Technology is in a constant state of flux and evolution, and the way consumers interact with technology affects how they search and inevitably, how they purchase goods and services.
Like tech, nothing stays the same in the world of marketing, least of all the consumer.
As new strategies, analytics, and search features are rolled out, let’s not forget the most important piece of the purchase journey – the people.
Winning the hearts and minds (and dollars) of consumers today is going to require a reevaluation of who they are and what they expect from you.
Small and medium-sized businesses (SMBs) need to stay on top of trends and continue to evolve their marketing strategies to reach their ideal customers.
Whether your marketing goals are to drive foot traffic to your business, make the phone ring, or sell your products online, it’s critical to have a cost-effective digital marketing strategy that reaches the right audience and delivers measurable impact.
Here are five ways the consumers of today are changing, and how you need to change your marketing perceptions to reach them.
1. New Audiences Are Emerging & Demand Your Attention
New audience segments are gaining ground.
Just check out these statistics from Accenture.
- 31% of women out-earn their partners and influence 83% of all U.S. consumer spending.
- LGBTQ buying power in the U.S. is currently over $1 trillion.
- Minorities are predicted to represent 34% of total buying power in the U.S. by 2021.
- By 2020, U.S. millennials will hold 30% of overall buying power.
- Gen Z is on track to influence 40% of consumer spend in 2020
What Does This Mean?
It’s time to develop new value propositions, marketing strategies, and consumer experiences that satisfy the unique needs of these sub-groups.
Embrace this changing consumer landscape by taking the time to understand them and change your approaches to best suit their lifestyles and expectations.
It’s important to keep in mind diverse audiences and make sure that you’re marketing is inclusive.
Inclusive audience marketing removes the barriers to help us as marketers reach more people. – Read more