As any successful brand knows today, relevancy is key. What consumers deem as “cool” and “worthy” one day may be outdated in just a few weeks. Ignoring consumers’ ever-changing opinions and ignoring trends can lead to a loss of market share. Brands that are unable to adapt to the trends run the risk of becoming irrelevant.
This doesn’t mean that your brand should hop on the bandwagon of every trend. Some shifts or movements will make more sense based on your industry. That said, it’s important to keep a constant eye on how your consumers are responding to your brand. This will allow you to recognize when you may need to pivot or rethink your product or service offerings and marketing tactics. Below are three ways shifting consumer trends can impact your business strategy.
1. Brand Positioning
How you’re positioned in the market matters. Whether you are a newbie to the marketplace or a tried-and-true staple, your brand is positioned against other similar ones. The race to own the market share is competitive, to say the least. You must be willing to adapt and change based on your current positioning while keeping an eye on your competition. One of the biggest drivers is consumers’ opinions about your brand, your offerings, and how they stand up against others.
Perception is what shapes your brand image. Consumers who think highly of your brand are more likely to share it with their friends in real life and on social media. Consumers will begin to form an emotional connection with a brand, supporting you through every product release. These consumers will see that you are different from other competitors and will recognize how your products are far superior to others available.
That said, a shift in consumer trends can positively or negatively affect your brand’s perception. Consider the recent trend for preferring clean ingredients in beauty products. This has led buyers to carefully read labels and ingredients before making a purchase. This could lead brands in the beauty and skincare industry to start rethinking their formulations to appease this clean movement. This might require finding a new beauty product supplier, ideally one who may be able to significantly speed up the product development timeframe. This would allow you to get the market on the shelves faster while also developing a product that you know your audience is looking for.
2. Marketing Strategies
Thanks to developments in technology, more data is available to brands than ever before. The rise of AI has allowed brands to get an even deeper sense of their current customers. Knowing information such as browsing behaviors, purchase history, and other psychographics like hobbies enables brands to further understand consumer preferences. These insights can help inform marketing strategies and assist in developing campaigns that meet (or exceed) their expectations.
This is important because as consumer’s preferences and trends shift, so do their expectations for how they will learn and discover brands. A top-of-mind example is social media. With new platforms emerging and others taking a backseat, brands will need to adapt their strategies. Consumers are more likely to form relationships with brands that are engaging in the same spaces they are. For Gen Z, this means showing up on TikTok and creating user-generated content; for boomers, this means focusing on email marketing as well as Facebook.
Whether you are tinkering with your marketing tactics or doing a complete rehaul, be sure to track performance. See what resonates most by testing out different ad creatives and marketing communications. Analyze the results to get a sense of what your consumers are gravitating to now. Doing so will keep you top-of-mind and may help further distinguish you from competitors.
3. Customer Experience
Putting the customer first is of the utmost importance. Today, consumers expect brands to go above and beyond. They want to feel like a real human with a real need, not just another data point in a spreadsheet. While calling customer service used to be the only channel for getting help with an order, this is no longer the only way. Chatbots, self-service portals, and text messaging are now how consumers expect to find answers.
Social media is another space that has become a customer service portal. Individuals want to DM a brand and get a personal response related to their inquiry. Brands that can keep up with these technologies are deemed superior in terms of assisting consumers.
Nobody wants to be put on hold or wait for a response. They expect to be able to easily get assistance and have their problems solved ASAP. These newer technologies allow brands to continue to put the customers’ needs first while also improving customer outcomes. After all, the easier it is for a buyer to get assistance the more likely that you’ll earn their trust and retain their loyalty.
Conclusion
Consumers changing behaviors and trends can significantly impact the success of a business. In today’s evolving landscape, showing up for consumers in the ways that matter most to them will allow you to stay relevant. Whether through new product development, shifting marketing strategies, or improving customer service, adapting to the consumer should always be paramount to brands.