCLUSIVE MARKETING
Leaders and entrepreneurs have been crafting a digital transformation and consumers have educated themselves with creative content via live-stream and people have found meaningful connections, and there is optimism about getting things done to be ahead of the curve.
Traditionally, we have the long tail-marketing model based on a market being dominated by a market leader, who usually, has initiated trends and held the Top of Mind Awareness (TOMA) for decades. Part of their success has been based on their distribution strategy and the market conditions at that time.
The shift represents a paradigm, a new opportunity for everyone capable of grasping the social transformation, but it is a major challenge for former generations, simply because it has worked for them for such a long time. The solution of this new age is to adapt to this new business model and the person who owns technology, would notably be the “breadwinner”.
Today, there are plenty of opportunities within an e-commerce niche that are overlooked by business. The smallest niches have a voice and are taking over, they have learned how to make things happen.
Among the unpredictability, a good marketer is fully aware of data and would affirm that we live in the modern inclusive times; contrary to the old model where “being different” meant controversy. The shortcut is clear to market analysts, who are fully aware of the shift, and are challenged to identify the framework, which will be developed to respond to the critical questions.
BUSINESS STRATEGY
The scope of the challenge is to understand the new priorities, redesign new strategies, diversify, and build more resilient supply and demand chains with data; innovation and a focus on re-defining a new customer-service generation.
“One of the reasons for this evolution is the market accessibility and the new technologies developing creative ways to communicate and approach people.”
It is clear that we are living in transitional times where survival matters. Today’s aspirational consumption it is fundamentally and equally important to get ahead amid the conditions of the market. The new generations are calling for a new leadership, demanding equality and transparency in all the processes. The firms could still play a major positive roll in their communities by understanding the external opportunities and the threats, not only from the firm’s point of view, also how these factors are influencing the lifestyle of their target audience and look deep within strategically, specially after a global shakeup.
There are three critical aspects to consider: climate change, a health crisis and the financial situation. But also, humankind had the feeling of being introduced to a new model based on the premise that “we must care for the other to survive”, it is a broad new concept for the majority of people.
“It is pivotal understanding this revelation, as this shift will be playing a major role in between the consumption and the disposable income.”
The consumer has evolved and the small groups are not that small at the end of the day. Certainly, for the firms, it represents a great opportunity to gain authority online and also unlimited possibilities to increase market share. But also, they would benefit from having an honest policy and implementing out–of–the–box creativity – a Key to Profitability, especially for small businesses.
Many factors influence the new customer’s mindset, but perhaps what is dividing us right now is the credibility the system has, and this lack of trust is splitting consumption habits. In order to win new consumers, we must analyze these trends to target the right audience, “at their core”.
Internally, efficiency must be re-aligned, specifically focusing on analyzing supply chain and demand, to determine new strategies to position the brand as a leader in their field. Also, re-defining the marketing strategy and customer experience to be capable of serving people and relieving the anxiety that the pandemic has brought into their lives.
REDEFINING VALUE
Market Intelligence offers the tools to understand a new environment. We know how to collect data to understand the target’s lifestyle and their complexity, but the analyst questions are is still on the table:
- Do the companies know what the strategy is –keeping on board most of their clients and why others purchased somewhere else in 2021
- Do the leaders know the costs of conversions for acquiring new customers during 2021?
- Is the company willing to adapt their products or services with the current trends, in order to truly engage the audience after a major recession?
- Are the leaders capable of creating innovative models and thinking outside the box?
- Do leaders in the organization have the ability to redefine Value Added after a major shift in the consumer’s mind?
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