Consumer Trends: 5 Things Brands Should Know

shopping-carts-2077841_1920By 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!

Click the cover to read a free preview!

LeadinginContext.com  

©2020 Leading in Context LLC

 

About Linda Fisher Thornton
Linda Fisher Thornton is Founder and CEO of Leading in Context, and author of the award-winning book 7 Lenses. She teaches as Adjunct Assoc. Prof. for University of Richmond SPCS. She is leading a movement to help leaders and organizations Unleash the Positive Power of Ethical Leadership.

Join the Conversation!

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: