|
 |
Home  About YouInsights |
 
|
|
| Storm season, snowboarding and social trends |
The ferocity of Brisbane’s recent storms reminds us that reading small shifts in weather patterns is important in understanding the big picture of climate change. Likewise, adapting to the 21st century business environment requires an ability to see and respond to social trends. Here we take a closer look at some of the social trends impacting the foundations of marketing.
|
| It’s all about the customer | |
Product-focused, “build it and they will come” marketing doesn’t cut it anymore. Consumers are switched on to their power to influence the success or failure of a new product or service. Even Apple, one of the world’s strongest brands, suffered some criticism at the launch of its new iPad over whether it provided something new and useful to the market. Smart companies are taking a customer focus in the way they create and modify products and services.
|
| Get them to be part of the process | |
Here’s where snowboarding comes in. The International Olympic Committee (IOC) uses community engagement and feedback to decide whether certain sports need to be added to or retired from the Olympic line up. Recognising the need to attract new and younger audiences, and the increasing professionalism of the sport, the IOC has made snowboarding more prominent since its 1981 Olympic debut. The Olympics provides a classic case for holding on to tradition while adjusting to social change.
|
| Price sensitivity applies to more than sock shopping | |
Through the GFC, consumers and companies became highly price sensitive, leading to significant cost cutting as a business development strategy. This has impacted brand loyalty and it’s not just in the domain of fast-moving consumer goods (FMCG). Major corporations are shopping around when looking to award significant business contracts, with price a key determinant. In line with this, we recommend that companies review their value proposition – which means knowing what your market expects as a natural part of doing business with you.
|
| Your geographical reach is global | |
The internet not only gives you access to a global market, it places you there whether you like it or not through your corporate website – your 24/7 online ‘office’. People are using the internet as their first port of call for research and customer reviews and have the ability to contribute to the discussion online – a direct impact to your reputation and brand. What does your website say about your business? Is it current? Is it user-friendly? Does it create the best possible first impression for potential clients and customers?
|
We have seen a steady rise in demand for Three Plus’ market perception surveys on behalf of clients across a range of sectors over the past four months. This shows signs of a return to research from the GFC’s bunker-down posture. Understanding your business environment is essential to ensuring that your products and services are best responding to the needs of your stakeholders and that you are proactively taking advantage of opportunities. A competitive marketplace means choice, and choice means that reputation can be as important as price in deciding who to do business with.
|
| Skills shortages and staff retention | |
Skills shortages are re-emerging in many industries, and in some cases they never went away, emphasising the imperative for organisations to brand themselves as employers of choice (a concept that was hardly on the corporate radar a decade ago). To retain your team and attract the best people, consistent and sincere internal communications and a genuine focus on culture are two of the most powerful techniques available to businesses.
|
| Social networking is about influence | |
Social networking is thriving in large part because people love word of mouth recommendations. It is built on the idea that the opinions of people ‘just like me’ are more valuable than mass advertising. For your business, effective relationship building is about understanding your networks and influencers and making sure they are advocates for your business.
|
All in all, staying ahead of your competitors means understanding how social trends are shaping the fundamentals of marketing.
For more information on how you can use market perception surveys to inform your business and marketing strategy please call Paul Bird, Executive Director, on 07 3503 5700 or email him on paul@threeplus.com.au.
|
| | |
|
|
|
|
