“All of us are secure, or none of us are.”
Edward Snowden
Funny how we can evaluate this fact in any light and it would still ring true. The pandemic, data protection, and the elements of privacy and personalization for market research firms.
What do consumers today want?
Churn rate is a challenge even in market research firms. Especially with the economic slump on account of the pandemic. If there is anything that can help tackle the problem for businesses, it is tech-enabled solutions. In market research firms, engagement with your consumers must be an ongoing priority.
But how do companies today build meaningful engagement with their consumers? Let’s take a look at the unique needs of today’s consumer.
Today’s consumers
Being connected becomes a prerequisite for participation in society. Generation C or ‘the connected consumers’ is a powerful new force that deeply cares about the creation and curation of content that is highly personalized. That said, privacy becomes a matter of concern.
People have always been creative and community-oriented, but the power of the internet has given them access to this like never before. As a result, personal and business activities like ‘socializing, work, commuting, shopping, and entertainment’ mingle seamlessly. While age is not part of this equation, Google says that 80% of this demographic consists of millennials. In developing countries like India, this population is mostly urban and suburban. The internet is no longer behind a computer and their digital life is second nature to them.
Evolving trends
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Screens everywhere.
Members of Generation C can access their digital life from multiple digital interfaces and devices in a world where services and data are interconnected by cloud computing. Personal identity, payment details, memberships in social communities, subscriptions, and shopping preferences make your market research more comprehensive.
Technology and high-speed internet are entwined in the life of Gen C. The costs of iPads, smartphones, PCs, and smartwatches continue to fall making them more affordable across different social segments. Furthermore, the post-COVID crisis has forced the already evolving digital ecosystem to transform dramatically almost overnight. Large organizations are leaning towards non-traditional hierarchies and a major component of white-collar workers is working virtually. Geography is no longer a factor in forming communities and organizations as most people stay connected round the clock from the comfort of their homes.
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Access and transparency.
The abundance of information and access to it allows consumers to choose the information they want and how they want to consume it. While the breach of privacy and security concerns exist, the mechanisms to secure and process personal information are more sophisticated today. This has enabled information disseminators to provide real-time, highly personalized information. The advantage of physical location, online status, preferred communication channels, interests, shopping habits, passions, and friend networks allows them to do so. Their digital devices allow them to communicate through multiple channels via voice, text, video, and data – either separately or all at once.
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Brand engagement.
Ubiquitous connectivity has impacted every industry, forging an innovative integration of the online and offline worlds. Augmented reality will allow the more elaborate presentation of products. Social networks also become critical for brand awareness and customer preferences.
Catering to the needs of Generation C is key to making it big in the modern market. Mainstream ATL and BTL marketing techniques are going out of vogue with this savvy, ad-blocking audience.
This said new models of commerce are seeing fundamental changes. Ecommerce, telecommunication, and the omnichannel experience take the center on this stage of increased connectivity in both B2B and B2C. Brands that generate new monetization models driven by equal partnerships with consumers and manufacturers alike, gain more ground. The market is shifting and companies that adopt the right technology will see better returns.
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Buying behaviors.
Apart from retail, the other sectors to be majorly affected are telecom, healthcare, and travel. Increased digital sophistication and interaction proliferate the emergence of skilled and innovative digital entrepreneurs. These entrepreneurs are quick to recognize the changing needs of the Gen C population and are likely to disrupt traditional business models.
Brands who are tech-driven, ecologically, and socially sustainable resonate with this audience most. Participation with these brands in the form of likes, shares, comments, and reviews adds immense value to their experience as customers.
Social networking and consumption patterns share an osmotic relationship as a consequence. Facebook already hosts 50 billion photos of its members. Commercial success is redefining itself because of viral marketing and positive peer reviews.
Opportunities for revenue
We see new revenue opportunities with the emergence of Generation C.
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First, the demand for seamless connectivity will create the need for offline and online integration. As a result, retailers will have to re-think their business models.
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Second, the behavior patterns and purchase decisions of Generation C will create opportunities for a highly personalized consumer experience. We already have the means to get there with mobile technology, social networking, digital payments, and information access, etc.
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And finally, brands can mix experience, design, content, SEO, and technology to forge customer relationships like never before. And this audience is more than happy to give, provided, brands are more transparent about the data they ask for.
The connected consumer is wired to build conversations and learn from each other. The sooner market research firms and their customers catch up with these evolving trends, the bigger the impact demand from the end consumers.
