SUMMARY: As more and more baby boomers move online, retailers and consumer goods brands are scrambling to meet them there with round-the-clock customer service, detailed nutrition information, and interactive videos aimed at simplifying e-commerce for the uninitiated.
SUMMARY: 93% of consumers used the internet to find a local business in the last year, with 34% searching every day and 87% of consumers read online reviews for local businesses in 2020 – up from 81% in 2019. Nearly nine out of ten (89 percent) consumers worldwide make the effort to read reviews before buying products (Trustpilot, 2020). Consumer reviews can make or break your product/brand.
SUMMARY: There are currently around 103 million people over the age of 50 in the United States–75 million are baby boomers (ages ~55–74) and 28 million are from the silent generation (ages ~75+), making this one of the largest consumer demographics. Boomers+ are defying traditional stereotypes. They are more active than past senior generations and they see themselves as younger.
SUMMARY: Conventional wisdom historically has been for brands and companies to stay out of politics, at least as it relates to their public relations and marketing messaging, but over the past week, we’ve really seen a shift. Does it matter to consumers?
IN SHORT: Companies are already starting to inform employees that they will be working from home all year and may not return to the office until 2022. This will negatively affect some industries, but there are also some opportunities for brands who understand the mindset of working from home consumers.
SHORT READ: Buyer motivation is the driving force influencing a purchase, but few brands understand what motivates their customers. The more you understand why consumers want something, the better you can position your brand to solve their problems.
SUMMARY: (Washington Post) Many companies operate in a “conscious capitalism” model, where they strive to balance social responsibility with financial success. Rather than solely focusing on taste, they also promote their interest in animal welfare, waste reduction, fair wages, and sustainability. Really?
IN THEORY: Some business magazines are predicting that the changes in consumer behavior, brought about because of the pandemic, are permanent. I would argue that’s not true for everything.