The Changing Consumer and the Impacts on Marketing Strategy

...

“Culture is not just language, but a combination of historical, tribal and mythological characterizations. A greater understanding of cultural insights and anthropological factors increases the marketer's ability to motivate action and effect behavioral change.” (Klepic, 2014 -The Huffington Post)

Perner (2010) says that a common mistake in marketing is when companies overlook the importance of consumers’ insights. When marketers are not aware of this matter, as well as buyers’ backgrounds, companies will not achieve the expected buyer engagement they are looking for. Acknowledging clients’ backgrounds, is the first step to connect with and motivate them, subsequently, more prospects will follow and become customers.

According to Rao (2006), the change in consumer behaviour has to be attributed to a globalized market with a growing explosion of immigrant communities worldwide. Elements such as nationality, race, ethnicity, gender, political postures and sexuality are part of the multicultural spectre. Culturally diverse markets are another important cause for consumers to modify their purchasing behaviours, and strategists must adequately respond to the vast needs. Society being so diverse, consumers can not be expected to share the same value system or interests. Therefore, multicultural marketing is out there to facilitate platforms where organizations are capable to rethink about their strategies. These platforms include an extense study of cultural and population variation and moral philosophy. These approaches help marketers to assess strategic orientations and deal with today’s multicultural realities and expectations.

The current changing consumer behavior transforming marketing strategies

As argued by Blythe (1997), consumer behaviour is in constant and permanent evolution. Present statements may eventually become obsolete in the future, as factors like economy, culture, thoughts, enviroment and social conditions change. There can not be set rules regarding consumer behaviour, as innovations, new ideas and tendencies arise on a daily basis.

Consumers in this era are very well educated and tend to develop a more analytical and informed research before purchasing a service or product. The majority of people work hard to earn their money, so they look forward to obtain what meets their needs best.

Companies must be aware of carefully acknowledging what their consumers actually need. If they are not able to properly listen to people’s wishes and supply the expected goods for them, there are plenty of other competitors who will.

Marketing specialists have to follow a strategic approach considering consumers’ aspirations and points of view. Strategists have to reasearch three key aspects about consumers: what they think, what they feel and subsequently what they do, within an overall frame of the things or places that represent an influence over these aspects as well.

Consumers influencing marketing strategies requires specialists to ask the following questions:

- How satisfied clients are with the products and services they buy?

- What is the potential costumer’s profile?

- What is the present market and consumer trend?

As noted by Nair (2009), modern and up to date marketers must differentiate groups of consumers according to their individual differences. Consumers seek after the highest value or satisfaction, and they expect to find multiple choices for the products they need. They are willing to experience different kinds of brands, as they have become rather less loyal to companies during the last years.

Marketing managers face the challenge of positive appropriate response to consumer change, and adaptation to market’s evolution. Managers shall pay attention to the sources, timing and competitors to decipher the changes in clients’ behaviour. Market place and costumers’ purchasing power will always be related to emerging challenges, and new strategies have to be developed to fulfil buying aspirations.

Three most common approaches have been put into practice by companies to actively and effectively respond to diverse high demanding consumers:

Price: High quality product at lower prices

Relationship Marketing: Customer care and service excellence, trying to generate consumer loyalty in the long-term

Direct Marketing: Direct sales to customers

Nair (2009) continues to explain that people are not fond of complexity nor assessing loads of information when in search of a product. Selecting only the most important pieces of information for services and goods, will play a significant role in the buying decision process. Observing through costumer’s eyes to understand what they really feel, will help managers to evaluate products.

As described by Yarrow (2014), these are common consumer behavior trends:

- Immediate emotional connection is key, consumers spend less time reviewing products’ descriptions and information. They are going to explore different sources when searching in need for a service, and nowadays original products and new ideas have a greater opportunity as they are more exposed.

- New consumers are impatient, the fastest and simplest the solution, the better acquisition probability a product will have.

- Catching costumers attention is harder than ever, they are looking for more trascendent and meaningful experiences, services and products.

- Long descriptions and messages will not work any more in the curent market place, consumers get tired and bored easily.

- The power and influence of communication through symbols is stronger and faster than written words.

Technology and its impact on Consumers’ Behavior

As expressed by Yarrow (2014), technology is another important factor that has immensely influenced consumers to change the way they think, make decisions, what they feel, their interpersonal relationships and finally their purchasing behavior. From marketers’ perspective, consumers buy to increase their emotional state. Emotional drive leads people to buy things in order to obtain self-identity, entertainment, belonging and social masks. With technology, new issues have arisen as well, like new perceptions, needs,

...