Changing Consumer Trends

Introduction

Marketing and technology are evolving rapidly, with some changes fleeting while others are swiftly embraced by consumers and become enduring trends. These trends often serve as benchmarks for marketers to enhance their strategies.

Let's delve into five valuable consumer insights that brands can harness for business growth.

Power of storytelling

“Telling your story consistently is extremely important for brands to capture the attention of the audience” - Shantanu Deshpande, Bombay Shaving Co.

• Consistent brand storytelling helps build a personal connection with consumers. It evokes emotions within your audience and establishes a networking relationship. 

• According to The Drum, consumers are exposed to 5,000+ brand messages every day, but they are aware of about 86, with only 12 making a lasting impression.

• For instance, Amul has presented constant storytelling with the help of its mascot lady, which has allowed them to connect with the audience, leave a lasting impression, and foster a community of engagement. 

CTV ads for the win

“CTV has become a very big part of advertising today. Marketers are rethinking their media strategy in this new age of CTV” - Gavin Buxton, Magnite.

• Connected TV gives viewers a new way to access all their favourite content across linear TV, OTT, and all connected devices in one place. This new era offers brands an exciting opportunity to reach fragmented audiences. 

• According to Digiday, interactive CTV advertising showed an 85% completion rate, which means users often watch ads on CTV all the way through. Hence, marketers can expect a better engagement rate with CTV ads. 

• For example, Samsung is offering an ads platform to brands to have placements spanning Smart TV, CTV, mobile, and every connected device.

Resonate with consumer values

“Consumers nowadays are looking for brands that are delivering real values” - Priya Choudhary, Google India.

• Consumers nowadays are much more aware of their values, and they prefer to connect with brands that resonate with those values. 77% of consumers prefer to buy from brands that they share values with. 

• Defining and demonstrating your brand values encourages like-valued people to reach out and purchase your products and services.  

• For instance, H&M’s recycling old garments program attracts people who care for sustainability as their initiative resonates with their values. Similarly, if a beauty product is not cruelty-free, it will not attract consumers who love and care about animals. 

Personalisation is key

“Personalisation has led to receptiveness for success. The need of the hour is personalized ads” - Shalini Poddar, Disney Plus Hotstar

• Personalisation has become a key for brands to boost engagement. As per stats, around 71% of consumers prefer ads that are tailored to their personalized interests and shopping habits. 

• Consumers have now changed their definitions of advertising. For the majority, personalized advertising means creating unique content, based on their previous purchases. 

• Since India is a country of multiple languages, consumers also look for personalisation through culture. For instance, Dabur quoted in the event that their regional language ads have a better CTR because consumers like to have personalisation in what the brand is presenting. 

Importance of consumer feedback

“Big brands don’t have a feedback loop. This is where new-age brands are flourishing” - Vinay Singh, Fireside Ventures.

• Listening to customers and acknowledging their feedback has become the need of the hour today. It not only helps to improve products and services but also helps brands measure customer satisfaction. 

• New-age brands like Noise are creating a differentiator by relying on consumer feedback. They directly connect with their consumers to understand their needs and work with them accordingly. 

• According to Forbes, customer-centric brands are 60% more profitable than companies that are not. Hence, brands need to create a constant loop between themselves and their customers to increase brand loyalty.

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