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Customers of all ages are more involved than ever before. Not only do they want to feel like part of the brand, but they also want to be included in its development and evolution. Millennials and Gen-Zers now have a combined purchasing power of $3 trillion. To succeed in today’s business world, you need to know what they want, when they want it, and how to give it to them. Here is our list of 8 ways that customer preferences are changing:
You can no longer afford to operate under the assumption that your customers will like and share your brand’s social media posts. Customers now want an open line of communication and expect you to listen and respond. Not only does this allow them to provide feedback, but it also reduces the chance that they will complain about you on their online platforms.
Customers now demand instant gratification—even when making a purchase as simple as an energy drink or a pair of black pants. They don’t want to be wasting time deliberating between five different types of soft drinks at the grocery store. It narrows your product line so that each item has a specific purpose and dedicated customer base.
Customers want the experience of purchasing and having it right away, which is why meal-kit services like Blue Apron are so famous—tired of feeling frustrated with your cable provider because you can never reach a customer service rep? Services that allow you to hire someone else solve this problem for customers who are sick of waiting on hold or dealing with automated menus.
Customers are no longer satisfied with the “one size fits all” approach to retail. They want personalized products that match their specific needs. For example, if they have a disability, they need tailored clothing or housing solutions. If they have dietary restrictions, they expect you to offer specialty options. To meet customer demand in this area, keep track of their preferences and ask them about themselves with every interaction.
Millennials and Gen-Zers have a strong desire for products that improve their quality of life. They want healthy food, self-driving cars, smart homes, and so on. In short, they expect you to think ahead and give them something that makes their lives easier or more enjoyable.
What happens to the environment if we continue this way? What about the wages our employees receive? Customers expect brands to consider these questions when making manufacturing and production methods. If you can’t promote sustainability or social justice as part of your brand’s core values, it will be much harder for customers to trust you—something they now demand from every business transaction.
The gap between the rich and poor is more significant than ever. If a brand wants to succeed in today’s business world, it must consider how its products or services will affect all of its customers—not just those with a high disposable income. It means creating products that appeal to different demographics and offering payment plans for every level of spending power.
Customers now want brands to understand their preferences by generation group. They expect you to know whether they are from Generation X, Millennials, or another demographic, based on their age or birth year (depending on which generation you’re talking about). It makes your interactions more personalized, but it also helps you tailor your product line to different age groups.
It may be a tall order, but it’s not difficult to keep up with these new customer preferences. Identify which groups of customers are essential to the brand‘s growth and learn as much as possible about them. Please pay close attention to their purchasing habits, then adapt your company accordingly. When all else fails, follow Amazon’s example: Prepare for everything.
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