My thoughts on 2021 consumer marketing trends-Lekan Lawal
Trial and error
The global economy is still in a limbo as markets and businesses are grappling with the consequences of the pandemic while recession has become a familiar guest of many countries across the world.The unintended consequences of the pandemic are what we shape trends and impact the socio-economic status of first three quarters of 2021. Here are my thoughts:
Impact Investment
It is important to establish that the battle for the soul of the consumer will shift from the ground to the mind. Brands will make very visible but unusual decision of not to ‘sell’but to register their impact to revive humanity. In the second quarter of 2020, the notion of impact investment and impact economy began to take center stage with businesses focusing on investment that will directly contribute to the advancement of humanity.In other words, brands will begin to deliberately invest in impact.
New news
New “news” are the fads. The consumer has new priorities, new values, they are passionate about new things, and therefore, their buying decisions are now inspired differently.The sources of these changes are not unknown to everyone; aside the pandemic, youth unrest, and the populist movement sweeping through Nigeria and the world have all re-prioritized consumer wants
Passion, profit, volume and values
According to data gathered by Euromonitor International, consumers are now conscious of eminent social issues that need urgent attention. It is instructive to note that consumers are now shifting responsibilities and trust to brands to protect their health and well-being, to actively contribute to socio-political causes and issues, be socially responsible to the communities which they operate from. The roles of Ca-Covid and GAVI in the current pandemic are recent examples.
It is also instructive to note that consumers will only resonate with brands who are aligned with their social or political values confirming the notion that consumers will buy from brands who are known to protect the interest of the society.
Consumers want purpose and value-driven brands rather than profit and volume-driven brands, that is why you will find a generation Z saying ‘na brand wey support us we go patronize’. The ENDSARS and Black Lives Matter(BLM) protest accentuate this fact.
Brand activism
The distrust from citizens of their governments has led to global protests and rebellion with examples from Europe to Asia is a sign that consumers have become even more aware, more rebellious. This portends that brands and businesses will have some very restless and vocal consumers to deal with. The way out is for brands to respond by listening and giving them a voice (especially the most vulnerable ones).
The younger generation of consumers are willing to do everything to right the wrongs of the older generation, as they constitute 75% of the total pollution; they are thinking sustainability so that they can leave a better climate for the coming generations. 64.3% of consumers are fighting for the reduced use of plastic, propagating recycling to reduce land and water pollution and carbon emissions. Environmental activism is driving consumers to call for a lesser plastic society. Purpose-driven brands are pushing sustainability initiatives by prioritizing social action that will help consumers achieve more sustainable lifestyles.
The moon is the new earth
The coming generation of consumers do not know the difference between physical and virtual, all thanks to the pandemic and the fact that 85% of consumers now own a smartphone, daily routines such as learning, shopping, working exercising and socializing are now done on an internet-connected device. Augmented and virtual realities have helped consumers form a new habit as convenience is now the new normal. The up-and-coming generation knows only that kind of convenience. 60% of consumers within the ages of 15-29 have the highest rate of VR/AR usage, this means that they rely heavily on digital tools to conduct day-to-day activities. The rate is going to be higher for the up-and-coming generations who will be exposed to only that kind of convenience.
‘Me’ time
These flexibilities emphasize on the fact that consumers are always busy and need a ‘me time’ because managing work, school, social and personal life can be difficult. Multitasking is not giving room for personal life, that is why 50% of consumers choose the ‘time for myself’ amongst the top three life priorities. Brands that are interested in giving value over volume should have this in mind when developing products or services.
Can I eat my cake and still, have it?
Despite the pandemic, consumers are tired of sitting at home, they are constantly searching for outdoor activities, brands that can provide an outdoor experience for a change of scenery and enable connection whilst disconnecting the crowd would be a win.
On a final note:
When the past and current crops of Bank MDs consider the value and valuation of fintech brands and products such as Paystack and Flutterwaves, I wonder what goes on in their mind. Similarly, there is a silent but rapidly emerging sector called tech creatives, they will be a force to reckon with in 2021.
About m778ng
m778ng is a human-centered experience company which believes that the consumer is the most vital equation in the marketing value chain. For this purpose, m778ng focuses on delivering exciting experiences to consumers through touch points that are aligned to their day-to-day habits. It’s mission is to connect brands and consumers through a collection of positive human experiences.
Lekan Lawal is a marketing communication, business development, sales, and marketing expert. He is the founder and CEO of m778ng.
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