Changing Consumer Trends

As the advertising industry evolves, so do consumer habits and preferences. There has been a drastic change in the consumer trends 2022 as compared to current consumer trends. Customer behaviour is the most important factor in creating a successful marketing campaign. But customers are human, and their behaviour can be volatile and unpredictable. So what looks like a great marketing approach in the boardroom may not actually be that effective. 

We recently attended ad:tech New Delhi, a 2-day event which brings together the brightest and most influential brands, agencies, publishers, and technology providers to discover the future of marketing and do business face-to-face. This event gave us valuable insights into the changing consumer trends. 

Let us uncover 5 most valuable consumer behaviour insights that brands can utilise for growth in 2023:

1. Power of storytelling

“Telling your story consistently is extremely important for brands to capture the attention of the audience” - Shantanu Deshpande, Bombay Shaving Co. 

Consistent brand storytelling helps build a personal connection with consumers. It evokes emotions within your audience & establishes a networking relationship. According to The Drum, consumers are exposed to 5,000+ brand messages every day, but they are aware of about 86, with only 12 making a lasting impression. For instance, Amul has presented constant storytelling with the help of its mascot lady, which has allowed them to connect with the audience, leave a lasting impression, and foster a community of engagement. 

2. CTV ads for the win

“CTV has become a very big part of advertising today. Marketers are rethinking their media strategy in this new age of CTV” - Gavin Buxton, Magnite.

Connected TV gives viewers a new way to access all their favourite content across linear TV, OTT, and all connected devices in one place. This new era offers brands an exciting opportunity to reach fragmented audiences. According to Digiday, interactive CTV advertising showed an 85% completion rate, which means users often watch ads on CTV all the way through. Hence, marketers can expect a better engagement rate with CTV ads. For example, Samsung is offering an ads platform to brands to have placements spanning Smart TV, CTV, mobile, and every connected device.

3. Resonate with customer values

“Consumers nowadays are looking for brands that are delivering real values” - Priya Choudhary, Google India.

Defining and demonstrating your brand values encourages like-valued people to reach out & purchase your products and services. Consumers nowadays are much more aware of their values, and they prefer to connect with brands that resonate with those values. 77% of consumers prefer to buy from brands that they share values with. For instance, H&M’s recycling old garments program attracts people who care for sustainability as their initiative resonates with their values. Similarly, if a beauty product is not cruelty-free, it will not attract consumers who love & care about animals. 

4. Personalisation is key

“Personalisation has led to receptiveness for success. The need of the hour is personalised ads” - Shalini Poddar, Disney Plus Hotstar. 

Personalisation has become a key for brands to boost engagement. Consumers have now changed their definitions of advertising. For the majority, personalised advertising means creating unique content, based on their previous purchases. As per stats, around 71% of consumers prefer ads that are tailored to their personalised interests & shopping habits. Since India is a country of multiple languages, consumers also look for personalisation through culture. For instance, Dabur quoted in the event that their regional language ads have a better CTR because consumers like to have personalisation in what the brand is presenting. 

5. Importance of consumer feedback

“Big brands don’t have a feedback loop. This is where new-age brands are flourishing” - Vinay Singh, Fireside Ventures.

Listening to customers & acknowledging their feedback has become the need of the hour today. It not only helps to improve products and services but also helps brands measure customer satisfaction.  According to Forbes, customer-centric brands are 60% more profitable than companies that are not. New-age brands like Noise are creating a differentiator by relying on consumer feedback. They directly connect with their consumers to understand their needs & work with them accordingly. Hence, brands need to create a constant loop between themselves and their customers to increase brand loyalty.

Conclusion

These are some of the consumer trends today that brands must be aware of & consider while developing their marketing strategies. Knowing trends in consumer behaviour before they are visible gives businesses an unprecedented advantage over their competitors. The adage “know your customer” is as true today as it was then, and with rapidly changing consumer behaviour, businesses should stay up to date and understand trends in customer experience and customer expectations.