Consumers today have more information, options, and input in how and where they spend their money than ever before - and retaining their loyalty can prove to be a difficult challenge. Marketers are finding that consumers are growing more promiscuous with their brand choices, and the reasons aren’t limited to just one cause. Consumers are brand switching at higher numbers in order to suit their needs and brands must reevaluate the changing territory of consumer loyalty and how to maintain it, especially in light of current market disruptions. In order to overcome these disruptions and loss of loyalty, brands must be willing to uncover and understand the reasons why consumers have become less loyal.
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In today’s age of invention, businesses are constantly looking for the next big idea or solution that will have consumers lining up at the register and sharing their praise with their friends and followers. But with this eagerness to hit the jackpot and discover the hottest new trend, there are sometimes missteps – new product developments that miss the mark or worse, are openly criticized across social media channels.
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Even before “The Great Resignation”, the manufacturing industry had been struggling with filling open positions, with job openings increasing at double-digit rates since 2017 according to a Bureau of Labor Statistics employment survey. Post-pandemic, Deloitte and the Manufacturing Institute predict that 2.1 million manufacturing positions will go unfulfilled by 2030, costing the U.S a loss of about $1 trillion in GDP. Without a drastic reversal in this downward trend, this deficiency could set the U.S. manufacturing industry back by decades.
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The aftermath of the last two years has left sales teams with a remarkable challenge they haven’t encountered ever before – building and maintaining relationships with their customers in the absence of in-person connections. We’ve seen lockdowns, reopenings, and then mini lockdowns again, leaving businesses to pivot and adjust on what seems like a monthly basis. Even as we look forward to the future, it’s likely that the ‘new normal’ will bring an entirely different way of doing business than sales teams have been accustomed to in the past.
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In a world where personalized consumer experiences are not just appreciated but expected, many businesses and organizations are using some form of personalization in their marketing strategies. And when 97% of marketers report a measurable lift from their personalization efforts (Salesforce, 2020), they should be. Personalized marketing is here to stay – especially as the tech-savvy Gen Z generation now makes up 40% of total U.S consumers. But the landscape has changed since the early days of buyer persona building and some argue that these old-school personas built mainly on demographic information are antiquated and useless because they are full of information that has nothing to do with the reasons why people buy your products.