the future of now
TRANSCRIPT
The Future of
NOW
How Innovations & Consumer BehaviorLead ToConsumer Insight
Overview
Consumer Challenges - how is the world impacting consumers and their behavior?Consumer Desires - what do consumers crave?Consumer Trends - what are consumers doing?Consumers by Generation - who are they?How do we Benefit?Sources
Consumer Challenges
Largest population segment is retiringCost of living is risingMedian household income has dropped 4 years in a rowDiscretionary income is down for the middle classConsumer confidence is lowest in a decadeConsumers are overwhelmed with choices70% of workers are unhappy in their jobsUnemployment is still high
Consumer Behavior
Consumers are on the hunt for dealsConsumers trust reviews not advertisingConsumers are afraid to spend, especially on large purchases
What That Means
Price is a major component to purchases, consumers spend more time researching than buyingConsumers are less impacted by marketing and more impacted by customer reviews on 3rd party sites, social networks, non-affiliated influencersConsumers are afraid to spend, especially on large purchases
Consumer Desires
MultiplicityHyper-Efficiency
New Industrial RevolutionEscape
MindfulnessSuper Personalization
Multiplicity
Consumers want multiple touch points, multiple senses stimulated, and above all, they want to actively engage.
Hyper-Efficiency
Consumers are expecting more from their products and services as well as themselves. They have an intense need for faster, smarter and more efficient solutions to age-old problems.
New Industrial Revolution
3D printing, DIY, crowdsourcing, coding for kids, etsy... Consumers are doing more than consuming, they’re
creating on their own, all enabled by technology.
Escape
Dual-career households, austerity, fast-paced change are driving consumers to indulge in childlike freedom.
Mindfulness
Consumers are seeking deeper meaning, craving to unplug, planning self-development, honoring their ethical responsibilities.
Super Personalization
It’s not enough that consumers can personalize products and services, they expect brands to initiate the personalization. They demand context and relevance.
Consumer Trends
Driving innovationLeveraging technologyVisualizingCentering themselves in the brand experienceDisengagingChanging channels
Driving Innovation
According to Roger’s Diffusion of Innovation Theory:
“personal and optional innovations usually are adopted faster than the innovations involving an organizational or collective innovation-decision”
Consumer adoption is driving innovation.Innovators & Early adopters are key influencers.
0 10 20 30 40 50 60
Join Groups
Follow Groups/Orgs
Post/Watch Video
Support Causes
0 10 20 30 40 50 60
Talked to Others
Contacted Business/Org
Visited a Website of Interest
Made a Purchase
Looked for Information
0
10
20
30
40
50
InternetTelevision
TV48.25
Web7
INNOVATORS
2.5% 13.5% 34% 34% 16%
LAGGARDS
EARLY ADOPTERS
EARLYMAJORITY
LATEMAJORITY
0
10
20
30
40
50
PhoneWebTV
48 7
>5
Leveraging Technology
Tablet ownership 36%Smartphone ownership 55%Laptop ownership 75%SmartDevice ownership 36%Multitasking during TV +5xIn-home smart devices 50%
iPad 8:35 PM
Visualizing
46.1% of people say a website’s design is the number one criterion for discerning the credibility of the company.85% of consumers watch video online.60 hours of video is uploaded to YouTube each minute.85% of consumers are more likely to purchase a product after watching a product video.800% increase in Google searches for the term “infographic” since 2012.
Consumer-Centered Brand Experience
Participant
User
Customer
Producer
Community
Consumer
< >
CONSUMER
Disengaging
Only 25% of consumers have brand loyalty
Changing Channels
Consumers are constantly shifting away from irrelevant advertising requiring brands to either find new channels, gimmicks and tricks to get their attention, or do better, more relevant and targeted advertising.
Generations
Baby Boomers
Data
Personality
MediaConsumption
Born 1943-1964Ages 50-71
hrs/week
‘Boomers’ have a strong set of ideals and traditions, and are regarded as being very family-oriented. They are fearful of the future, relatively active and liberal socially but conservative politically.
0 10 20 30 40 50 60
Join Groups
Follow Groups/Orgs
Post/Watch Video
Support Causes
0 10 20 30 40 50 60
Talked to Others
Contacted Business/Org
Visited a Website of Interest
Made a Purchase
Looked for Information
0
10
20
30
40
50
InternetTelevision
TV48.25
Web7
INNOVATORS
2.5% 13.5% 34% 34% 16%
LAGGARDS
EARLY ADOPTERS
EARLYMAJORITY
LATEMAJORITY
0
10
20
30
40
50
PhoneWebTV
48 7
>5
Baby BoomersTop 5 Sources for Topics of Interest
Online Activities
Social Network Activities
InternetFriends & FamilyTelevisionMagazines/NewspapersBrochures/Catalogues
83%77%65%52%36%
0 10 20 30 40 50 60
Join Groups
Follow Groups/Orgs
Post/Watch Video
Support Causes
0 10 20 30 40 50 60
Talked to Others
Contacted Business/Org
Visited a Website of Interest
Made a Purchase
Looked for Information
0
10
20
30
40
50
InternetTelevision
TV48.25
Web7
INNOVATORS
2.5% 13.5% 34% 34% 16%
LAGGARDS
EARLY ADOPTERS
EARLYMAJORITY
LATEMAJORITY
0
10
20
30
40
50
PhoneWebTV
48 7
>5
0 10 20 30 40 50 60
Join Groups
Follow Groups/Orgs
Post/Watch Video
Support Causes
0 10 20 30 40 50 60
Talked to Others
Contacted Business/Org
Visited a Website of Interest
Made a Purchase
Looked for Information
0
10
20
30
40
50
InternetTelevision
TV48.25
Web7
INNOVATORS
2.5% 13.5% 34% 34% 16%
LAGGARDS
EARLY ADOPTERS
EARLYMAJORITY
LATEMAJORITY
0
10
20
30
40
50
PhoneWebTV
48 7
>5
Gen X
Data
Personality
MediaConsumption
Born 1961-1976Ages 38-53
hrs/week
Generation X lives in the present, likes to experiment, and expects immediate results. Xers are selfish and cynical, and depend a lot on their parents. They question authority and feel they carry the burden of the previous generations.
0 10 20 30 40 50 60 70 80
0 20 40 60 80 100
Travel Planning
Shopping
Banking
News/Weather
05
10152025303540
InternetTelevision
TV36.25
Web9.25
62%
11%
23% INNOVATORS
2.5% 13.5% 34% 34% 16%
LAGGARDS
EARLY ADOPTERS
EARLYMAJORITY
LATEMAJORITY
0
5
10
15
20
25
30
35
40
PhoneWebTV
36
9.2516.8
Generation XTop 5 Sources for Topics of Interest
Where Gen X Connects with Brands
Gen X Spends $561 Billion Online
InternetFriends & FamilyTelevisionMagazines/NewspapersBrochures/Catalogues
83%77%65%52%36%
Online Shopping by genderShopped online last year Cart abandonment rate% of consumers purchase in 24 hrsTablet owners who bought with their device
52% Female/48% Male4x or more89.2%88%
85%
0 10 20 30 40 50 60 70 80
0 20 40 60 80 100
Travel Planning
Shopping
Banking
News/Weather
05
10152025303540
InternetTelevision
TV36.25
Web9.25
62%
11%
23% INNOVATORS
2.5% 13.5% 34% 34% 16%
LAGGARDS
EARLY ADOPTERS
EARLYMAJORITY
LATEMAJORITY
0
5
10
15
20
25
30
35
40
PhoneWebTV
36
9.2516.8
Milleniels /Gen Y
Data
Personality
MediaConsumption
Born 1977-1994Ages 20-37
hrs/week
The Y Generation is regarded as being materialistic, selfish, and disrespectful — but also very aware of the world and very technologically literate. They are trying to grow-up too quickly, and have no good role models to look towards.
0 10 20 30 40 50 60
Join Groups
Follow Groups/Orgs
Post/Watch Video
Support Causes
0 10 20 30 40 50 60
Talked to Others
Contacted Business/Org
Visited a Website of Interest
Made a Purchase
Looked for Information
0
5
10
15
20
25
InternetTelevision
TV15.75
Web25
INNOVATORS
2.5% 13.5% 34% 34% 16%
LAGGARDS
EARLY ADOPTERS
EARLYMAJORITY
LATEMAJORITY
0
5
10
15
20
25
30
PhoneWebTV
26 25 22
Milleniels /Generation YMilleniels Connected Obsession
Where and When They Connect
Online Shopping
Favorite Social Networks/Apps
Compulsively check updatesAnxious w/o smartphoneDon’t trust security of SoNetsSpend equal time w/ friendsonline as in real life
90%77%75%67%
In bedAt dinnerIn the bathroomWhile driving
75%76%35%20%
Shop onlineRely on customer reviewsShare email for discountsNot willing to share phone, address, or other personal data
90%58%57%97%
Gen C(Connected)
Data
Personality
MediaConsumption*
Born 2001-2020Ages 0-13
hrs/week
Generation C is a somewhat unknown entity, being so early in it’s development. It has grown up with the violence of global terrorism, is the first truly digital native and will be the most racially diverse.
0 10 20 30 40 50 60
Join Groups
Follow Groups/Orgs
Post/Watch Video
Support Causes
0 10 20 30 40 50 60
Talked to Others
Contacted Business/Org
Visited a Website of Interest
Made a Purchase
Looked for Information
0
5
10
15
20
25
30
PhoneInternetTelevision
TV25.7
Web24
INNOVATORS
2.5% 13.5% 34% 34% 16%
LAGGARDS
EARLY ADOPTERS
EARLYMAJORITY
LATEMAJORITY
0
5
10
15
20
25
30
PhoneWebTV
0
5
10
15
20
25
30
PhoneWebTV
25.7 24
24
Generation CFacebook
Media Consumption In-depth
Generation C & Technology
Favorite Apps
While media consumption of Gen C seems slightly less than Gen X and more than Milleniels, it should be noted that in a day that consists of 7.5 hours of media consumption, more often than not, Gen Cers are consuming 10 hours and 45 worth of media by using 2 screens at once. Children under 13 spend an amazing 10 hours per week on a phone.
Despite Facebook rules blocking anyone under 13 to join, there are currently 7.3 million members of Gen C on Facebook, 5 million of those are under 10.
Average age of 1st cell phoneNumber of gamersUnder 2 using a mobile deviceHave bedroom TVIncrease in daily use of mobile device since 2011
1220.4 million38%32%+225%
What have we learned?
• Traditional media still works but take advantage of new media such as mobile apps, games and social networks, especially with younger audiences.• Consumers have less to spend, always looking for deals and rely in consumer reviews to help them make decisions.• Consumer engagement on mobile is increasingly outpacing desktop digital and television.• Consumers want multiple touchpoints but don’t just want to be treated like buyers.• Consumers want brand engagement on their terms and on their turf.
How do we take advantage of these trends?
• Being innovative and targeting early adopters will put you ahead of the competition.• Selling lifestyles rather than products works even better today, but make sure you really understand your audience’s lifestyle aspirations.• You can no longer rely on brand loyalty, you have to win the consumer every time.• Always think ‘mobile first’.• See consumer in ways other than just customers.• Connect with consumers in ways outside the sales cycle.• Don’t try to own the conversation, engage with consumers where they want.
Questions?
Contact
If you have any questions or are ready to dive into your brand’s analytics contact your account executive directly or through one of the options below:
617-776-5800
Fuseideas 8 Winchester PlaceSuite 302Winchester, MA01890
Sources
Reaching Today’s Boomers and Seniors Online, Ipsos and Google. 20137th Annual State of the Media Democracty, Deloitte. 2013comScoreConnect Your Life, Wi-Fi Alliance®. 2013SEOMozB2B Demand Generation Benchmark IndustryView | 2013, Forbes. 2013Stanford Persuasive Technology LabNielsenForrester Research: State Of Consumers And Technology BenchmarkDepartment of Translation Studies, University of TampereMashableBureau of Labor Statistics2012 Cisco Connected World Technology ReportPew Research CenterMet Life Sudy of Gen X: The MTV Generation Moves Into Mid-LifeVisa: Generation ZMonetate: ECommerce QuarterlyNational Retail Foundation