TEN TRENDS THAT MAY IMPACT MARKETING
I recently read an interesting article that I'd
like to share with you on ten trends that may impact
your marketing this year, written by Ginger Conlon in
the 1-to-1 Blog.
The article references a recent presentation
by Richard Feldman, managing partner of
Source Marketing, during a session at DM Days
in New York.
Since Conlon wrote the article on Aug. 8, 2008, some
of the trends are being impacted by the current
economic recession, however, I think that many of the
others are still in play.
TREND #1 - Social media
No big
surprises here as social media is currently a hot
trend. The author notes that what caught her attention
was a statement by Feldman noting that "one
attraction of social media is voyeurism, or customers'
ability to have insight into other customers' lives. This
allows customers to compare themselves with other
customers (on a variety of topics) to see how well
they're doing.
TREND #2 - Baby Boomers redefine fun
A recent study by AARP that Feldman cites
found that nearly 80 percent of Baby Boomers plan to
work in some capacity during "retirement"; blurring the
line between work and play. Boomers will be looking
for fun, travel, their dream job, etc., and as a group, will
inherit about $1 trillion to spend on these
activities. (Of course the current economic situation
could alter these numbers and boomers' plans
somewhat, so we'll see...)
TREND #3 - Expectations keep
rising
With Net Promoter and other popular
customer loyalty and engagement measures,
customers are being asked for their opinions more
than ever. The result is rising customer
expectations. Feldman advised closing the loop with
customers by telling them what action the company
took or will take as a result of the feedback.
TREND #4 - Readiness to change
People will start their buying processes with
what they're familiar with, Feldman said, but
will "change their choice on a dime" based on
information they uncover through research, feedback
from other consumers, recent purchase experiences,
and more. This means companies need to "get in
front of customers' purchase decisions," he said.
TREND #5 - Customer experience
management
Feldman noted four key areas
to consider:
- Leverage what customers' define as your strength
or benefit.
- Be authentic - not everything has to be a sales
pitch.
- Develop loyalty programs that offer more than just
points to redeem; offer unique experiences or inside
events.
- Use the right approach to put you (the
organization) in control of the conversation.
TREND #6 - The growing spin cycle
Keep
on top of conversations and issues being discussed
on relevant social networking sites and online
communities.
TREND #7 - An increasing sense of entitlement
Mass prestige is growing, even
in these uncertain economic times. The fast-growing
consumer segment (with incomes over $100,000)
has a pervasive urge to spend that is fueled by a
sense of "luxury entitlement" and a constant need for
change.
TREND #8 - Surprise, not delight
You may
not be able to delight customers, but you may be able
to surprise them with unexpected and innovative
marketing strategies.
TREND #9 - Mass local
Strive to connect
with customers on a more local, personal level.
TREND #10 - Get past the corner office
Success today requires collaboration and
organizations that recognize this are:
- Engaging multiple stakeholders
- Improving internal communications
- Preparing contingency plans to keep pace with
change
