NOW & NEXT

Ten Consumer Trends
That Will Shape 2014
Winter/Spring 2014
A semi-annual report highlighting ten trends
which we believe will have a lasting impact on
how consumers will be interact...
Explore…
existing consumer research, category-specific
research, industry reports

Pinpoint…
ten important trends that we ...
1. DO SOMETHING
2. POWER OF PURPOSE
3. MAINSTREAM HEALTH
4. MOBILE LIFE

TRENDS

5. NO MORE DATA
6. VISUALS RULE
7. TOO BI...
1

DO SOMETHING
Highlight
The adage, “actions speak louder than words,” has never rung more true. For
too long, brands hav...
2

POWER OF PURPOSE
Highlight
The most successful brands and businesses are aligned around a higher
purpose. Beyond the na...
3

MAINSTREAM HEALTH
Highlight
Health concerns are on the rise across the board. As a result, today’s
consumers approach h...
4

MOBILE LIFE
Highlight
We look to our mobile devices to maximize every moment – relentlessly
accessing always and everyw...
5

DATA NO MORE
Highlight
In 2013, we saw numerous brands including Target, Facebook and Yahoo
suffering ‘privacy breaches...
6

VISUALS RULE
Highlight
The most compelling content is increasingly visual. Visual content also
enhances your brand and ...
7

TOO BIG TO IGNORE
Highlight
The U.S. economy is powered by Americans 50 years of age and older. They
control 77% of the...
8

HEALTH ON-THE-GO
Highlight
Growing concerns about health, together with development of technology,
have created a new c...
9

JUST FOR ME
Highlight
In 2013, nearly three-quarters of consumers claimed to want personalized
products and services, w...
10

CUSTOMER EXPERIENCE
Highlight
Those organizations who not only satisfy, but surprise and delight across
the broad and ...
CREDITS
1. Havas Media
2. Mitch Joel, Harvard Business Review, 11/17/13
3. DELOITTE
4. Jim Stengel and Millward Brown Opti...
Read our blog: trajectory4brands.com/blog
Visit us online: trajectory4brands.com
Contact us: eb@trajectory4brands.com

20 ...
Upcoming SlideShare
Loading in …5
×

Trajectory NOW & NEXT: Ten consumer trends that will impact all marketers, and in particular, health and wellness marketers in 2014

841 views

Published on

This semi-annual report highlights ten consumer trends which we believe will have a lasting impact on how consumers will be interacting with brands. While all brand marketers will benefit from this report, it has a particular slant towards healthcare marketers and health and wellness marketers.

0 Comments
2 Likes
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total views
841
On SlideShare
0
From Embeds
0
Number of Embeds
2
Actions
Shares
0
Downloads
0
Comments
0
Likes
2
Embeds 0
No embeds

No notes for slide

Trajectory NOW & NEXT: Ten consumer trends that will impact all marketers, and in particular, health and wellness marketers in 2014

  1. 1. NOW & NEXT Ten Consumer Trends That Will Shape 2014 Winter/Spring 2014
  2. 2. A semi-annual report highlighting ten trends which we believe will have a lasting impact on how consumers will be interacting with brands, specifically designed to help health and wellness clients to: • PURPOSE better understand their consumer landscape • stay current with consumers’ changing needs, • adjust their marketing plans as appropriate • seize new opportunities to grow business desires and behaviors NOW & NEXT: TEN CONSUMER TRENDS THAT WILL SHAPE 2014 | P 2
  3. 3. Explore… existing consumer research, category-specific research, industry reports Pinpoint… ten important trends that we think will significantly impact our clients’ businesses APPROACH Highlight… what’s currently happening, and why FutureCast… what we think it means for clients NOW & NEXT: TEN CONSUMER TRENDS THAT WILL SHAPE 2014 | P 3
  4. 4. 1. DO SOMETHING 2. POWER OF PURPOSE 3. MAINSTREAM HEALTH 4. MOBILE LIFE TRENDS 5. NO MORE DATA 6. VISUALS RULE 7. TOO BIG TO IGNORE 8. HEALTH ON-THE-GO 9. JUST FOR ME 10. CUSTOMER EXPERIENCE NOW & NEXT: TEN CONSUMER TRENDS THAT WILL SHAPE 2014 | P 4
  5. 5. 1 DO SOMETHING Highlight The adage, “actions speak louder than words,” has never rung more true. For too long, brands have raised expectations as a result of their promises and haven’t delivered. From now on, do what you say or it’s game over. Consider the findings from this 2013 Arena Media study which statistically demonstrates that “meaningful brands” outperform the stock market by 120%. And the sad truth that the majority of people don’t care if over 73% of brands ceased to exist.1 FutureCast The new way to win hearts and minds – and to forge deeper connections with consumers – is to provide true utility by creating marketing that in and of itself, enhances lives in real and fulfilling ways. Mitch Joel at Harvard Business Review refers to it as Utilitarian marketing.2 The recipe calls for looking beyond messaging, making promises and generating transactions by treating customers the way we’d treat ourselves – focusing on what matters most. The equation is a simple one: more customer value equals more business value equals more shareholder value. NOW & NEXT: TEN CONSUMER TRENDS THAT WILL SHAPE 2014 | P 5
  6. 6. 2 POWER OF PURPOSE Highlight The most successful brands and businesses are aligned around a higher purpose. Beyond the narrow confines of a business mission statement, purpose makes clear the organization’s inspirational reason for being – why the brand exists and the impact it seeks to make for customers and in the world. Consider the findings from these studies: • 92% of millennials believe business success should be measured by • “ideals-driven” businesses are more profitable than those that just think • something more than profits.3 about the bottom line.4 purpose is a definitive purchase trigger as consumers will praise and punish companies based on their active support of a good cause.5 FutureCast Purpose-driven brands will be the ones that consumers vote for with their wallets. But to gain consumer trust, companies must clearly communicate tangible, measurable actions they have taken, and the results. Look for more companies to recommit to a core set of values like those of Zappos, Whole Foods and Chipotle; and health-focused consumer brands to move away from functional benefits to more aspirational higher-order benefits. NOW & NEXT: TEN CONSUMER TRENDS THAT WILL SHAPE 2014 | P 6
  7. 7. 3 MAINSTREAM HEALTH Highlight Health concerns are on the rise across the board. As a result, today’s consumers approach health and wellness holistically, as an increasing number integrate more proactive/preventative vs. reactive practices into their daily lives.6 Following this, they’re looking for products and services to help them maintain and improve their whole health – physically, mentally and socially. Consumers are also more aware of the role that nutrition plays in their whole health, and are increasingly looking for more of the good stuff (e.g. “juicing”, gluten free, organic, vegan, etc.).7 FutureCast More and more, businesses that provide new solutions or adapt their products and services to meet the public’s desire for a healthier lifestyle are poised to reap significant rewards. Growth of the health and wellness market is also good news for companies that design, manufacture or sell innovative devices or services to monitor vital signs or fitness. And as consumers increasingly look to self-service technologies and channels, the entire healthcare industry has a tremendous opportuity to reach, engage and interact with today’s empowered consumer. NOW & NEXT: TEN CONSUMER TRENDS THAT WILL SHAPE 2014 | P 7
  8. 8. 4 MOBILE LIFE Highlight We look to our mobile devices to maximize every moment – relentlessly accessing always and everywhere. No longer merely pieces of equipment, they’re the means through which we interact with the world around us – snapping, shopping, scanning, comparing, videoing, looking up, paying. A megatrend of huge proportions, smartphone subscriptions will grow to 3.3 billion by 2018 from one billion in 2012.8 Their indispensability is underscored by this survey from Harris Interactive, which found that 63% of female respondents and 73% of male respondents don’t go an hour without checking their phone. FutureCast In 2014, organizations will need to step back and determine how they are going to meet the challenge of this life-changing trend. How to adapt strategies and delivery mechanisms, content and flow of communications to match the multi-tasking, experience cramming, mobile-loving consumers who are seemingly one with their mobile devices. Once strategies are in place, look for consumers, health and wellness businesses and healthcare providers to turn to mobile and digital communities to connect, learn and engage – opening up tremendous opportunities across the entire health ecosystem. NOW & NEXT: TEN CONSUMER TRENDS THAT WILL SHAPE 2014 | P 8
  9. 9. 5 DATA NO MORE Highlight In 2013, we saw numerous brands including Target, Facebook and Yahoo suffering ‘privacy breaches’ that revealed customers’ information, as well as the leaked actions of a government agency. It’s no longer just a paranoid minority, but a vast majority of consumers, who are concerned about the 82% OF GLOBAL CONSUMERS BELIEVE THAT COMPANIES COLLECT TOO MUCH INFORMATION ON CONSUMERS. Adobe, June 2013. amount of data made available every time we use our mobile devices, particularly as it relates to personal, medical and financial data. FutureCast In 2014, consumers will gravitate to brands that offer brilliant service, while also publicly abstaining from the collection of their personal data. The challenge for businesses will be finding a balance between the very real benefits of data collection and utilization (recommendations, cross-selling, personalization, enhanced ad revenue and more), and earning the trust of increasingly HACKED OFF consumers. At a minimum, brands will need to adhere to the 4 C’s of mobile marketing: • Control (helping consumers understand what will happen to their data) • Choice (giving them the option of what data to share and what to withhold) • Compensation (giving them something in exchange for their data) and • Commitment (keeping consumers’ data totally secure) NOW & NEXT: TEN CONSUMER TRENDS THAT WILL SHAPE 2014 | P 9
  10. 10. 6 VISUALS RULE Highlight The most compelling content is increasingly visual. Visual content also enhances your brand and dramatically increases user engagment and ROI. Consider that on Facebook, videos are shared 12x more than links and text posts combined; and photos are liked 2x more than text updates.9 With 40 million photos uploaded daily and 90 million monthly active users, Instagram is the fastest growing web property on the planet.10 Considering these statistics, it’s not surprising that businesses are jumping on the visual bandwagon. FutureCast In 2014, look for more of your competitors to use short visual content to feed consumers’ on-the-go consumption. Visual content gets shared more, gets more engagement on social, communicates information more quickly and easily than text (to the tune of 60,000 times faster than written words11), and is worth more in SEO. NOW & NEXT: TEN CONSUMER TRENDS THAT WILL SHAPE 2014 | P 10
  11. 11. 7 TOO BIG TO IGNORE Highlight The U.S. economy is powered by Americans 50 years of age and older. They control 77% of the country’s financial assets, 50% of all discretionary income and stand to inherit $15 trillion in the next twenty years. By 2017, they’ll represent 50% of the population. Baby boomers in particular, born between 1946 and 1964, spend more than any other age group on leisure and lifestyle and personal care products. It’s also a demographic segment that will grow some 22% over the next decade, while the 18-49 segment grows less than 5%. FutureCast Boomers, the consumers who’ve supported your brand for years, are still valuable on all the dimensions that health, wellness and leisure marketers value. Brands who know how to help them stay vibrant, connected to what they care for most in life, and healthy inside and out will be the winners. Win your fair share of their business by getting beyond the stereotypes that may be substituting for hard data. They make no ecomonic sense and they’re holding your business back. Net: figure out a way to maintain their loyalty or to win them over before your competition does. NOW & NEXT: TEN CONSUMER TRENDS THAT WILL SHAPE 2014 | P 11
  12. 12. 8 HEALTH ON-THE-GO Highlight Growing concerns about health, together with development of technology, have created a new consumer market for health on-the-go. To date, it includes devices that intelligently track fitness activity via GPS or that track vital signs, such as body weight, sleep patterns, heart rate and glucose levels. To date, there are already 13,000 healthcare apps available in the App store. FutureCast With so many apps available, consumers, worried about safety, will likely seek advice from their physicians. In turn, the medical profession can use this as an opportunity to reduce costs, improve compliance, and monitor patients. As these digital experiences become even more integrated into everyday life, look for health plans and health providers to begin including these remote monitors into their offerings. NOW & NEXT: TEN CONSUMER TRENDS THAT WILL SHAPE 2014 | P 12
  13. 13. 9 JUST FOR ME Highlight In 2013, nearly three-quarters of consumers claimed to want personalized products and services, with personalization deemed to be the most influential factor in determining value for their dollar.12 Personalizaton also enhances perception and promotes higher brand loyalty, which in turn increases profit margins. The rise of digital, social and mobile is directly tied to this growing trend, as consumers know you have a wealth of data about them and expect you to use it to customize to their preference and needs. For these consumers, cookie-cutter approaches hold little interest. FutureCast The trend to satisfy the desire for personalized products must be tempered with the fact that too much choice leads to dissatisfaction and can negatively impact performance. Procter & Gamble, for example, saw sales of its Head & Shoulders shampoo grow 10% when it reduced variations from 26 to 15.13 It’s a delicate balance of offering consumers a high level of personalization, yet not overwhelming them with unnecessary variety. NOW & NEXT: TEN CONSUMER TRENDS THAT WILL SHAPE 2014 | P 13
  14. 14. 10 CUSTOMER EXPERIENCE Highlight Those organizations who not only satisfy, but surprise and delight across the broad and multi-channel path-to-purchase will reap the reward of more business. According to Zengage, consider that 40% of people began purchasing from a competitive brand because of its reputation for great customer service, while 82% stopped doing business with a company due to bad customer service. FutureCast Given the high stakes, we look for more companies in 2014 to: • • create roles like Chief Customer Officer and Chief Experience Officer integrate mobile, tablet and social media community management into overall experience management; along with moving customer experience management beyond the exclusive purvue of the marketing department • see the connection between employee engagement (and their ability to make suggestions and provide feedback) and customer experience In their book Outside In, Manning and Bodine believe that over the next decades, literally every company will compete on the basis of customer experience. In fact, they already do – most just don’t realize what that really means, what’s at stake, or how to do it well.14 NOW & NEXT: TEN CONSUMER TRENDS THAT WILL SHAPE 2014 | P 14
  15. 15. CREDITS 1. Havas Media 2. Mitch Joel, Harvard Business Review, 11/17/13 3. DELOITTE 4. Jim Stengel and Millward Brown Optimor 5. Edelman GOODPURPOSE Study 6. Hartman Group: Reimagining Health & Wellness, 2012. 7. Datamonitor 8. Ericcson Mobility Report, 2013 9. Simply Measured 10. Likeable Media, 2013 11. 3M Corporation 12. BDC: October, 2013 13. BDC: October, 2013 14. Outside In: Harley Manning, Kerry Bodine, 2012 NOW & NEXT: TEN CONSUMER TRENDS THAT WILL SHAPE 2014 | P 15
  16. 16. Read our blog: trajectory4brands.com/blog Visit us online: trajectory4brands.com Contact us: eb@trajectory4brands.com 20 Community Place • Morristown, NJ 07960 • 973.292.1400

×