Changing Consumer Trends for 2011
Posted by Patrick Murphy on Fri, Dec 24, 2010
The world has witnessed drastic changes in 2010. Throughout the year the consumer trends have changed a lot and with the rollercoaster ride that is still under process the geo-political-environment is still going to show up significant changes in 2011. Consumer's trends in various sectors have showed variation through the world. Many creative brands have emerged in the market and have lead the market with their innovative product and service offering, whereas some big brands that persisted on conventional product promotional strategies have failed to produce substantial results.
The vital factor that has made the impact throughout the world is the utilization of technology and social media platform by the brands. Consumers in the modern world are well aware of their requirements, they know what they want and they know which product has what qualities, hence it is important for the producers to provide empowerment to the customer to be able to customize their products and buy only what they feel can fit the situation. Brands that have utilized inbound marketing strategies have beaten bigger scaled brands in the competition. The word of mouth marketing difference plays non-measureable role in the promotion of products; hence the buzz words like flash sales, Facebook sale coupons, group buying sales and hourly pricings that were not previously heard very often are very common used now in the world of internet. Every other brand is competing to enhance its online status by providing online payment options, full fledge products catalog and reviews about other users who have experienced the products. This eventually is resulting in greater values to the customers, and as fact the customers today are valued more than they were in the previous years.
The urbanomics is radically changing with the changing world, and the brand that is not able to react to the change effectively is no more considered as a brand but a history!