Consumers are hungry for deals and are more likely to convert on offers they can afford.
It’s a good time to advertise.
“The consumer preference is moving to a more competitive product and service space,” said Ben Wiles, president of digital marketing agency Credo. “Consumers are looking for more options and are becoming increasingly aware of supply and demand.”
With the competitive landscape becoming more crowded thanks to the advertising boom, companies must find ways to differentiate themselves.
“The consumer is looking for better value, more convenience and more trust,” said Michael Hausman, an assistant professor of management at the University of Pennsylvania’s Wharton School. “That means marketers need to be more creative and creative marketers are likely to win.”
Hausman said the increase in consumer attention is a trend that will continue, especially as consumers feel they are getting more value for their money.
“Consumers have become so concerned with how they are spending their money, it’s become a much bigger deal than it was even a year or two ago,” Hausman said. “Consumers are getting more concerned that they are being taken advantage of, and they don’t want to be ripped off.”
As consumers feel more insecure about their spending habits, marketers are better able to communicate how their products and services will help them out.
“We are going to continue to see more emphasis on transparency (and) authenticity in marketing, and brands are going to have to be more creative in communicating value to consumers,” Wiles said.
The advertising boom also puts an increased emphasis on content marketing, as companies can use social media, blogs and other types of content to reach consumers and promote their products and services.
“Consumers and customers are becoming more demanding, and they are expecting brands to deliver value,” said Scott Brinker, senior director of digital marketing at accounting firm Ernst & Young. “If they don’t, they are going to take their business to another organization, and that’s not going to happen.”
The increased attention to content marketing, along with the growing demand for deals, puts increased pressure on e-commerce companies to develop and implement a content-driven strategy.
“We expect that the increased competition for attention will lead to greater content creation by marketers,” said Joni Mitchell, director of marketing for retail and e-commerce platform MerchantCircle. “As companies develop more and more content, they will need to provide a clear and compelling value proposition for consumers to respond to.”
While many marketers are developing content to satisfy the increased demand for deals, some have chosen to stand out with other types of content.
“We’ve seen a lot of content that is more like ‘buy now, get it by midnight,’ where consumers are only interested in buying products at the end of the day,” Wiles said. “We need to figure out how we can make it more relevant and helpful for our audience.”
For example, a company could come up with a different kind of deal that requires a consumer to complete a task within a certain amount of time before they can buy the product.
“Then you can use a tool like Fomo to help generate content,” Wiles said. “You can use Fomo to identify certain things as a market and then go out and create content around that. It can be something as simple as a recipe or a video.”
The increased demand for deals has created opportunities for companies to get in front of consumers before they are ready to buy.
“Consumers are starting to get very impatient,” Mitchell said. “They are looking for deals and deals that they can’t get anywhere else, and many consumers are looking for deals that are more convenient.
“Consumers are getting a little more impatient and want to be able to buy with a few simple clicks,” Mitchell added. “Businesses need to be prepared to jump on that opportunity.”
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With the increased competition and increased demand for deals, companies are also investing more in content creation and other types of content marketing, which can help build engagement and loyalty.
“Content can play a huge role in building brand loyalty,” Mitchell said. “Content can provide a way for people to connect with your business, share their experiences and build lasting relationships.”
Companies are also becoming more concerned with their reputation and are investing more in building trust.
“The consumer is becoming more interested in the company that they go to when they’re in a crisis,” Hausman said. “They are looking for more transparency and brands are going to have to work harder to earn that trust.”
Hausman said companies are trying to build their reputation as reputable and trustworthy brands.
“Consumers are very concerned about their reputation and if it’s going to tarnish,” Hausman said. “We are seeing more and more brands working hard to build their reputation, and that’s good for all consumers.”
The increased demand for deals also forces marketers to provide consumers with more choices.
“Consumers are becoming more interested in more options, and with the economy going in the wrong direction, consumers are looking for ways to get ahead,” Wiles said. “Content marketing is an opportunity for marketers to make their brands more accessible to consumers by offering more options.”
Companies that are more willing to engage with consumers and develop ways to get consumers to choose their products and services are better positioned to earn more deals.
“Marketers that are willing to do that are going to be in a better position to get the deals that the consumer wants,” Wiles said.
The increased demand for deals and the increase in interest in content marketing also means more companies are investing in content creation.
The increased demands for content marketing and increased demand for deals is expected to continue, but Hausman said the increased demand for deals is a positive trend for the industry.
The increased demand to get deals has created opportunities for businesses to get in front of consumers before they are ready to buy.
“Consumers are starting to get very impatient and they want to get the deals that they can’t get anywhere else,” Wiles said. “Businesses need to be prepared to jump on that opportunity.”
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