Consumers' New Consumption Trend

Marketing Analytics

With the evolving world, marketing trends and techniques evolve as well. According to Forbes, many trends are arising or are changing rapidly. To market to the audience correctly, one may have to review some of the marketing methods as it may be passé. One of the rising trends is that the millennials have a new consumption behavior. Typically, younger consumers have different emotional needs and values (due to the newer marketing techniques), causing them to want a different product. This is unlike the older market, who are much more familiar with traditional marketing which makes use of both emotions and values.

There was a research that showed that 51% of millennials are not brand conscious and are willing to experience with different products to see what works best. This is a stark contrast to the older generation - who are more brand-loyal, as they grew up with fewer products available in the market and different marketing tactics. Notwithstanding advertising channels, the access to information right at their fingertips has also resulted in a change in their consumption patterns. Pricing can also be the main decision criteria for millennials, causing them to choose something of a lower price as opposed to the brand.

Essentially, to garner sales from the millennials, the brand must be unique to win over low-cost alternatives or just other alternatives in general. Unique would mean that it benefits the consumers in a way that another brand cannot. To them, the best product would win. It could be the best in terms of pricing, the product itself or any other added advantages. Additionally, millennials love to customise their own experience as well - evidently seen from the rise of Spotify where a personalised playlist is generated for the consumers, and they can create their own playlists as well.

A simple way to distinguish your brand from the crowd is through personalisation. This can be as simple as sending customers an email in the event of a sale, or if there are any products that they might like based on their interests. One can also think about switching the product design to something that would attract consumers' attention. Ultimately, to distinguish oneself, there is no need to change the entire product inside out. All is needed is extra effort to understand what they like and change accordingly to remain viable.