Top Two Consumer Trends

Image source: http://blog.megafounder.com/blog/presumers/

I like to keep things simple, so instead of giving you dozens of emerging consumer trends, I decided to choose two that if taken seriously can yield great results for any company. So here are my top two:

Authenticity

Consumers are faced with a myriad of choices in every product category; there are so many brands offering almost exactly the same products. That forces managers to wonder: How can I truly differentiate my products? And how can I lead in sales or be able to charge a premium?

Creating a strong brand, therefore value in the mind of the consumer, is the best way to avoid that your product becomes a commodity. Though, in order to create a strong brand and to lead, you need to respond to the question with an ever-changing answer: What do consumers want?

As Wally Olins explains on Brand New: The Shape of Brands to Come, in a cluttered market place like today consumers already are, but will everytime more look for authentic products. In a world where things are designed in one country, manufactured in another and sold worldwide, it’s difficult to find something truly authentic. That’s precisely why more consumers will start caring about the country of origin and the true story behind a product.

It is common place for companies to give the impression that its products or services are authentic when they are not. However, as Olins explains, you either are authentic or you're not. Pretending to be something that you are not is not a good long-term business strategy. If you're faking, at some point the truth will come out.

You have to agree with me that it’s much cooler (and often better), to drink: Champagne actually from the Champagne region of France*, local craft beer, tea from London and organic coffee from Colombia. To eat: Parmesan cheese that actually comes from Parma, Italy, and vegetables grown in your backyard. To buy meat from the local Farmers Market. To use apparel that was designed and sewed in Italy. To drive a car that was designed and assembled in Germany. The list goes on, but you get the gist of it.


Consumer Privacy

While governments, companies and marketers fall in love with Big Data, consumers are becoming more skeptical towards data collection, and with reason. Companies continue to suffer "privacy breaches" and we witnessed government agency leaks. Not only breach of data, but consumers are becoming wary of excessive data collection. Business need to find a healthy balance between offering a service and collecting/analyzing data.

As trendwatching.com said:

“Brands will have to walk a fine line between offering consumers a valuable (and ideally seamless) service, and freaking them out with aggressive if not downright scary 'services'. Yes, consumers want to feel served to, but they don't like to be watched.”

“82% of global consumers believe that companies collect too much information on consumers.” (Adobe, June 2013)

“86% of US internet users have attempted to remove or mask their online activities, despite only 37% believing it is possible to be completely anonymous online.” (Pew Research Center, September 2013)

“93% of email users believe that users should be able to opt-out if they don't want the content of their emails to be scanned in order to target ads.” (GfK & Microsoft, November 2013)

As a consumer, I know that if I could, I would switch to services that collect less data or that at least care more about explaining what they are collecting and for what purpose.

What other emerging consumer trends do you see as very important? Please share below.

Thanks for reading!

Best,
Pedro

*The product has to be from the Champagne region of France to be called Champagne.