The marketing landscape is constantly changing. Many factors and trends influence how marketers adapt their strategies to reach and engage consumers. RRD recently conducted a study to understand the recent macro trends impacting consumers, marketers’ perceptions of trends, and approaches to reaching consumers. Check out the survey results.
The marketing environment has changed constantly over the last few years. Several factors are behind these changes, including the acceleration of digitization due to the COVID-19 pandemic, the slow erosion of third-party cookies due to increased demand for privacy, and the emergence of the Metaverse. Changes in customer behavior and expectations, factors such as those mentioned above, and new trends require marketers to adopt different strategies to reach and attract customers.
So what are some marketers’ perceptions of the macro trends impacting consumers today, and what approaches are they taking to reach customers? RR Donnelley & Sons Company (RRD) recently conducted a survey to find answers to these and other questions. Below are some insights from the research.
Consumers prefer social media and digital advertising to learn about brands
The study found that social media, digital advertising, word of mouth, and cable TV are the top channels consumers prefer to learn about new brands, products, or services. Marketers know this about the consumer, but they underestimate the consumer’s love of cable TV and word of mouth.
Preferred channel for learning about brands, products and services
sauce: Macro Market Report | 2022
About 52% of consumers used social media, word of mouth and digital advertising to discover new brands, products or services this year. The findings were consistent with those for 2021.
Social media and online advertising are becoming more important for marketers
The study found that social media, digital advertising, streaming services, and the metaverse are becoming increasingly important to most marketers. Direct mail, print advertising, and cable television have also grown in importance to some marketers. That said, a high percentage of marketers say these channels remain important.
A similar trend is expected over the next few years. Most marketers expect social media, digital advertising, and streaming services to grow in importance.
Marketers and consumers are thrilled with the metaverse
According to the survey, 90% of marketers agree it’s an exciting way to reach potential customers. About 77% said he plans to incorporate Metaverse as a channel in the next few years. Two industries, business services/consulting (67%) and retail (62%), strongly agree that Metaverse offers new and exciting ways to reach potential customers.
About 15% of consumers say they are currently involved in the metaverse. While this may seem like a small number, 36% are either planning to join the metaverse or are not currently in the metaverse but are interested. Furthermore, 27% of the consumers concerned he is in the 18-25 year old group.
The survey also found that consumers were open to seeing branded communications within the metaverse, with 43% saying they were somewhat or very interested.
More marketers believe consumers are interested in direct mail
About 73% of marketers who participated in the survey agree that consumers are increasingly interested in direct mail. According to marketers, direct mail offers several benefits, including providing personalized messages and campaigns that are relevant and complementary to your digital marketing strategy.
Advantages of using direct mail
sauce: Macro Market Report | 2022
As if to agree with marketers, 41% of consumers are more excited about direct mail today than they were years ago. People between the ages of 18 and her 41 were particularly likely to be aroused compared to older generations.Consumers were more likely to I prefer direct mail to email.
Direct mail also allows consumers to keep a physical copy of the information, keep a reference copy, and have a better memory than e-mail. Consumers also feel that direct mail is more personal (+11%), more likely to get their attention (+17%) and more authentic (+17%) compared to email. I’m here.
Marketers feel many factors will influence their approach to marketing next year
Marketers feel there are several factors that will influence their company’s marketing approach in the year ahead. These factors included inflation/economic issues (93%), shifting purchasing power to younger generations (89%), sustainability/ESG-related concerns (84%), changing political climate (80%), and Includes workforce change (78%). %).
Recent data privacy concerns are impacting the marketing strategies of 85% of marketers. This is especially true in the retail industry, where 93% of his marketers agree. 76% of companies whose marketing strategy has been impacted say they have reallocated their digital marketing budget to direct mail.
Nearly 90% of marketers also felt the need to adjust their marketing strategy as purchasing power was now in the hands of Gen Z consumers. Marketers realized they needed to change their strategies to accommodate the changing generation. More than 60% felt that as purchasing power shifts to her Gen Z consumer, visual he needs to change communications, tone of communication, and channel strategy.
Most marketers believe political and social issues need to be addressed
Most marketers (91%) strongly agree that addressing political and social issues in their marketing efforts is necessary to connect with consumers. This is all the more important given the shift in purchasing power to younger generations.
Most consumers agree with marketers. About 63% of consumers agree that brands should take a stance on political and social issues. About 59% say they are more likely to buy from a brand that takes a stance.
Key brand attributes haven’t changed much since last year
Consumers find product value, a company’s reputation for quality, and how they treat employees as important attributes when considering buying from a brand. And those attributes were no different in 2021. Sustainability, diversity efforts and philanthropy are also of some importance to them.
About 82% of consumers believe inflation will affect their purchasing behavior, and 85% believe it will affect them next year. About 55% of consumers feel brands have a responsibility to deal with inflation and offer promotions and discounts (66%) or offer payment plans (14%).
Many marketers believe recession will impact budgets
When it comes to marketing budgets and strategy, 77% of marketers say their budgets have increased since last year. However, 84% expressed concern that they could be affected by a potential recession. Companies have had to make certain changes to their marketing strategies to adapt to changing budgets. For example, reducing risk, reducing headcount, reprioritizing target audiences, etc.
Organizational growth is a top marketer priority, with 83% saying it is important or very important. About 81% said it was important or very important to work on digital transformation, and 80% said the same about improving the efficiency of their supply chains.
Top priority for marketers
sauce: Macro Market Report | 2022
In terms of challenges, improving customer experience (CX), improving data management, and data-driven decision-making rank among the top three challenges facing marketers today.
When evaluating vendors, marketers use a variety of sources of information, including online reviews, vendor websites, testimonials, product demos, and ROI calculators.
Survey results show that marketers are aligning with consumers across channels and trends. That said, they also underestimate the power of certain channels such as cable TV and word of mouth. With changing customer preferences, slowly shifting purchasing power to younger generations, and economic uncertainty impacting buying behavior, marketers will need to adjust their strategies and approaches in the coming year. By adjusting their strategies and approaches and investing in technology that enables better data-driven decision-making, marketers can improve their customer experience and revenue in the year ahead.
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