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eConomics of 2015 Marketing

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Retailers and Manufacturers are facing two new dynamics in customer buying behavior.

Frugality is here to stay.  So is brand jumping for value.

The number of consumers who believe the economy is in a recession has declined significantly since 2011. Yet the majority (58%) still hold a recessionary view, and the number who say they will continue to spend cautiously even if the economy improves has continued to rise. What’s more, nearly 80% of consumers believe the American economy has fundamentally changed and that thriftiness and challenging economic conditions are the new normal. [findings from Deloitte Digital Commerce Survey]

According to a recent survey by the Acquity Group,  brands are only one reason away from losing their customers.  40% of consumers surveyed stated they were willing to shift their loyalties for at least one reason.  These reasons ranged from enhanced payment security, faster delivery and of course relevant offers and personalized pricing.

So if brand jumping for value and frugality are the new norms, who’s most at risk?  Market leading brands of course, especially those who still believe their old value proposition demands a price leadership position.

The writing is on the wall.

Go viral with incentives

Go Viral - full

According to 2000 consumers, discount codes are the simplest and most effective way to ensure your social media marketing gains amplification by going viral.  Not exactly rocket science, so let’s go people, make me an offer next time you advertise to me 😉

Information and Infographic courtesy of the Acquity Group, who surveyed more than 2,000 U.S. consumers on their habits and preferences surrounding digital engagement, content, shopping, and services in order to break down consumer expectations for brands in 2015 and beyond.

Trends in 2015 you shouldn’t ignore – traditional channels are still powerful

TV and Print Media

Across the industry social media gets all attention and for good reason, yet you rarely read or hear the subject matter experts issue a caveat that traditional media still hold sway and should remain part of any companies marketing strategy.

Out of 2000 US consumers, 47.5% have tried a new product or service as a result of TV and Print Advertising.  Consider yourself warned 😉

Information and Infographic courtesy of the Acquity Group, who surveyed more than 2,000 U.S. consumers on their habits and preferences surrounding digital engagement, content, shopping, and services in order to break down consumer expectations for brands in 2015 and beyond.

Innovation, the gap between aspiration & accomplishment seems as big as ever. What’s the problem?

Innovation is the hottest business topic, yet success appears to be elusive. By comparison, consider the progress businesses have made re-engineering their supply chains, boosting product quality, and rolling out lean processes, so what’s hold innovation back?

Gary Hamel and Nancy Tennant do a great job of surfacing the barriers to success in this Harvard Business Review article, The 5 Requirements of a Truly Innovative Company.