With more than half of the world’s population on the internet, growth is now beginning to slow down. Estimates are that the current 3.6 billion users will increase 6 percent this year, a slight drop from the 7 percent last year, but shipments of cell phones already decreased by 4 percent in 2019 over the previous year. Ecommerce sales in the U.S. were up 12.4 percent while in-store retail sales increased 2 percent. However, some economists are warning of a coming recession, and while companies can’t prevent a recession, how does a business adapt to the other changes?
Some tips
Marketers need to think smarter. One way is to continue learning more about the brand’s audiences, segmenting and then directing targeted and personalized messages to them in the frequency and format they prefer. This is not an easy task. Learning about a customer’s interests requires a program and analysis that helps a brand determine if the consumer favors casual to more formal attire, kitchen accessories that do it all or the basics, costume jewelry or high-end, etc. Such an analysis sheds light on the customer’s budget as well.
If customers are being sent emails, text messages, seeing influencer marketing, and other forms of communication, analyzing what’s been most successful is invaluable. Some consumers may have higher open rates on text. Others may lean toward email or tweets. Utilize what works best for each.
Similarly, companies using videos to demonstrate, educate or explain need to pay attention not just to the subjects consumers are viewing, but also the feedback they’re receiving. Comments can often lead to new courses and even new product ideas or hints of changes in future consumer preferences.
Encourage reviews and comments, and above all, pay attention to these comments, both good and bad, and respond to them. According to Katrina Lake, CEO of StitchFix, an online clothing stylist for men, women and children, all of their three million clients were acquired through recommendations. Lake explained that her 4,000 stylists listen, empathize and deliver what their clients want without any judgment whatsoever.
Free trials and stewardship
For companies offering services, the offer of a free trial is the most favored among new customers. A survey of more than 10,000 consumers by 2BrightCove and YouGov revealed that free trials ranked highest over all other options among 42 percent of respondents.
Video conferencing company Zoom reported a conversion rate between 67 percent to 69 percent from offering free trials to prospects compared to averages in the 20’s for their competitors. The reason for the difference, they explained, was in nurturing the customer experience during and after the trials to ensure that customers are satisfied.
Multi platforms
Having a presence on more than one platform is also a good choice as long as marketers know which ones their public frequents. Although shipments of smartphones have declined, they still appear to be the best choice based on results by research firm Nielsen.
Nielsen’s recent audience report discovered that people are multitasking more than ever. Nearly nine in ten (88 percent) have a second digital device in their hand and use it when they’re watching television. Meanwhile, 71 percent are online searching for content-related information and 41 percent message family and/or friends while watching their favorite shows.
