Programming

Event recap: Key consumer trends shaping the future

September 21, 2017 12:22PM

Beth Miller, Chief Marketing and Strategy Officer at Magid, a 60-year-old human behavior insights consultancy, joined AMA Minnesota to present Key Consumer Trends Shaping the Future, on September 19. She shared drivers that continually shape and change consumer expectations, which lead to new consumption and buying patterns, new belief systems, and different demands on the products and services we offer. Here are a few of the key consumer trends Beth shared that you can begin to think about today in the context of your brand.

  • Today’s brands are not your mom’s idea of luxury. Non-traditional brands can play in the luxury space by crafting a valuable experience. Consumers today want curated experiences and see luxury brands as those that give them more time, flexibility, freedom and choice.
  • Consumers are jumping in and out of experiences, on demand. They aren’t concerned with loyalty to a brand – they buy whatever is meeting their needs and provides value to them in the moment.
  • Companies who cater to consumer behavior, before consumers even know their own behavior, are setting the standard for top customer experiences and expectations. Take Amazon, for example. You can now walk into a brick and mortar store and scan your phone to make a purchase. Or Starbucks, for example. Don’t want to stand in line? Order your coffee on your phone and simply go to the front of the line and pick it up.
  • Technology by itself is not the real disruptor to brands - failure to be customer centric is the greatest threat. Ask yourself – are you solving a relevant consumer challenge? What are your customer’s expectations? Where can your brand play? How can you engage with your customers in a new way?

Remember to always put the consumer at the core of everything you do.