Do you understand what trends are affecting your customers and what they buy or how they shop?
Today’s post is by Mark Davis; Sr. Vice President of Operations and CTO at SafeSourcing.
The world evolves more quickly every day; not too many would doubt that. As the population changes, grows and reshapes those that cater to who they are and what they buy need to be aware of emerging trends and what they can mean to business. Those that find success will be the ones that can capitalize on trends by quickly adjusting their business to take advantage of them.
In today’s post we will be looking at some of the important trends to keep in mind as you discuss strategies, technologies, marketing messages and the future.
The Couponers – According to a study performed last year by Scarborough Research, coupon usage for households has gone up 26% since 2006. With the changes in the economic landscape, this number is not a surprise to anyone, particularly as families continue to struggle in order to find ways to make ends meet. What is important here is that the study showed that 1/5th of couponers utilizes electronic coupons/discounts in order to save money. This trend is important as it allows companies to leverage their existing technologies such as Email, texting, Twitter, Facebook etc. to launch campaigns to an audience that prefers their media in a way that costs them significantly less than traditional methodology. Finding partners who can help you immediately leverage evolving trends is key.
The Boomers – For decades, the generation of the population known as the “Baby Boomers” (those Post- World War II babies born between 1946 and 1964) have held significant purchasing power as advertising, television programming, marketing, product development have all placed emphasis on catering to this group of the population which represents close to 1/3 of the population and which just began entering retirement age in 2011. The years to come will not likely change this trend, in fact, they will likely demand more attention and change as average lifespan continues to lengthen and the baby boomers require those who sell to them to adapt their services and products to their needs as they enter the next stages of their lives. Understanding these new needs will allow good companies to react and focus their efforts on a group of the population who will continue to be influential for many years to come.
Hispanic Focus – As a cultural group that represents 17% of the population and a buying power north of $1 trillion, it is no surprise that companies have expanded their marketing focus to include emphasis on this growing demographic. In an article this past Friday, in MediaDailyNews, a review of the Association of Hispanic Advertising Agencies study stated that as the Hispanic demographic continues to grow over the next decade (5.7%), companies that have already begun expanding their approach to include direct efforts toward the Hispanic population have seen a noticeable increase in revenue from this group. Companies that are able to work with their internal and external teams to expand their marketing will find that they have a better-rounded message to their customers and a higher level of loyalty from those groups.
For more information on how you can adapt your services to meet evolving trends or to locate vendors to partner with that are already providing this support, please contact a SafeSourcing Customer Service Representative.
We look forward to your comments.