Predicting consumer behavior has slowly developed into its own separate industry. This means that gone are the days when companies would blindly gauge the interests of the masses and market to them accordingly. These days, brands need all available information regarding their consumers, their motivations, impulses, and thoughts. It’s the only way to really market to a big audience nowadays, and it’s no easy feat.
That’s why there are more and more companies popping up that serve to bridge that gap between the brand and its consumers. With the evolving world and social media platforms, the key element to marketing is understanding what consumers really want, or care about, as well as how they are being influenced by the cultural landscape they come from.
While some of their wants or motivations are relatively easy to figure out, such as knowing that new mothers need great diapers, others are a lot trickier to figure out. These motivations involve consumers’ beliefs, emotions, and values. And it’s up to companies who work with predicting consumer behavior to figure all of this information out.
What Does the Research Say?
With predictions and projections that state that younger generations, specifically Millennials, are going to be spending around $1.4 trillion this year, figuring out what they will be spending that money on is the key element in tailoring the campaigns, products, and services to them.
According to research from 5WPR, the key element in making a purchase for anyone, Millennial or otherwise, is knowing that the product they are getting they’ll end up using thoroughly. This is what makes consumers feel that they’re making a good decision whenever they make a purchase.
However, aside from knowing this type of information, most brands also need to develop a marketing and PR strategy that incorporates this data, as well as all of the other details surrounding the marketing industry. These include whether the brand will be using traditional advertisements to market the products, use the relationship that online influencers have with their audience, or get a celebrity to endorse their products. All of this probably seems like a lot of work. Starting with figuring out the newest product or service, to the right way to inform an audience about it, to finally getting the audience to buy that product takes a lot of time and effort.
How Can 5WPR Help?
With big-name clients like Payoneer, Sodastream, L’Oreal, and many others, companies don’t have to think too hard or work too much on deciding whether a sponsored post on Instagram is going to get them the results they need. There’s no need to get a team that will brainstorm ideas about how a new product is going to meet consumers’ expectations while also aligning with their beliefs – as the current biggest group of consumers, the Millennials, seem to want. In fact, things seem to be a lot trickier when it comes to marketing to this particular group of consumers, since they tend to have a lot of high expectations from the brands that market to them. So much so that about two in three of them have ended up boycotting a brand or a company that they previously shopped from, simply due to that brand’s opinion on an issue that they cared about. Moreover, they hold government officials and practically everyone with significant influence up to that same standard.
It’s evident from all of 5WPR’s research that Millennials really like putting their money wherever their hearts are. They have the same expectations as the brands and public figures that they choose to support. That means that, for brands to be on good terms with this group, they need to give back to the communities and work to make the world a better place overall. All of this information leads to the following conclusions: in order for brands to market to any given consumer group, they need to tell attention-grabbing stories, often ones that will tug at the heartstrings of consumers. The future might be digital, but research has shown that traditional marketing strategies are still working. Still, the digital sphere is a great way for consumers to discover great new products.
No matter which marketing strategy a brand decides to follow, everything is a lot easier if the people in charge of that strategy really know the consumer they’re selling to – and all of this is a lot easier when 5WPR helps reach those goals.