Marigold, in conjunction with Econsultancy, have released a report based on the findings of European consumer attitudes and trends. This is Marigold’s fourth consecutive annual report of the Consumer Trends Index.
In the Consumer Trends Index, we will dive into the factors impacting consumer behaviours and their changing trends. The data comes from over 7,000 consumers from UK and mainland Europe; collected in late 2022. This report covers:
- Which channels consumer prefer to connect on
- What value exchanges elicit engagement and attitudes to the predicted economic recession
- How we can plan relationship marketing strategies accordingly with the latest perspectives and guidance
In this report summary by CXM, we will take you through what the report covers with some important takeaway statistics. You can download the full report from the CXM site.
Messaging channels & budget awareness
With emails outperforming banner ads and SMS by 100%, digital advertising is starting to take the backseat. 38% of marketers are now expecting their advertising budgets to shrink this year. This is in line with the recent & current financial crises, and shrinking need for banner ads. Investing money into the right channels and methods is more important than ever.
In this, the Consumer Trends Index has noted how important budgets are – not only for marketers, but for consumers too. 42% of consumers will now start to hunt down the best prices when they are in the purchasing process. Consumer behaviours are changing, so we must change to meet them.
Although consumers will now start to seek out the best prices, they still expect the best-in-class communication with brands. Of what consumers value the most from brands, it has been cited as:
- Those whose messaging delivers a consistent user experience, irrespective of channel
- Treating data responsibly
- Rewarding consumers for loyalty
- Striving to build strong relationships
A stand-out message of this section of the report is this – ‘consumers have had enough. It’s time to truly personalise your messaging’. Personalisation hits every point above in the right way.
We all know that consumers want to be heard and understood by the brands they connect with. Truly personalised messaging is the core of relationship marketing. Make sure you’re utilising data to build a strong case for each customer. Give them the personalised, tailored experience that will make them want to return.
Brand loyalty
With these personalised, excellent experiences done right, brand loyalty from those customers will follow. Only a third of consumers are not loyal to any one particular brand. And that’s down to the fact that brands often (and should) reward consumer loyalty – a great benefit and selling point to the consumers themselves. Emotional connection is key.
The Consumer Trends Index found that the following are what consumers find particularly important to them:
- Product availability
- A plentiful range of options
- Offers and promotions
- Quality of product or services
- Good customer service
Knowing that your brand is doing everything it can to upkeep these areas is crucial. 38% of consumers have switched away from a previously favoured brand in the last year. However, you can win them back. Almost three quarters of those consumers commented that, with the right encouragement, they can be won back.
What’s the answer to this?
All consumers want are no-fuss, straightforward, and positive experiences. On the whole, consumers are willing to share information to help strengthen their experiences and relationships with brands. This is something brands could and should be utilising. Let’s harness customer loyalty for the benefit of everyone.
However, there’s so many things that are changing and running out of steam. As we’ve found out, some forms of advertising are dwindling away. Concerns about consumer data and their privacy still remain. And now, we’re living in eras of uncertainty and daily issues we’re all struggling with…again.
One place to start is with confiding in the Consumer Trends Index report. This will help you understand the current climate of consumer sentiment and behaviour. Improve your methods and reap the rewards. As the report says – ‘online customer experience is good, but it can always be better’. Find the better sooner rather than later.
Learn and help to empower your brand.