Trend-spotting for small businesses
Trend-spotting is part art and part science. I love trend-spotting, especially when it comes to uncovering the trends that are shaping my world, both business and personal. Many research firms release their predictions at the beginning of the year, which I find laughable, since trends tend to ignore the calendar.
In today’s blog post, I have consolidated a huge number of forecasts down into 5 major marketing trends that small businesses need to pay attention to. These cover the global macro-level trends all the way down to the smaller micro-trends that may directly affect your industry niche or business.
Finally, as a bonus at the end of this post, I have included the 17 megatrends that Faith Popcorn’s BrainReserve research group has been tracking over the years. You may not know her name, but you will recognize her trend-spotting expertise. Many of the trends her firm has identified over decades of research work.
For example, the Cocooning trend represents our need to protect ourselves from the harsh, unpredictable realities of the outside world. It started out as a consumer home trend. It has now evolved into areas such as hotels catering to our every personal desire and need, with the integration of Small Indulgences, Pleasure Revenge and Fantasy Adventure.
The top 5 marketing trends you should know
Trend-spotting 1. Integration of online, social and mobile marketing
This trend is not new. However, it is finally starting to become a reality as companies learn how to use AI, data-driven programs and tools to make real integration possible.
In the future, it may become a strategic differentiator in your customer’s experience with your company and your brand. Previously, companies were obsessed with digital marketing, especially the technology and tactics used at the bottom of the sales funnel. These tactics creeped a lot of us out, or completely turned us off with their unethical practices.
Consequently, the pendulum will now hopefully swing back to focusing on the human side of marketing. Businesses need to learn how to use these tools to build ongoing engagement and longer-term brand equity instead of focusing on short-term lead conversion and sales generation tactics.
Pay close attention to how your customers react to AI and data-driven marketing, and whether your competitors use it.
In other words, use technology to make your long-term customer experience a priority. You have access to digital tools and technology to incorporate your customers’ stories into your brand story and empower them as your loyal brand ambassadors.
Brands that are more willing to interact with customers publicly will have a strong impact—and brands that can show how this engagement influences their products and services will make an even bigger impact.
Personalization: Connecting Content & Data—Ethically
Your company’s demonstration of respect for personal privacy and information will now form an important part of your reputation. 2018 was a rocky year for consumers' privacy, riddled with high-profile corporate scandals such as FaceBook.
As a result, trust tanked. New laws such as General Data Protection Regulation (GDPR)—plus California’s privacy law, which comes into effect in January 2020—means you must pay close attention to how to handle your customers’ privacy, data and financial details.
As a consequence, people are starting to notice which businesses “walk the talk” and are trustworthy, and which ones don’t. Earn your customers’ trust by respecting them and being totally transparent and ethical about how and when you use their information.
Give them control over how their data is being used. As a result, you will earn their trust. In a global online economy marked by hacks, leaks and identity theft, people will favor the businesses that can promise them a safe business experience.
The continued rise of green consumerism
Millennials are leading the charge when it comes to environmental concerns impacting their purchasing decisions. From vegan health and beauty products to free-range protein and recycled plastic products, their conscious choices around lifestyle and purchasing are driving the sustainable movement.
Consequently, their influence will only continue to grow. Global data shows firm evidence for this. Millennials (aged 22-35) are more likely than any other generation to say that they would pay extra for eco- friendly or sustainable products. Over 60% say this, compared to 55% of Gen X (aged 36-54) and just 46% of Baby Boomers (aged 55-64). Gen Z (58%) are close behind, and figures for this generation are only likely to grow as its members’ disposable income grows. (data from Global WebIndex research)
Gen Z takes the stage and makes big waves
Generation Z, our youngest generation, has increasingly taken the place once held by millennials among marketers. Gen Z are leading the charge towards new forms of brand-consumer relationships based around experience and entertainment. Their adoption of creative and social media tools is blurring the boundaries between experience and technology.
Their influence is already impacting retail. As Faith Popcorn’s BrainReserve research group reports, immersive events are customer candy for this generation—and the more digital integration involved, the better.
Most noteworthy, pay attention to how this generation navigates where to go and what they get. They are the predictors who will show you how their shopping preferences will influence other generations’ purchase behaviors.
Social media is becoming ever more powerful in steering shoppers
41% of Gen Zers are influenced by Facebook ads, 30% by what they see on YouTube, and 26% by Instagram—and that doesn’t include the additional boost delivered by seeing brands in influencers’ feeds. (data from BrainReserve study)
As a result, retailers are already shifting their approach. Stacy Martinet, VP of marketing strategy and communications at Adobe predicts that engaging content is going to play a big role in retail commerce strategies in 2019, with an emphasis on nurturing customers so that when it is time to buy, your brand or store comes to mind first.
In addition to online, the move toward experiential commerce will be felt offline as well, McKinsey’s Heller said. Studies already show that consumers who shop both online and in-store have a 30% higher lifetime value than those who shop using only one channel.
Hence, it’s no longer "Caveat emptor—Let the buyer beware," but “mercatus emptor—Let the marketplace beware.”
It’s loyalty 101: The one-time transaction might bring in some short-term results, but it’s the true fans of your brand and products who will be lifelong shoppers
The growth of micro-influencers
Several larger cultural trends are shaping seismic shifts in who people listen to. Influencer marketing is also a classic social media strategy. Brands have always relied on celebrities and leading influencers for product endorsements and generating credibility. That is now shifting to micro-influencers as consumers now rely on their peers.
As our monolithic culture continues to splinter and break up, micro-clans are emerging as major players. Micro-influencers are the spokespeople and commentators for these niche audiences. Witness the growth of paleo and ketogenic diets, cannabis products, meatless meat and a host of other culturally influenced products and services that did not exist 10 years ago. Each of these micro-clans and movements has their influencers and leaders.
In short, you need to track both the macro-level influencers as well as these emerging micro-influencers who are relevant to your business and brands.
Bonus content: Trend-spotting with Faith Popcorn
Here is a short list of the trends that are currently rocking our world. Read her blogs for a provocative look at trend-spotting to forecast what our future holds.
- Cannabis high – How high will we go? The legalization of cannabis is hitting like a tsunami, much like the Internet dotcom boom of the late 90’s.
- 99 lives – People’s lives are in high-speed mode as we deal with a crisis of too little time and too many things on our plates. Digital Nomadism is emerging as a solution to provide safe, comforting third space places away from home.
- EVEolution – The rise of women’s influence on business and society. How women think and behave is forcing major marketing shifts.
- Your Gender-Free Future – The era of his-n-hers is dying, thanks to the rising generation. As the BrainReserve reseachers take extra pains to note: “One’s sense of gender has nothing to do with a person’s sexual identity – who they are attracted to romantically – but has everything to do with their perception of self and how they feel in their own skin.”
The bottom line from the BrainReserve team:
You need new sensitivities, flexibility – and the ability to share information and let your customer make decisions, without being told how they should feel.
- TrendBank, which is the repository of 17 deep societal currents
- 10 Marketing Trends to Watch in 2019
- The 5 Biggest Marketing Trends For 2019 This article is part of a series about 2019 trends, predictions, and new opportunities. Click here for more.
- Forrester Consulting study commissioned by Adobe in April