Consumer Behavior Trends

jkurtzman brand loyalty marketing, digital rewards programs, Marketing and Advertising, News

Nowadays, customers can extensively research products or services before buying. In addition, they can purchase what they need with a single click. Because of this, how you interact with your customers online is only becoming increasingly more important.

  • Increased use of smartphones and other personal electronics
    • Consumers are more likely to purchase or review items on the go on their phones than ever before
    • Today’s customers actively engage with brands and demand customized services
    • The internet has shifted from being a primarily text-based source of information into one that is now over 70 percent video traffic.
    • By August 2017, nearly 16 million people are utilizing smartphones
    • 96% of American customers shop online 65% of their shopping budget is spent in-store
      • What makes customers avoid shopping online?
        • Shipping costs
        • Not being able to try product
        • Do not want to wait for delivery
        • Difficult return process
        • Online privacy concerns
  • Activities people are doing while online are changing
    • In past years, the most time was spent on social media channels (41%) and that is now moving over to streaming applications (23%), such as Netflix or Spotify.
    • Where customers are focusing their time and attention is imperative to how marketers properly target customers.
  • Consumers have a greater desire to feel like they are apart of a community and that the company values them as a customer.
    • For example, customers enjoy being rewarded for behavior they enjoy doing (I.e., sharing a video, liking a post, leaving a review for other customers, which makes them feel part of a community)
    • Loyalty programs are increasingly more important for this reason
    • As a bonus to companies, loyalty programs also help track your customer’s behavior and allow you to gain more insight on who they are
    • When customers are loyal to a brand, 57% spend more. While 43% spend around the same or less
“With endless options for communication, entertainment, and content consumption, it’s no surprise that consumer behavior is changing on a daily, even hourly, basis.”Hannu Verkasalo, CEO of Verto Analytics

How can you attract customers as consumer behaviors change?

  • Put your focus into social media marketing.
    • Be sure to engage with customers online. Having a two-way street of communication helps customers feel connected to brands.
    • Ensure that your social media profiles have a personality behind them, it makes it easier for consumers to connect with your brand. Avoid only sharing press releases and marketing offers
      • Post special offers that are just for customers that follow you such as a discount code. This will help them feel as if they are special and will make them want to continue to be a follower.