A key to get customer insights and create Business Opportunity

Analysis to understanding the mainstream trends help spot the particular market’s trend ahead of your rivals while the ability to come up with an appropriate strategy often relies on how each individual company analyzes and tackles the problem.  For instance, a report by TrendWatching, a leading firm for market trends analysis, says that to convert consumer trends in 2016 and beyond into business opportunity requires the creation of products which not only show that the manufacturer knows that they respond directly to the customer’s demand but also reflect his understanding as to what the customer expects from him.  To understand business trends in conformity with customer needs entails giving top priority to the following three aspects: 1) Fundamental requirements and needs; 2) factors that induce change; and 3) new expectations.  Besides, TrendWatching believes that corporate social responsibility (CSR) influences customer behavior and gives rise to the concept of Guilt-free Consumption, i.e. the consumption of goods, services and resources that is guilt-free due to better awareness of the universal common good, a concept of consumption for a sustainable world. From a Por-Piang perspective, Conscious Consumerism, along with Household Sufficiency, Innovative Professionals and Vigilant Electorates, are the four key pillars underlying Sustainability and Middle-Class Economics; thus, a Por-Piang society.

Albert Brulé, a marketing expert interested in CSR and charity advisor who is senior executive of Brulé & Associates, Causeways and Pillar Nonprofit Network, explains that consumers are in a dilemma of not knowing whether to eagerly spend and shop or follow their hunch of do the right thing.  He also refers to the report on a study on consumers worldwide by BBMG GlobeScan and Sustainability which finds that 41% of Canadian consumers and more than one third  (approx. 38%) of consumers worldwide define inspiration as the love for shopping (78%), the desire for responsible consumption (92%) and brand confidence to do things of greatest benefit to society (58%). 

Some industries, for example tourism and service industries, have based their marketing strategy on consumer behavior trends.  Despite the constant change in consumer spending on and buying of consumer goods, Sarah Kennedy Ellis, Deputy CEO for Marketing and Strategic Development, Sabre Hospitality Solutions which provides leading technological services involving hotel reservation and air ticket distribution systems to worldwide travel and tourism industries, pointed out that a hotel brand that studied, understood and responded to the emerging trends would be able to forge closer ties with customers through the provision of more experience and going beyond what the hotel guests expected.

The executive of Sabre Hospitality Solutions said the trends in consumer behavior having the most impact on tourism and service industries in 2016 and beyond included Youniverse and Helpful.  Youniverse represents the trend where the consumer is the boss, which means the industry must understand the consumer’s taste and specific, individual satisfaction.  The more the industry can access the level of the customer’s personal needs, the more the customer’s options.  Helpful, on the other hand, means being a part of the answer, not the problem.  A hotel brand that provides a simpler life but more convenience will be able to win over customers in the future.

Some industries, for example tourism and service industries, have based their marketing strategy on consumer behavior trends.  Despite the constant change in consumer spending on and buying of consumer goods, Sarah Kennedy Ellis, Deputy CEO for Marketing and Strategic Development, Sabre Hospitality Solutions which provides leading technological services involving hotel reservation and air ticket distribution systems to worldwide travel and tourism industries, pointed out that a hotel brand that studied, understood and responded to the emerging trends would be able to forge closer ties with customers through the provision of more experience and going beyond what the hotel guests expected.

The executive of Sabre Hospitality Solutions said the trends in consumer behavior having the most impact on tourism and service industries in 2016 and beyond included Youniverse and Helpful.  Youniverse represents the trend where the consumer is the boss, which means the industry must understand the consumer’s taste and specific, individual satisfaction.  The more the industry can access the level of the customer’s personal needs, the more the customer’s options.  Helpful, on the other hand, means being a part of the answer, not the problem.  A hotel brand that provides a simpler life but more convenience will be able to win over customers in the future.

Interesting ‘Look-Beyond’ Business Style

Despite the fact that each individual company has its own stratagemical style, a trend is becoming more and more evident in the strategy of the business sector.  That is the trend of looking deep and beyond what you can see, known as the Look Beyond trend.  The world of marketing today is entering the Era of Complete Experience.  For example, the customer can perceive the specialness of a product over the other products through his impression and attitude during a test on that product.  Therefore, hands-on experience is vital as technology today has changed to the point that it is hard to tell the difference between reality and virtual reality plus what lies between the two.  As customer experience is everything, the feedback as to what the customer thinks could make or break the business at any time.  Ian Altman, CEO of Grow My Revenue, LLC –

Forbes, the American publisher of original articles on finance, industry, investing, and marketing topics, reported in December 2015 on a conversation with industrial leaders such as Seth Godin and Clay Hebert, the marketing and co-founding partner of the public fundraising business Crown Funding Hacks, among others. In a nutshell, we are in the era of Linked Economies that value building relationships and creating connections with each other over wealth accumulation by way of a popular legacy industry means where the most successful companies will be those that are able to establish themselves as a crucial bringing good things from the corporate efficiencies to the customers; thus, improving the quality of life for society at large. A great example would be Uber hat has become the largest taxi service company worldwide without owning a single vehicle, but instead, by providing an intermediary platform for both passengers and the drivers to engage based on an expensive yet abundantly underutilized product – personal vehicles. AirBnB is another great example, as it has become the largest accommodation provider worldwide, as well, for the same reason without owning a single piece of land.

The largest media company Facebook produces zero content. Kickstarter and IndiGoGo, the kings of Crowdfunding, or the practice of funding a project or venture by raising many small amounts of money from a large number of people, typically via the Internet, along either other fundraising firms, are expected to exceed venture capitals without any investment of its own.

Perhaps, one of the greatest impacts of crowdfunding can be seen in politics, where it has not only revolutionizing political fundraising, but killed traditional campaign financing as we know it, altogether. Where traditionally, campaigns were financed by political parties and wealthy donors, Pres. Candidate at the time, Barack Obama, made political history by becoming the first president to use a website as the primary channel to collect the majority of his funds, if not all. “The campaign raised $750 million from small donors, $600 million came from more than 3 million small donors whose average donation amounted to roughly $86. Four years later, he raised $631 million in individual donations, $214 million of which came from small donors”, according to CrowdExpert.com. Following shortly thereafter, Sen. Bernie Sanders raised similar amounts from crowdfunding, solely, again in his 2016 presidential campaign. Thus, safe to say, the rise of crowdfunding, as with FinTech, has coincided that of the Internet of Things.

In the above examples, customers are seeking to connect with others with similar passions and ideas, to obtain long lasting valuable experiences. “If you are looking build something that stands the course of time, you’ll need to link your customers, not only to other customers with the same interests, but to invaluable resource with positive externalities that extend beyond Sales.”

Look Beyond may sound simple, but it really requires meticulous and subtle analytics, more than any strategy, just as Winston Churchill, the British Statesman and two-times Prime Minister explained, quote-unquote “The limits of the possible can only be defined by going beyond them into the impossible”, thus, it is wise to look ahead, but even better to be able to look beyond what the eyes can see.

Compiled by BLOG.SCGLogistics

References and Photos Ahead magazine: SCG Trading vol.5 issue9 (internal communication), pexel.com

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