In today’s marketplace, selling a product is no longer a simple transaction. Consumers have elevated expectations across various aspects such as quality, service and ethics. Keep reading to discover as we delve into the concept of consumer expectations, how they are changing and strategies for brands to meet these expectations effectively.
What Are Consumer Expectations?
Consumer expectations are the set of ever-evolving desires for specific products or services. These expectations are influenced by consumer trends, social media and other factors. In our fast-paced world, brands continuously compete for consumers’ attention, making it essential to engage with them at multiple touchpoints throughout their consumer journey. Meeting consumer expectations not only helps brands stand out from the competition but also encourages sales and fosters long-term customer loyalty.
How Do Consumers Think About Savings?
Today’s consumers are digitally savvy, discerning and resilient. According to a recent survey by Retail Touchpoints, a staggering 89% of consumers now identify as value shoppers, actively seeking opportunities for value and savings while shopping. With rising prices impacting household budgets, it is crucial for brands to evolve alongside modern consumer shopping behaviors. The objective is to meet consumers where they are, delivering the desired savings at the right moment.
Brands, advertisers and retailers must rise to the occasion and provide personalized experiences by leveraging data and technology to deliver relevant value-focused messages at every touchpoint—whether through social media, online searches, or in-store visits.
How Does Gen Z Influence Consumer Expectations?
Gen Z, the age group born after 1996, represents the most ethnically diverse and largest cohort, surpassing even millennials. This influential group has distinct expectations for brands, particularly in terms of ethics, which have also influenced older generations.
A McKinsey study revealed that 70% of Gen Z respondents actively seek out products from companies they perceive as ethical. They support and mobilize around brands they genuinely believe in, and they refrain from purchasing from brands perceived as lacking diversity or displaying discriminatory behaviors.
Gen Z’s digital upbringing enables them to access information quickly and draw conclusions about a brand’s authenticity. Sustainability has emerged as a top priority for Gen Z, surpassing brand names, and this mindset is spreading to other generations. Consumers now prefer fewer but more curated items, seeking brands that demonstrate social and environmental responsibility.
In a recent Quotient podcast, influencer Elise Armitage shared her perspective on the shift from fast fashion and consumerism to minimalism. Armitage observed that consumers are seeking products of higher quality that align with brands that demonstrate social and environmental responsibility, leading to a preference for fewer but more curated items. Hear more of Armitage’s insights on the topic in the podcast episode below.
What Are Effective Strategies for Brands to Meet Consumer Expectations?
Expectations of brands are at an all-time high and continue to grow. To effectively connect with the modern consumer, brands, agencies and retailers must adapt their strategies. Consumers expect better deals, quality products, personalized experiences and ethical authenticity. Furthermore, competition has intensified as brands can reach consumers consistently through various touchpoints. Singular campaigns are no longer sufficient; brands must adopt a network approach, delivering messages across an omnichannel landscape. With consumers encountering several touchpoints before making a purchase, a well-choreographed and consistent approach becomes crucial to support and engage consumers throughout their path to purchase.
As consumer expectations and behaviors evolve, brands must stay ahead by understanding these changes and adapting their strategies accordingly. By meeting consumer expectations for value, quality, personalization and ethical practices, brands can establish themselves as leaders in the market and forge long-term customer loyalty. Adopting a network approach that reaches consumers consistently across multiple channels is essential for staying top of mind and exceeding their growing expectations.
To learn how your brand can implement these strategies to connect with today’s consumers and surpass their expectations, contact us at [email protected] today.