Today’s consumers have undergone a considerable transformation. As we call them, “new-age consumers,” they know exactly what they want and are more cautious when making purchases. They are more informed about current events, new items on the market, and their advantages. They are more willing to research ratings and reviews before making a purchase.
Brands are finding it difficult to capture the attention of such customers. They switch between numerous things in the internet realm, making it difficult to capture and hold their attention.
Brand Guru Jagdeep Kapoor, Founder, Chairman & Managing Director of Samsika Marketing Consultants, commented on the new approach of engaging with new-age consumers, saying that new-age consumers are not just urban, but also rural. Progressive farmers or city teenagers, traditional housewives, young children, or even senior individuals could be the target.
It’s also worth noting that it cuts beyond product and service categories — it may be hospitals or hospitality, hotels, and restaurants, consumer durables or technology gadgets, FMCG or textiles, or pharma or OTC items.
Consumer behavior is continually evolving, and brands must adapt to stay connected to them. While AI, Chat Bots, Machine Learning, and fingertip access to information have all helped marketers and customers make better decisions, it has also created several issues for individuals.
Harish Bijoor, Brand Guru & Founder, Harish Bijoor Consults Inc., elaborated on this by saying that new generation consumers place a high value on communication. But not in the traditional sense. In the past, communication was a one-way track. Top-down marketing, advertising, and public relations were used to communicate with the consumer.
A two-way communication format is important to the new era consumer. He, she, and they all want the ability to respond. Brands that understand this and incorporate this dynamic reversal process into their DNA are successful.
Not only have millennials’ objectives, desires, and expectations evolved, but so have their media preferences, according to Sambit Dash, VP of Marketing at Mamaearth. Viewership of digital media, such as social media, video streaming platforms, and over-the-top (OTT) channels, has increased.
Simultaneously, internet commerce via direct-to-consumer companies and e-commerce marketplaces has increased in penetration and business size. All of this enables brands to become more data-driven, allowing them to employ analytics to decipher consumer preferences at a granular level and develop customized communication strategies tailored to meet their specific demands.
Millennials are searching for firms that produce high-quality items at a reasonable price and go above and above with a social or environmental mission. Transparency and genuineness are important to them. New generation consumers are adept at distinguishing between brand advertising and actual brand actions. And they’re more drawn to brands that serve a higher purpose.
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