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A seismic shift is underway in the realm of digital marketing as consumers increasingly favour direct engagement with brands over traditional advertising channels. This emerging trend has profound implications for marketers and enforces a fundamental refresh of SEO strategies.
Australia – March 20, 2024 —
Recognising the significance of this shift, leading Melbourne Digital Marketing Agency, Zib Digital, are well positioned to guide their clients through this transformative transition.
In recent years, many consumers have grown weary of intrusive advertising and are seeking more authentic connections with brands. This has led to a surge in demand for personalised experiences, genuine interactions and community engagement. As a result, traditional marketing tactics such as banner ads and pop-ups are losing their effectiveness, promoting the new era of ‘direct brand engagement’.
One of the key drivers behind this shift is the rise of social media and digital platforms, which have empowered consumers to voice their opinions, connect with like-minded individuals and hold brands accountable. As a result, Zib are encouraging their clients to adopt a more customer-centric approach, focusing on building relationships and fostering loyalty.
As an established SEO expert in Melbourne, Zib Digital has witnessed a paradigm shift in consumer behaviour, “consumers are no longer passive recipients of advertising; they want to actively engage with brands on their own terms. This presents both challenges but also exciting opportunities for us, as an Melbourne SEO agency.”
In response to this dramatic change in landscape, SEO strategies are also undergoing a transformation. Traditionally heavily focused on keyword optimisation and backlink building, SEO is now evolving to encompass a broader array of tactics aimed at enhancing the overall user experience and driving engagement. Digital marketers, such as Zib, focus on delivering more personalised content with improved readability instead of the old school SEO technique, now classed as ‘keyword stuffing’.
“SEO is no longer just about high rankings on search engine results pages,” explains a spokesperson from Zib Digital. “It’s about creating content that resonates with your audience, optimising for voice search and ensuring a seamless user experience across all digital channels.”
As consumers continue to regain control of their own engagement direction, brands will be forced to adapt and evolve in line with the new consumers needs. Brands and agencies that embrace this shift and prioritise genuine customer relationships will be well positioned to reach the right consumer at the right time.
To learn more Zib’s bespoke SEO services in Melbourne, visit Zib Digital.
About the company: Zib Digital is a premier digital marketing agency in Australia and New Zealand, specialising in SEO, online strategy, pay-per-click advertising and social media marketing. With a proven track record of helping businesses achieve their online goals, Zib Digital is committed to delivering exceptional results for clients.
Should you detect any errors, issues, or discrepancies with the content contained within this press release, or if you need assistance with a press release takedown, we kindly request that you inform us immediately by contacting error@releasecontact.com. Our expert team will be available to promptly respond and take necessary steps within the next 8 hours to resolve any identified issues or guide you through the removal process. We value the trust placed in us by our readers and remain dedicated to providing accurate and reliable information.
]]>https://cbomo.com/consumer-shift-towards-direct-brand-engagement-set-to-reshape-digital-marketing-and-seo-strategies/feed/0Consumer Research Strategies for Data-Driven Marketing Excellence
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The Gist
Essential insights. Consumer research offers crucial insights into customer needs, trends and purchasing behavior, guiding effective marketing strategies.
Strategic tools.Techniques like surveys, focus groups and digital analytics enable marketers to understand and meet evolving consumer demands.
Data-driven success.Leveraging consumer research insights, businesses can anticipate market trends, optimize strategies and foster stronger customer connections.
When it comes to modern marketing, consumer research provides marketers with the insights needed to keep up with the ever-evolving preferences and behaviors of their audience. Consumer research enables brands to gain a deeper understanding of their customers, uncovering trends, motivations and unmet needs that drive purchasing decisions.
By leveraging the power of consumer research, marketers can anticipate changes in the market, be proactive to customer needs, and ultimately, build stronger connections with their audience, laying the groundwork for sustained business success. In this article, we will examine the foundation of consumer research, revealing the tools and techniques that marketers use to learn more about their core audience and its shopping behaviors.
Understanding Consumer Research
Consumer research encompasses the processes and methodologies that are used by businesses to understand the preferences, behaviors, motivations, and needs of their target audience. This field of study aims to gather insights that can inform product development, marketing strategies, customer experience improvements, and overall business decision-making. By delving into the psyche of consumers, businesses can tailor their offerings and communications to more effectively meet the demands of the market.
Chuck Schaeffer, CEO at Johnny Grow, a business growth consultancy, told CMSWire that in his experience, most company executives think they know what their customers want — and more often than not they are only partially correct or incomplete. “Either scenario results in a cascading effect that degrades product R&D, marketing conversions, sales effectiveness, services delivery and customer experiences,” said Schaeffer. “The negative impact incurred in any of these areas is a significant financial loss that generally goes unrecognized by most business leaders.”
Schaeffer explained that consumers typically discover, rather than know, what new products they want. B2C insights can be sourced from a mix of qualitative and quantitative methods that include personas, journey mapping, empathy interviews, ethnographic research, social media harvesting, design thinking workshops and surveys.
The scope of consumer research is broad and multifaceted, covering various dimensions of consumer interaction with products and services that include, but are not limited to, the following areas:
Market Segmentation and Targeting: Identifying distinct groups within a market based on demographic, psychographic, behavioral, and geographic criteria to more precisely tailor marketing efforts.
Product Research: Assessing consumer responses to existing products and potential new offerings to guide product development, features and improvements.
Brand and Advertising Research: Evaluating consumer perceptions of a brand and the effectiveness of advertising campaigns in communicating the desired message and influencing consumer attitudes and behaviors.
Customer Satisfaction and Loyalty: Measuring how satisfied customers are with a company’s products or services and their likelihood of remaining loyal and making repeat purchases.
Pricing Research: Understanding how consumers perceive value and the price elasticity of demand for products or services to optimize pricing strategies.
Consumer Needs and Motivations: Investigating the underlying drivers of consumer behavior, including emotional, social, and practical needs, to better address these through marketing and product development.
Shopping and Purchasing Behavior: Analyzing how consumers search for information, decide between different options, and make purchasing decisions, including the impact of digital channels and social media on these processes.
Consumer research methods vary widely, from quantitative techniques such as surveys and experiments that yield statistical data, to qualitative approaches such as interviews, focus groups, and ethnographic studies that provide deeper insights into consumer attitudes and perceptions. Additionally, the rise of big data and advanced analytics, including artificial intelligence (AI) and machine learning (ML), has expanded the scope of consumer research further, enabling real-time insights and predictive modeling of consumer behavior.
The objectives of consumer research are central to guiding businesses in their strategic decisions, ensuring that they are closely aligned with the needs, preferences, and behaviors of their target markets. Understanding these objectives can help businesses tailor their offerings and marketing strategies to more effectively meet consumer demands.
At its core, the goal of consumer research is to uncover what customers truly want and need from products or services. This involves delving into the specific features, benefits, and experiences that consumers seek. By understanding these preferences, businesses can design and modify their offerings to better satisfy customer demands, potentially leading to increased satisfaction, loyalty, and market share. This objective requires a mix of qualitative and quantitative research methods to capture the depth and breadth of consumer desires.
Market segmentation involves dividing a broad consumer market, usually composed of existing and potential customers, into sub-groups of consumers (known as segments) based on some type of shared characteristics. These characteristics can be demographic (age, gender, income level), psychographic (lifestyle, values, attitudes), geographic (location), or behavioral (purchasing habits, brand interactions). Segmentation allows brands to target different groups more effectively with tailored marketing strategies, products, and services, optimizing resources and increasing the chances of success in meeting diverse consumer needs.
Market segmentation involves dividing a broad consumer market, usually composed of existing and potential customers, into sub-groups of consumers (known as segments) based on some type of shared characteristics.Andrii Yalanskyi on Adobe Stock Photos
Consumer markets are dynamic, with attitudes, preferences, and behaviors evolving over time due to various factors such as technological advancements, social changes, and economic shifts. Consumer research plays a vital role in monitoring these changes, helping businesses remain agile to stay ahead of trends and adapt their strategies accordingly.
By continuously tracking these shifts, companies can anticipate market developments, innovate proactively, and maintain relevance with their target audience. This objective often requires ongoing research efforts, using tools and methodologies that can capture real-time data and insights.
Schaeffer explained that by using research that was done to understand the benefits of customer intelligence, his business found that companies that develop and refine customer intelligence achieve higher campaign conversions and sales win rates and lower cost per lead and cost per customer acquisition than those who do not.
A variety of tools and techniques are employed in consumer research to gather insights into consumer behavior, preferences, and attitudes. Each method serves a unique purpose and offers different types of data that can inform business strategies.
Samantha Scantlebury, senior director of brand strategy at Signal Theory, a company that “builds brands through behavioral science,” told CMSWire that people are the most interesting subject matter, which makes conducting consumer research a joy rather than a box to check. “It goes deeper than just figuring out what people expressly want.”
Scantlebury said that her firm’s behavioral science-fueled approach guides them to examine what is happening in the deeper recesses of the customer’s brain that can be either impeding marketing intentions or offering an opportunity for brands to resonate. “While it’s important to get the context of the world in which people now exist, it’s just as important to understand what age-old biases or effects may be at play that are impacting their modern-day reactions and decisions,” said Scantlebury.
Surveys and questionnaires are still among the most widely used tools in consumer research, allowing for the collection of large amounts of quantitative data. Through carefully designed questions, researchers can gather specific information about consumer opinions and behaviors. The design, distribution, and analysis of surveys are critical steps that require meticulous planning to ensure that the data collected is valid, reliable, and relevant to the research objectives. Advances in technology have facilitated online distribution, making it easier to reach a broad audience quickly and cost-effectively.
Although Scantlebury’s business does make use of tools that provide quantitative and qualitative insights, including a social listening platform, MRI/Simmons datasets, forums, and subreddits, the methodology that her strategy team enjoys most of all is good old fashioned interviews with consumers. “In any given project for any client, we believe that talking with people brings through a richness that hard data can’t always deliver, and it allows us to explore more deeply the biases and effects that are shaping how they approach the world and the brands we’re trying to connect them with.”
Focus groups offer a more qualitative approach, bringing together a small group of participants to discuss various topics under the guidance of a moderator. This setting allows for in-depth discussions, providing rich insights into consumer attitudes, motivations, and reactions to concepts or products. The interactive nature of focus groups can uncover nuances in consumer behavior that surveys might not capture.
Lyn Collanto, marketing specialist at KBA Web, a dedicated SEO agency, told CMSWire that gaining insights into the thoughts of prospective clients via questionnaires, interviews, and assessments provides incredibly useful information for creating persuasive marketing. “I frequently use tools like Google Surveys (now a part of Google Forms) to gather more comprehensive market insights on buying factors or how our branding resonates with specific groups,” said Collanto. “Solo, in-depth Zoom chats also reveal subtle responses from selected matches to our ideal buyer to message, pricing structures, or features. When small-batch prototype tests are conducted using a service like Validately, cold traffic willing to try demos can provide feedback on the user experience.” Collanto suggested that to truly know clients, an innovative approach that combines qualitative face-to-screen conversations with quantitative preference data is necessary.
Digital analytics represents a modern approach to consumer research, leveraging data from social media, search engines, and website interactions. This technique allows businesses to analyze online behavior, track engagement metrics, and understand how consumers interact with digital content. Digital analytics can reveal patterns and trends in consumer behavior, offering real-time insights that can be invaluable.
Ethnographic research takes a more immersive approach, studying consumers in their natural environments. This method involves observing and sometimes participating in the daily lives of consumers to gain a deep understanding of their cultures, lifestyles, and the contexts in which they interact with products or services. Ethnographic research can provide a holistic view of consumer behavior, uncovering insights that are not easily accessible through other methods.
Additionally, key technologies today stand out for their transformative impact on consumer research. AI and ML are at the forefront, enabling more sophisticated data analysis and predictive modeling, which can anticipate consumer behavior and personalize marketing efforts at scale. Social listening tools provide real-time insights into consumer sentiment, while advanced analytics platforms offer a comprehensive view of customer interactions across various channels.
Additionally, CRM platforms have become a staple in managing customer relationships and integrating various data points to create a cohesive understanding of consumer preferences. User experience tools such as heatmaps and session recordings offer valuable qualitative data that informs website and app design, directly impacting customer satisfaction and conversion rates.
Together, these tools and techniques form a comprehensive toolkit for consumer research, each contributing valuable insights that can help businesses understand their customers better and make informed decisions. The choice of method depends on the research objectives, the type of data needed, and the resources available, among other factors.
Scantlebury suggested that consumer research is a little like playing detective. “And just like in true investigative scenarios, often the ‘a-ha’ moments come through the strategic questioning and observation of people. And boy can those breakthrough moments — when we really understand what’s happening in their minds and how we can connect with them—bring so much joy.”
Challenges in Consumer Research
While invaluable for gaining insights into market trends and consumer preferences, consumer research presents several challenges that researchers must navigate to ensure the integrity and usefulness of their findings. At a time where data privacy concerns are increasingly at the forefront of consumers’ minds, conducting consumer research requires a delicate balance between gathering insightful data and respecting individuals’ privacy rights. Ethical considerations also play a crucial role, as researchers must ensure that participation is voluntary, informed consent is obtained, and confidentiality is maintained. Adhering to these ethical standards not only protects participants and businesses but also enhances the credibility of the research.
Olivian Stoica, senior SEO expert at Wave Studio, a mobile app development company, told CMSWire that he has faced numerous challenges in consumer research within the teams he worked with.
“One of the issues I often face is accurately capturing the data we collect on our users, not to mention the latest cookie policy updates that will make audience segmentation a nightmare,” said Stoica, who suggested that relying on third-party cookies to capture consumer data will become obsolete in the future for the sake of data privacy. “In the current privacy-oriented web, people are afraid to give personal information about themselves like job title, income, or hobbies. And this prevents us from creating distinctive personas, which aren’t intended to target the perfect consumers but to offer the best services to those who need it.”
One of the fundamental challenges in consumer research today is collecting data that accurately reflects the target population. This involves designing research methodologies that minimize biases and ensuring that the sample size and composition represent the broader consumer base. Misrepresentation or inaccuracies in data collection can lead to misguided conclusions, potentially steering businesses in the wrong direction. As such, rigorous sampling techniques and methodological rigor are essential to validate the research findings.
Finally, consumer preferences and behaviors can evolve quickly, influenced by emerging trends, technological advancements, and shifting societal norms. This fluidity poses a challenge for researchers, as data collected at one point may become outdated or irrelevant in a short period. Staying abreast of these changes requires continuous monitoring and flexibility in research design, allowing for timely updates to research strategies and methodologies.
Final Thoughts
Consumer research is an indispensable component of modern marketing, providing actionable insights into ever-changing consumer preferences and behaviors. By leveraging tools and techniques from surveys to digital analytics, marketers can identify core customer needs, adapt strategies, anticipate emerging trends, and make data-driven decisions that resonate with target audiences. Comprehensive consumer research enables brands to create tailored marketing campaigns, optimize spending, predict market shifts, and ultimately build deeper connections with their customers.
]]>https://cbomo.com/consumer-research-strategies-for-data-driven-marketing-excellence/feed/0Consumer Financial Protection Bureau Releases Circular on Affiliate Comparison Sites
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https://cbomo.com/consumer-financial-protection-bureau-releases-circular-on-affiliate-comparison-sites/#respondTue, 05 Mar 2024 19:35:22 +0000https://cbomo.com/consumer-financial-protection-bureau-releases-circular-on-affiliate-comparison-sites/ [ad_1]
Affiliate marketers in the financial services industry face a new landscape following the Consumer Financial Protection Bureau (CFPB) issuing a new circular of guidance on “preferencing and steering practices” by digital intermediaries or affiliates.
The guidance, outlined in Consumer Financial Protection Circular 2024-01, clarifies that prioritising financial products based on payments received by comparison sites, rather than on what’s best for consumers, is considered illegal.
This practice, known as “steering,” violates the CFPB’s Abusive Acts or Practices rule.
While the ruling doesn’t ban affiliate marketing entirely, it significantly impacts how comparison sites can utilise their paid partnerships.
Could This Be the End of Curated Results?
Prior to this ruling, comparison sites often used affiliate marketing to highlight specific products, sometimes burying better options for consumers deeper within their results. This “curated” approach steered consumers towards products that were more profitable for the comparison site, not necessarily the best fit for the individual’s needs.
The CFPB’s new guidance demands a shift towards a more neutral presentation. This could effectively change the internet landscape for financial product searches, potentially turning comparison sites into something akin to an online yellow pages.
Key takeaways for affiliate marketers:
Focus on objectivity: Comparison sites can no longer prioritise products based on the amount of revenue generated through affiliate partnerships.
Transparency is key: Clear separation between paid advertisements and objective comparisons is crucial. All available options, regardless of affiliate relationships, must be presented fairly.
Compliance is essential: Failure to comply with the CFPB’s guidance could lead to enforcement actions, including fines and other penalties.
Experts believe the ruling will:
Increase scrutiny on affiliate marketing practices: Regulatory bodies are likely to pay closer attention to how comparison sites structure their partnerships and represent financial products.
Shift focus towards value-based partnerships: Collaboration based on product quality and relevance to consumer needs might become more prominent.
Lead to innovation: Affiliate marketers may need to develop new strategies and metrics to demonstrate the value they bring to both consumers and comparison sites.
The full impact of the CFPB’s guidance is yet to be seen, but it undoubtedly represents a significant change for affiliate marketers in the financial services sector.
Adapting to the new regulations while maintaining consumer trust and generating revenue will be the key challenge for businesses in this evolving landscape. Read the full circular and additional analysis on the circular that was released last week.
]]>https://cbomo.com/consumer-financial-protection-bureau-releases-circular-on-affiliate-comparison-sites/feed/0Consumer Confidence in Economy to Creative Retail Marketing- The Key Drivers of 2023 Holiday Sales Trends by Trackier : The Tribune India
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New Delhi (India), February 16: As we’re moving ahead in 2024, the holiday sales 2023 numbers are here and they are more than just surprising. Falling in line with NRF’s prediction, the annual sales growth during the holiday season stood at 3.8% over 2022 to a record $964.4 billion, even in the backdrop of slow economic growth and inflation concerns.
This growth was driven by the rise of online sales, which demonstrated astonishing growth in the US alone with 7% YoY growth from the previous year. In December 2023, the growth number stood at 11% YoY surpassing the early prediction of 3%.
The question arises – what factors are fueling the expansion of online holiday shopping? Let’s explore this further.
Consumers Time Their High-Ticket Purchase Around Holiday Sales
Inflation of consumer prices has been constant at a 4% increase every year since May 2023, putting a pressure on the consumer household. Although the prices were easing down after July, consumers tend to time their purchases of high-ticket items like electronics, luxury goods, etc. to lucrative holiday sales that offer additional discounts and cashbacks. If we look at the categories that saw the highest growth in sales, grocery, electronics, leisure, and luxury items are leading the trend.
Easing Inflation
Another reason to which higher holiday sales can be attributed to is the pent up demands due to inflation up to July and pent up demands. The holiday sales often served as a strategic time for individuals to fulfill deferred buying decisions, taking advantage of promotional offers and discounts that are prevalent during this period.
Better & Predictable Supply Chains
In 2023, the surge in holiday sales amid inflation challenges can be attributed to the implementation of better and more predictable supply chains. Companies have increasingly invested in enhancing their logistical strategies, adopting advanced technologies, and fortifying inventory management systems. This proactive approach ensures a seamless flow of goods, minimizing disruptions caused by inflation-related uncertainties.
Healthy Labor Market & Wage Improvement
Payroll employment adding 2.7 million jobs in 2023, leading to a healthy labor market and subsequent wage improvement. By the second half of 2023, the job market in the US improved significantly, thereby boosting consumer spending from 15343.55 USD Billion in Q2 2023 to 15461.38 USD Billion in Q3 2023. Although the numbers are lukewarm if placed next to historical data going back to the pre-pandemic time, the spending index was more than just satisfactory as opposed to the initial projections.
Retailers Going Creative & All-Out in Discounts
Retailers took a smart move in 2023 holiday season by putting more emphasis on discounts and value-addition. As consumers were wary of rising prices, discounts were the best way to draw them to the checkout page and that’s what retailers cashed in. As per the data by Adobe Analytics, discounts peaked at 31% of the listed price in the electronics category, making it the most lucrative shopping category for the last season. (Read Full Report)
Aside from the discounts, consumers were also drawn toward completing the sale by Buy Now Pay Later (BNPL) options. As per the recent data, $16.6 billion of online sales were driven by BNPL, 14% up from 2022 holiday season.
Also, retailers tweaked their marketing strategies from 2022 by putting the spotlight on the value proposition of the product/service. They invested in creative marketing campaigns like virtual product visualizations, shoppable TV series on Netflix, and shoppable TikTok ads to reduce friction in the customer journey, allowing them to make a purchase without actually visiting the product website.
The Road Ahead for Holiday Marketing 2024
Drawing inspiration from the 2023 holiday season, here are a few valuable lessons to glean.
Mobile-first approach:Most shoppers in 2023 didn’t want to interrupt their scrolling journey on their phone to shop. Therefore, most of them preferred to shop for their holiday season via smartphone itself. This implies that retailers now have to focus more on mobile-friendly and social media-friendly campaigns instead of web.
Don’t just sell the product, sell value:Shoppers see the product and they might’ve seen it countless times before. But what draws them to hit the ‘buy’ button is the value the brand is offering. The value includes the benefits as well as the price point of the product – whether it’s reasonable, if not, is it available on a discount.
Get creative in advertising: Make use of social commerce, if you haven’t yet. Given the success of TikTok Shop and Shoppable Ads, it’s evident that 2024 marketing trends will be ruled by social media. Set some budget aside to set your TikTok shop and invest in shoppable content and ads to directly connect with your audience.
Commenting on 2023 Holiday Sales Report Card, Udit Verma, CMO and Co-Founder of Trackier said, “After the dismal predictions, these results are a positive push for the retailers, filling them with optimism and vigor for the year ahead. These numbers are more than just surprise package, but a lesson that we cannot underestimate the dynamic nature of consumer preferences and behaviors, reminding businesses that staying attuned to the evolving needs and expectations of customers is paramount. Retailers and marketers who evolved with the changing face of consumer sentiment were welcomed into 2024 with smiling figures and a valuable lesson to continuously adapt, innovate, and prioritize consumer-centric strategies.”
Third-Party Cookies Are Going Away! What’s Next?
It’s official! 2024 will be the year when we’ll have to let go of third-party cookies. This transition isn’t going to be easy. Moving on is easier said than done, but isn’t entirely impossible.
According to the data, 78% of retail programmatic targeting still rely on 3P. But 2024 has an opportunity for retailers to invest in data partnership and first-party (& zero-party) data offered up by consumers directly. Aside from this, many advertisers and brands are coming up with innovative ways to plug this hole. This includes acquiring data with consumer consent, offering value in return, and making a commitment to uphold their privacy.
Having said that, 2024 is definitely going to be an interesting year in terms of advertising. Let’s see how brands and advertisers fare in terms of personalization and targeting in the absence of their ultimate weapon – 3PC.
Disclaimer: This article is part of sponsored content programme. The Tribune is not responsible for the content including the data in the text and has no role in its selection.
]]>https://cbomo.com/consumer-confidence-in-economy-to-creative-retail-marketing-the-key-drivers-of-2023-holiday-sales-trends-by-trackier-the-tribune-india/feed/0Low consumer curiosity in sustainability, plant-based foods reveals marketing opportunity
https://cbomo.com/low-consumer-curiosity-in-sustainability-plant-based-foods-reveals-marketing-opportunity/
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The quantitative survey of more than 700 “early adopter consumers”—who are defined as individuals who interact with food/drink online content regularly and who dine out often—allows Curious Plot to tap into early trends, said Amy Wood, senior VP.
“It was really important to us to hone in on this group. Early food adopters are folks we identified as being particularly food forward,” Wood said in a presentation. “By researching the curiosity level of food adopters, we can get a head start on where the mainstream curiosities are going.’
While convenience, nutrition and sustainability are mainstay trends, the survey found more nuanced details behind consumers’ preferences and the breakdown in generations.
Consumers want to prepare foods in a simple way
Millennials, Gen X and Baby Boomers cooking at home are inspired by easy meals that can be prepared under 30 minutes, while Gen Z are inspired by cooking skills and tips found on TikTok. Both Millennials and Gen Z reported interest in elevating packaged foods like ramen and exploring different cooking hacks that are popular on social media and YouTube.
In terms of nutrition, Millennials, Gen X and Baby Boomers are interested in foods with functional benefits – particularly surrounding cognitive, gut and immune benefits; while Gen Z, who are less nutrition-focused, are more interested in new snacks and products.
While more consumers are curious about news ways to prepare fruits and vegetables, interest in plant-based proteins (19%) and milks (18%) was low in this group.
Taste and texture continue driving interest in plant-based products, along with cost. The findings in the study highlight more room for this category to grow in terms of affordability, formulation and even distribution.
Interest in sustainability is low, but presents opportunities for brands
While consumers showed an interest in sustainability topics, culinary and nutrition topics took precedent. The study found that only 47% of respondents identified food waste as a top curiosity and only 22% are “extremely curious” about climate-friendly eating.
“More than likely this…has something to do with the sustainability realm that consumers actually feel like they have an impact on, something they can personally take responsibility for,” Wood elaborated.
Other interests included animal welfare, farmer worker welfare and sustainable packaging.
Improving interest in sustainability and plant-based foods, an analysis
The low curiosity in plant-based foods and in sustainability presents a significant opportunity for brands to develop innovative marketing strategies that bridge the gap between consumer preferences and sustainable practices.
By creating engaging campaigns that highlight the nutritional benefits, flavorful possibilities, and positive environmental impact of plant-based diets, brands can capture the attention of the audience and encourage a shift towards more sustainable eating choices.
Moreover, leveraging partnerships with influencers, chefs, and experts in both culinary and sustainability fields can help educate consumers and cultivate a deeper understanding of the connection between food and the planet’s well-being.
This strategic approach not only addresses current consumer interests but also fosters a genuine desire for eco-conscious consumption, paving the way for a more resilient and responsible food industry.
]]>https://cbomo.com/low-consumer-curiosity-in-sustainability-plant-based-foods-reveals-marketing-opportunity/feed/0Brand backlash: How marketing strategies, consumer attitudes are impacting companies
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WASHINGTON (TND) — Ahead of Pride Month, Target has pulled some items from its stores after backlash over its Pride Month collection. As some companies see hits to their business for their marketing strategies, others say LGBTQ people are being attacked in a divided America.
From Bud Light’s partnership with a transgender influencer to Pride merchandise at Target, we’re hearing of more companies facing controversy, not just for products but for who and what is featured in their campaigns.
“Leaders and leadership teams can go ahead and roll out whatever strategies they want to that caters to any demographic or psychographic platform and or group of people they want but they also have to remember the consumers, or the stakeholders, and the court of public opinion, those people in the marketplace have the right to vote with their feet and their pocketbook, and they are,” according to Fallston Group crisis leadership expert Rob Weinhold.
Some have said they believe brands are connecting their products to political beliefs.
In a statement, the founder, president and CEO of Moms for America Kimberly Fletcher said in part, “moms will not tolerate sexualized marketing that targets our children and pushes radical far-left propaganda on them.”
At the same time, organizations like GLAAD said the threats Target received “should be a wake-up call for consumers and is a reminder that LGBTQ people, venues, and events are being attacked with threats and violence like never before.”
Despite a recent statement by Target saying they’ve been offering products to celebrate Pride Month for more than a decade, the quick spread of information through social media has allowed consumers to react quickly, according to experts.
From a business perspective, they point to company boycotts and loss in revenue.
Bud Light’s parent company said earlier this month it will triple its marketing spending this summer in the U.S. as it attempts to boost sales that dipped after its brand partnership.
“Inducing a little bit of risk is good, in fact, that’s how innovation happens, and so they’re going to continue to innovate, they’re going to continue to find new and interesting markets and avenues to try to promote their products but they also have to be aware that if you stumble, those stumbles do have a price,” said professor of Business at the University of the Incarnate Word.
A Bentley-Gallup Force for Good study found Millennial and Gen Z Americans expect more from businesses regarding social and environmental responsibility than older Americans.
]]>https://cbomo.com/brand-backlash-how-marketing-strategies-consumer-attitudes-are-impacting-companies/feed/03 of the Worst Consumer Financial Services Stocks to Own in May
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Despite the rising interest rates, the consumer financial services industry could remain under pressure due to the tighter lending standards and the chances of a recession later this year. Therefore, it could be wise to avoid fundamentally weak consumer financial services stocks Sunlight Financial (SUNL), Guardforce AI (GFAI), and Sentage Holdings (SNTG). Read more….
Consumer financial services companies offer financial products and services to individuals, households, and small businesses. Although rising interest rates benefit financial companies, tighter lending standards in the wake of bank failures will pressure consumer financial services companies.
Therefore, it could be wise to avoid fundamentally weak consumer financial services stocks Sunlight Financial Holdings Inc. (SUNL), Guardforce AI Co., Limited (GFAI), and Sentage Holdings Inc. (SNTG).
Before diving deeper into the fundamentals of these stocks, let’s discuss what’s happening in the financial sector.
With the failures of the SVB and Signature Bank, the credit standards will likely be tighter amid a high-interest rate environment, indicating lesser lending activity in the financial sector.
Rising interest rates help financial companies expand their top line. On the flip side, higher interest rates also impact the demand for loans as it becomes expensive to borrow money. Moreover, with fears of a recession later this year, economic activity is expected to take a hit which could further affect the demand for credit.
Given this scenario, avoiding the featured consumer financial services stocks could be wise.
SUNL operates a business-to-business-to-consumer technology-enabled point-of-sale financing platform. Its platform provides secured and unsecured loans for homeowners originated by third-party lenders to purchase and install residential solar energy systems and other home improvements.
SUNL’s 0.14x trailing-12-month asset turnover ratio is 28.3% lower than the 0.20x industry average. Likewise, its trailing-12-month EBIT margin is negative 67.25% compared to the 21.80% industry average. Furthermore, the stock’s negative 15.95% trailing-12-month EBITDA margin compares to the industry average of 20.78%.
For the fourth quarter ended December 31, 2022, SUNL’s total revenue declined 82.7% year-over-year to $6.34 million. The company’s adjusted net loss came in at $3.07 million, compared to an adjusted net income of $10.26 million in the year-ago quarter.
Its adjusted EBITDA loss came in at $23.29 million, compared to an adjusted EBITDA of $18.55 million in the prior-year quarter. In addition, its adjusted loss per Class A share came in at $0.02, compared to an adjusted net income per Class A share of $0.06 in the prior-year quarter.
Analysts expect SUNL’s EPS for the quarter ended March 31, 2023, to be negative. Its revenue for the same quarter is expected to decline 39.5% year-over-year to $17.08 million. Over the past year, the stock has declined 90.3% to close the last trading session at $0.43.
SUNL’s weak fundamentals are reflected in its POWR Ratings. The stock has an overall D rating, equating to a Sell in our proprietary rating system. The POWR Ratings are calculated by considering 118 different factors, with each factor weighted to an optimal degree.
It is ranked #45 out of 48 stocks in the D-rated Consumer Financial Services industry. It has an F grade for Quality and a D for Momentum and Stability. Click here to see the other ratings of SUNL for Growth, Value, and Sentiment.
Based in Singapore, GFAI offers cash solutions and cash handling services in Thailand. The company’s services include cash-in-transit, vehicles to banks, ATM management, cash center operations, cash processing, coin processing, cheque center services, and cash deposit machine solutions, such as cash deposit management and express cash services. Its customers include local commercial banks and chain retailers.
GFAI’s 9.54% trailing-12-month gross profit margin is 68.2% lower than the 30.01% industry average. Its trailing-12-month EBIT margin is negative 34.90% compared to the 9.60% industry average. Furthermore, the stock’s negative 63.56% trailing-12-month levered FCF margin compares to the industry average of 4.81%.
For the fiscal year ended December 31, 2022, GFAI’s revenue declined 1.9% year-over-year to $34.48 million. Its operating loss widened 356% over the prior-year period to $16.89 million. The company’s net loss attributable to equity holders of the company widened 238.7% year-over-year to $18.56 million. In addition, its loss per share widened 25.8% year-over-year to $14.97.
Over the past year, the stock has declined 74% to close the last trading session at $6.70.
GFAI’s weak prospects are reflected in its POWR Ratings. It has an overall F rating, equating to a Strong Sell in our proprietary rating system.
Within the same industry, it is ranked last. It has an F grade for Value and Stability and a D for Growth and Quality. To see the other ratings of GFAI for Momentum and Sentiment, click here.
SNTG provides a range of financial services. The company offers consumer loan repayment and collection management, loan recommendation, and prepaid payment network services in China. It is based in Shanghai, China.
SNTG’s 0.01x trailing-12-month asset turnover ratio is 98.7% lower than the 0.80x industry average. Its trailing-12-month Return on Common Equity is negative 16.53% compared to the 13.83% industry average. Furthermore, the stock’s negative 17.48% trailing-12-month Return on Total Assets compares to the industry average of 5.07%.
For the fiscal year ended December 31, 2022, SNTG’s total operating revenue declined 92.9% year-over-year to $161,372. Its net loss widened 134.3% year-over-year to $2.56 million. In addition, its loss per share widened 134.8% year-over-year to $1.08.
Over the past six months, SNTG’s stock has declined 14.4% to close the last trading session at $3.50.
SNTG’s POWR Ratings reflect this weak outlook. It has an overall rating of D, which translates to a Sell in our proprietary rating system.
It is ranked #47 in the Consumer Financial Services industry. It has a D grade for Value, Stability, and Quality. Click here to see the other ratings of SNTG for Growth, Momentum, and Sentiment.
The Bear Market is NOT Over…
That is why you need to discover this timely presentation with a trading plan and top picks from 40 year investment veteran Steve Reitmeister:
SUNL shares were unchanged in premarket trading Friday. Year-to-date, SUNL has declined -66.67%, versus a 6.34% rise in the benchmark S&P 500 index during the same period.
About the Author: Dipanjan Banchur
Since he was in grade school, Dipanjan was interested in the stock market. This led to him obtaining a master’s degree in Finance and Accounting. Currently, as an investment analyst and financial journalist, Dipanjan has a strong interest in reading and analyzing emerging trends in financial markets.
]]>https://cbomo.com/3-of-the-worst-consumer-financial-services-stocks-to-own-in-may/feed/0Nine Tips for Adapting to Shifting Consumer and Cultural Interests – Rolling Stone
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Consumer and cultural interests have undergone significant shifts over the years, influencing businesses in various ways. Remaining agile and responsive to changing consumer and cultural interests is essential for businesses that want to succeed in today’s dynamic marketplace, as a failure to do so could result in missed opportunities and diminished customer trust.
Below, a panel of Rolling Stone Culture Council members share nine tips for how your business can stay on top of changing consumer and cultural interests and the impact they have on the overall business climate.
Build Loyalty by Building Thought Leadership
Innovation is key, but building solid relationships with your customers matters most — no matter how much technology advances in your industry. If your clients respect your experience and expertise, they will be confident you are adapting to a rapidly changing environment to serve them. Earn credibility by being a thought leader, and keep it by being a trusted resource they can consistently rely on. – Traci DeForge, Produce Your Podcast
Follow How Tools Are Being Used in a Different Way
Since innovation is at the core of what we do, we read, follow, engage and watch what the creators — your consumers — are doing. We see how they are using tools they have in a different way. Then, we measure that and are flexible by changing or adding products and services. – Susan Johnston, New Media Film Festival®
Match Your Efforts to Your Customer’s Journey
More than ever, consumers are interested in a brand’s social purpose regarding concrete issues in their community. Flexibility means adapting to those community needs by segmenting our efforts according to our customers’ own journeys. This can be achieved by collaborating with local brick-and-mortar businesses and working with non-governmental organizations. – Jacob Mathison, Mathison Projects Inc.
Be Willing to Reinvent Your Business
Legislative changes affected my medical cannabis program when marijuana was legalized. However, to stay afloat, I had to identify and address the needs that my potential clients coped with. I then reevaluated my services, products and programming and had to redevelop my program to support my clients’ needs. The key to sustainability is being able to reinvent your business to grow with the times. – Sonia Singh, Center of Inner Transformations
When you’re a PR and marketing agency, it’s important to stay on top of the changing trends in the industry. What was important today might not be important tomorrow. Maybe one day people feel getting verification on social platforms is important, and the next they can pay $15 a month for it. Staying on top of which industries are booming — as well as what clients need most, right here and right now — is most important. – Christian Anderson (Trust’N), Lost Boy Entertainment LLC
Listen to What Your Consumers Are Telling You
Our relationship with our collective consumer community is much like an ongoing conversation that evolves over time. Staying tuned in and listening to what they’re telling us has kept us on our toes. It pushes us to evolve and stay relevant to their needs, all while staying true to who we are as a brand. Innovating to stay relevant is the silver lining of the difficulties that come with change. – Buck Wimberly, ULAH, LLC / ULAH Interiors + Design, LLC
Share Evolving Perspectives to Keep Your Business Fresh
Keeping up with change is what keeps your business fresh. Internally, teams benefit by staying in the know and are empowered to share evolving perspectives. We’ve highlighted clients’ work and shared stories about improving social issues, offering philanthropic services and inspiration, providing pertinent information on current topics and speaking to relevant problems that interest consumers. – Cynthia Johnson, Bell + Ivy
Trending
Innovate to Stay Competitive
As consumer tastes and interests evolve, businesses must be able to adapt products, services and marketing strategies to remain relevant. Businesses need to be flexible because not only do they need to keep up with changing customer preferences, but they also need to be innovative to be noticed by other companies. We’ve been competitive in the market by being flexible and adapting quickly. – Kristin Marquet, Marquet Media, LLC
Act on Trends, But Remain Authentic
If you want to stay relevant, it’s best to know and act on what’s relevant in society. At the same time, be true to your values, as followers highly prize authenticity. – Mark Paulda, Mark Paulda & Co
Free trial offers are an extremely popular marketing approach, especially for subscription services. With so many purchases being made online, we have less opportunities to touch, see, or experience a product before buying it. That means free trials can be a win-win situation for sellers and buyers. Consumers get to “try before they buy,” and sellers get to cultivate interest in their product and hopefully make a sale.
That said, your BBB has received complaints about some free offer trials, so it’s beneficial to be aware of a few aspects of these offers. Especially to avoid unwanted charges or the inconvenience of having to return recurring orders you didn’t knowingly authorize.
Your BBB and the Federal Trade Commission have put together several tips that can be helpful in recognizing advantageous free trial offers, while identifying ways to avoid the pitfalls of those that come with complicated terms and conditions:
• Review the signup form and look for pre-checked boxes. If you sign up for a free trial online, look for boxes that have already been checked, advises the Federal Trade Commission. That checkmark “may give the company the green light to continue the offer past the free trial or sign you up for more products.” Be sure to uncheck any terms or conditions you don’t want to agree to before finalizing your request.
• Mark your calendar. Your free trial likely has a time limit. Once that passes, if you haven’t canceled your “order,” you may be on the hook for more products. Know the cancellation date and put it on your calendar.
• Always review your credit and debit card statements. This will help you know immediately if you are being charged for something you didn’t order. If you see charges you disagree with, contact the company directly to sort out the situation. Call your credit card company to dispute the charge if that doesn’t work. Ask the credit card company to reverse the charge because you didn’t actively order the additional merchandise.
• Be sure to do this in a timely manner. Most financial institutions have a limited time to dispute charges, and a common window of time is 60 days from the time the charge was submitted.
• Research the company online. Check the company with BBB at bbb.org for the company’s rating, reviews, and complaint history. Look for other online feedback as well and see what other people might be saying about the company’s free trials — and its service. The FTC points out that “complaints from other customers can tip you off to ‘catches’ that might come with the trial.” Also, pay clear attention to the advertising, as some companies will only use the term “trial offer,” and hope that consumers will assume that means it’s free, when it may just be a smaller portion of the company’s product, but still comes with a price tag.
• Find the terms and conditions for the offer. Even if you heard about an offer through a radio, TV, or print ad, the company should still provide the details on its website. As many BBB Scam Tracker reports show, you shouldn’t sign up if you can’t find the terms and conditions or understand exactly what you’re agreeing to.
• Always protect your personal information online. When you sign up for a free trial online, you’ll typically need to provide some basic personal information and your credit card number. Before you hand over your information, review the site’s privacy policy and ensure the website is secure, that is, it starts with [https://]https:// and has a lock icon on the sign-up page.
• Want to subscribe past the free trial? Understand how to cancel future shipments or services first. Check the details for recurring orders and know the policies for canceling or pausing your subscription. For example, you’ll want to know if you need to respond or cancel by a certain time each month so you can track this.
Your BBB suggests you also stay familiar with our tips for safe delivery of your online purchases and other helpful tips by visiting BBB.org.
]]>https://cbomo.com/bbb-consumer-tips-tips-to-avoid-costly-free-trial-offers-local-news/feed/0World Consumer Rights Day: A rundown of online marketing regulations – Affiliate Marketing Agency, Media, Training & Events
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March 15th is designated World Consumer Rights Day, which, frankly, a lot more businesses should follow and celebrate like Christmas. A refresher course on consumer rights can help you avoid any costly compliance mistakes, and create a better reputation for your brand that says you put your customers first.
Data
Data is a big issue due to the idea of consumer rights. The right to privacy, the right to be forgotten, etc. and as third-party cookies are phased out, regulation across the western world is getting phased in. We recently covered the US states’ equivalents of the EU’s GDPR regulations to see what is involved there.
So, what are these different requirements? Well, to sum up, we have a checklist of requirements for the CCPA.
Publish a Privacy Policy that outlines how you are complying with CCPA rules and update it at least every 12 months.
Inform users of how you use their personal data.
Maintain a data inventory to track data processing history.
Alert the user before or at the point of data collection, which would be those “Accept” and “Reject” buttons at the entrance of every website.
Give users the right to access their data
Explain how users can contact businesses to request to delete their personal data as part of the Right to Be Forgotten
Outline the users’ rights under the CCPA
Create a Do Not Sell My Personal Information page if you do sell personal information
Differences between the CCPA and the EU’s GDPR include the requirement to hire a Data Protection Officer to handle all of these regulations, creating a GDPR diary or Data Register, and constant evaluation, for instance when using new technology or tracking location or behaviour of new users, an instant report system in place for breaches, and avoiding pre-ticked boxes.
FTC is a big player in online marketing. If you’ve ever heard of a YouTube or TikTok scandal involving advertising, the chances are you’ve heard the name of the Federal Trade Commission, due to the fact that it laid the groundwork for online advertising regulation.
The FTC says of affiliate marketing: “If you use endorsements in your marketing, do they meet the standards of the FTC Act and the FTC’s Guides Concerning Use of Endorsements and Testimonials in Advertising (Endorsement Guides)? And what about social media influencers? If your business works with influencers or if you’re an influencer yourself, are you both taking the necessary steps to clearly disclose material connections? Find out more by consulting FTC compliance materials. You’ll also find resources about consumer reviews, including information about complying with the Consumer Review Fairness Act.”
Read websites and platforms’ terms of service to understand if they prohibit paid sponsorships or not.
Do not ask for reviews from people who haven’t used the product, are staff of yours (another suspected problem with Oops?), are family or friends, or are incentivised with the condition that the review is positive.
Affiliate partners and influencers should also take note of the FTC’s guidelines, as they have a lot that applies to them, like:
“If you endorse a product through social media, your endorsement message should make it obvious when you have a relationship (“material connection”) with the brand. A “material connection” to the brand includes a personal, family, or employment relationship or a financial relationship – such as the brand paying you or giving you free or discounted products or services.
“As an influencer, it’s your responsibility to make these disclosures, to be familiar with the Endorsement Guides, and to comply with laws against deceptive ads. Don’t rely on others to do it for you.”
Practically, when it comes to your endorsement, you must outright say that it is sponsored, with “simple and clear” language. You can add hashtags like “#ad”, “#advertisement” or “#sponsored” as long as it is placed somewhere that’s hard to miss. Don’t be vague or confusing like saying “spon” instead of “sponsored” or “collab”, which can imply paid or not.
Find more detail of the FTC guidelines, and other non-US equivalents in our guide here.
Sustainable businesses
It’s no secret that Gen Z are considered little activists, and they are demanding better ideals from the brands they follow. Amongst their many crusades is the need for greener business practices, especially from large companies. So, marketing campaigns are proudly disclaiming that their products, their operations, or their charitable events are all green.
The problem here is that Consumers International disappointingly found out that around 40% of these claims are in fact misleading in some way.
Their site says: “The number of green claims made to consumers online has reached unprecedented levels, with studies suggesting that a proportion of these claims lack evidence.”
Under “What Needs to Happen Now?” Consumer International says: “At Stockholm+50 on Thursday 02 June our high-level event discussed five global priorities for leaders to make transparent and sustainable e-commerce a reality for consumers, including to:
Set requirements for product sustainability information
Allocate responsibilities for communicating product sustainability information
Encourage sustainable consumer behaviours in e-commerce
Strengthen the reliability of eco-labels
Combat misleading green claims
These priorities should be supported by:
Promoting consumer education and awareness about product sustainability aspects
Strengthening the enforcement of consumer law
Promoting a coherent policy framework on sustainable consumption
“Following our discussion, we are conducting a peer review on our toolkit for policymakers, lasting until Monday 20 June. Key stakeholders will be involved in the review and we will then publish a final version of the recommendations shortly thereafter.”
If you are interested in more affiliate and social media marketing insights, take a look at our blog for all the latest news and advice. Or for a more personalised approach, book a free call with a member of our team.
Or, for the very best advice from industry peers, register to gain access to our Amplify Action Day. Taking place in January 2023 doesn’t mean you’ve missed it. Amplify aims to bring you the latest affiliate, performance, and partner marketing insights from across the globe and it’s all available to stream from our website.
