“The only constant in life is change” says CEO and Co-Founder of Cure Media, Sam Foroozesh.
And as digital transformation continues to sweep the retail and marketing landscape, new players enter the market and new audiences dictate the rules of the game, this statement has never been more true.
We sat down with Sam to get more of his take on the three biggest change drivers business and marketing leaders need to be factoring into their strategy right now, as well as his advice on how to manage it.
1. Younger players enter the arena
So first things first, let’s get an overview of the consumer marketplace as it is right now…
We’re seeing a massive shift in the consumer scene right now. Millennials and Gen Z are no longer bit players. As they’ve aged up and – more importantly – into their purchasing power (even Gen Z are into their 20s now at the top end of their age bracket) they have begun to dictate what the businesses of tomorrow will look like.
But what if you’re not targeting younger consumers?
It’s important to remember that these two generations make up two-thirds of the global population. So that’s a huge and powerful portion of the consumer base to turn your back on. And that’s before you consider that even if you’re not your target customer right now, they almost certainly will be in 5 to 10 years. At what point are you planning on entering their consciousness? If you’re banking on opening the conversation only at the point that they become relevant to you then you might already be irrelevant to them.
2. Your channels should be changing
Younger consumers should definitely be on brands’ radars. What else do they need to bear in mind?
The digital shift. Now, digital transformation as a concept or even as a buzzword feels like it’s been around forever, so brands often make the mistake of assuming it’s done – digital transformation complete, time to move on.
But it’s not enough to have an online store anymore, or to tweet now and again. It’s scale that really matters at this juncture.
Shoppers today spend far more time on social media than they do watching TV or reading magazines like they would have done 20 or even 10 years ago. Yet many brands are still investing vast proportions of their budget into traditional advertising channels; they’re falling into the trap of familiarity. To really capitalise on the social media age, brands need to totally reconsider how they allocate their budget and resources and focus on growing their digital channels because that’s where their audience is.
3. Brand-generated content is no longer trusted
Traditional channels are out; digital is in. But is being present enough to keep brands top of mind?
Not at all. It’s not just where audiences are finding and consuming media that matters, it’s the kind of content brands are deploying. Consumers are absolutely overloaded with marketing messages nowadays and compounding this, they simply don’t trust brands. Traditional advertising has reached such a saturation level that consumers have become cynical.
So instead of looking to brands to hear where they should be spending their money as they know brands will be biased, they’re looking to impartial third partie