By Linda Fisher Thornton
We’ve seen many articles about ethical consumerism, conscious capitalism and the responsible consumer. The bottom line is that consumers continue to expect much more from brands than an honest and perfectly executed transaction. This week, I share a high level view of 5 key things brands should know if they want to be successful in reaching responsible consumers.
Consumer Trends: 5 Things Brands Should Know
#1: Customers want more than a perfect transaction. According to Scott Lachut of PSFK, referring to the PSFK x Suzy Future Of Retail 2020 Survey, “63% are interested in purchasing a product that comes with related services to help them get the most out of their purchase” and “67% are interested in being invited to an exclusive event or activity in their favorite store.”
#2: Sustainability is becoming a way of life. According to Deloitte in Consumer 2020: Reading the Signs, an increasing number of (consumers) will be advocates for sustainability and demand it in products and practices.”
#3: It’s important to understand where consumers are – by really listening to their concerns. Thomas Kolster, in the Adweek article It’s Time for Brands to Stop Climate Grandstanding and Listen to Consumer Needs says it time to listen, not preach.
#4: Consumers expect authenticity AND transparency. Deloitte in Consumer 2020:Reading the Signs, says that consumers “will be likelier to sense when companies are not being genuine or authentic” and they will “expect and demand transparency.”
#5: Brands need to aim for common values that cross the spectrum of ideologies in a divisive climate. Gartner Inc., in Gartner Identifies Top Five Consumer Trends for Marketing Leaders in 2020 highlights the importance of “utiliz(ing) broadly appealing values in messaging to connect with consumers across ideologies.”
It’s getting harder to adapt to changing consumer expectations, and keeping up with trends is the only way to meet the challenge. Stay tuned for more insights in future posts!