What’s a pack without a leader? Headless. What’s a ship without a captain? Sinking. What’s a company without a succession plan? Direction-less. No exaggeration this. Packs need leaders to establish supremacy, ships need captains to reach shores, and your company needs a succession plan to stay relevant.
Consumer Trends You Need To Know
by Afni Mahfodz | Senior Specialist - Value Proposition Management, Enterprise Maxis
Consider this - Almost 80% of global consumers have smartphones, nearly 10% own wearables, more than 50% have tablets, and 7% own all three. This consumer landscape has evolved so rapidly and is constantly redefining the market. The consumers of today are tech savvy, indecisive, have high standards, young and rich. These are the masks they wear and it strikes an ever-increasing challenge to marketers.
As market realities change and create new faces of customers with each passing day, the answer lies in technology and psychology —getting into the mind of the consumer to unveil what customers really want.
The Rise of Mobility
The average person checks their mobile device 100 times a day, according to IDC Always Connected report. This, says the report, makes mobiles an important channel for brands to connect with people, especially in Southeast Asia.
Today’s hyper-connected consumers expect businesses to have a mobile presence and would most probably look past companies that don’t have one. They want to do everything through their mobile devices, and that’s why you need to ensure that your company grabs their attention.
Businesses are resorting to sell their wares through chat platforms, which is increasingly becoming more of a sales channel more than just an instant messaging platform.
The writing’s on the wall: If you want your products and services to be taken seriously, you’ll need to get on your customers’ mobile devices. Most companies have acknowledged that and are making their presence felt
The Reach of Social Media
According to a study by Deloitte, consumers check Facebook 14 times a day. That’s an incredible opportunity for sales to convert those Facebook visits to potential leads by targeting the right audience with the right product.
Nothing has influenced the modern buyer’s mind more than social media. There’s a reason why there are marketing teams and research analysts whose primary responsibility is to scrounge through social media and read between the lines.
Concepts like consumer sentiment analysis have become popular because marketers are trying to track the correlation between brand affinity with brand perception. Consumers are constantly talking about brands and products and services they love—and more importantly, what really gets their goat, on like Facebook, Twitter and Instagram
The Popularity of Personalization
Nobody wants to be just another face in the crowd. Buyers today want to stand out and be noticed. That’s why having their own identity—especially in the virtual world—is all the rage these days.
And when companies acknowledge that, buyers are delighted. Gone are the days when ‘carpet bombing’ used to work wonders. One size no longer fits all. Today, consumers expect businesses to understand their specific needs and speak to them with a degree of familiarity.
The average consumer goes through at least five touchpoints before converting. That’s a long sales cycle and businesses can no longer afford that. That’s where targeted marketing—like programmatic marketing—steps in.
Take for instance, product recommendation features—like the people you may know feature—on Facebook and Amazon that prompt buyers. This helps buyers look at possibilities they didn’t know existed. That’s something modern buyers are beginning to expect.
The Growing Middle Class and Millennials
There’s no doubt that there is growing middle-class population in Malaysia. With income and spending capacity increasing in Asean countries, the standard of living of the middle class has increased significantly. But what does this mean for your business? Simply put, it means a bigger world of potential customers.
What makes the middle class even more interesting is that it’s brimming with millennials—another target audience that fits right in the middle of the paradigm shift happening in what’s increasingly becoming a buyer’s market.
It is estimated that by 2020, millennials will comprise half the global workforce, according to Catalyst. That’s a whole generation of customers with disposable income. Your next step is to get a hang of these forces that are shaping the consumer, hyper-personalize your product with the right messaging and you will be in a better position to sense the pulse of the customer and take your business to the next level.
A mobile-first approach makes it easier for businesses to enhance customer engagement, boost user experience, and increase the overall buyer experience. Morgan Stanley revealed that since 2014, mobile devices have witnessed more active internet users than desktops. Google’s Consumer Barometer 2015 revealed that 52% of Malaysians access internet using smartphones. Another report by statista.com pointed out there will be 13.7 million smartphone users in Malaysia by 2019 and that by the end of 2016 the country will boast of having more than 11 million smartphone users.
It’s exciting times for online business owners in Malaysia, especially considering the rapid internet and mobile penetration in the country. According to We Are Social, 71% of Malaysian adults own a mobile device and 81 million Malaysians are active mobile users and 47% of them use mobiles to shop online. All these numbers actually translate to huge business opportunities for e-commerce and digital native businesses. But, there are a few key areas that business owners need to keep in mind to ensure a successful online endeavour. Here are four: