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Becoming profitable is the primary objective of any business, and in the process, they try to operate by getting ahead of their competition. Getting ahead of the competition depends highly on your brand’s perception and acceptance among consumers.
Being accepted by consumers ensures that a company grows and flourishes to strengthen its market position and increase its customer base. However, with the increase in the use of technology, there has also been a change in the behaviour of consumers. As per stats by InternetLiveStats, Google processes over 40,000 search queries per second. According to Oberlo, 27.6% of the global population shops online. This reflects the impact that brands can have with a strong digital presence.
While technology has helped many businesses scale up their operations, it has also caused the customer’s mindset and behaviour to evolve, which must be taken into consideration by brands. As a brand, you should always evolve along with the consumer in order to remain competitive and relevant in these changing times.
Let us take a look at a few ways in which customer preferences are changing, and how you can leverage them.
Decreased attention spans
The amount of content online is increasing massively with every passing day, and consumers are flooded with more content than they can realistically interact with on any given day. This abundance of content decreases the attention span of your consumers and visitors to such an extent that you must grab their attention within a few seconds, or they are gone. According to Facebook, consumers spend a maximum of 2 seconds when viewing a piece of content on their smartphones.
You need to get your message across in the quickest and most effective manner possible for it to be heard completely, and hope at getting a conversion. The key is to highlight the benefits presented by the product or service that your company is providing. Ensure that it stands out and speaks to the consumer in a manner that is easily understood.
In the financial world, it is necessary to put the message across in the simplest way possible so that the content can be easily consumed and understood.
Making the world a smaller place
The increase in the use of technology and the internet has truly made the world a smaller place. Consumers are more connected to businesses than ever before. They have the capability to research, review and question your products or services, irrespective of their physical location. According to GlobalWebIndex, social media is used to research products by 54% of the users.
With the increase in the use of social media, consumers are enabled to interact with your brand directly. This lets them ask questions and also influences their purchasing decisions to an extent.
With the hyper-connectivity that consumers are being subjected to, there is an increasing sphere of opportunities of engagement towards new, as well as existing customers. Nevertheless, you must ensure that your communication breaks the clutter and fulfils the demands of your consumers.
This change in consumer behaviour can be taken advantage of by ensuring that your brand has a strong presence on both social media and digital platforms. Creating a dynamic digital ecosystem, coupled with an omnichannel marketing strategy ensures that you check all boxes and are reachable by consumers all the time. Providing consumers with an experience that is cohesive, irrespective of the channel ensures that you retain them.
The urge for personalization
Consumers crave attention, and desire products that are created after taking their individual preferences and interests into consideration. This gives them a feeling of personalization, which enhances their trust and affinity towards your brand.
With the increase in technology, globalisation has also increased. This has caused many brands, offering similar services and products, to pop up. With so many similar options to choose from, consumers are spoilt for choice. In this scenario, personalization is a massive influencing factor. According to Khoros, 86% of brands convert one-time clients into long-term customers by giving them a satisfactory experience.
In order to cater to consumers on a personal level, the first thing that you need to do is get a comprehensive understanding of your target market, and direct tonality in a manner that they speak to your audience on an individual level.
Nearly all financial products or services should be prepared in a manner that is tailored to fulfil the consumer’s needs.
Increasing consumer expectations
With an increasing number of brands entering the market, the expectations of consumers are sky high. Consumers nowadays look for a one-stop solution that caters to all their needs. They expect a targeted approach from companies in terms of communication, products and services, with responsive customer service that caters to their needs on demand.
If a consumer faces even the slightest inconvenience in getting the desired product or customer service, they will switch to a competitor with the same offerings without the slightest hesitation. According to a report by Zendesk, nearly 80% of users switch to a competitor because of one bad experience. The bar for customer satisfaction is set extremely highly, with more and more companies entering the market, and looking for the same target audience.
For your business to work, and succeed, in this highly competitive environment, you need to analyse your consumer’s behaviours minutely, and devise strategies that extensively caters to all their needs.
In today’s always online, hyper-connected world, you should form plans that give you an edge over your competitors, and gain for you a stable market share.
