In Their Latest Study, Blis Examines Consumer Research Married with Their Own Location-Based Data to Construct a New Framework for Conscious Consumer.
The dynamic relationship between the consumers, brands, and retailers continue to drive marketers into exploring new definitions of customer experience and engagements. The fragmented retail and B2B marketing engagement strategies could finally be set on a sane path. In their recent report, Blis, a leading provider of advanced location data technology, has unvieled a report, titled, Unlocking the New Consumer Hierarchy of Needs. The research identifies a new, post-recession ‘Conscious Consumer’ and shares data-informed insights and recommendations about how to build loyalty with them.
Who Is a Conscious Consumer?
According to the latest Blis report, a ‘Conscious Consumer’ is the “survivor of the last recession – a period which fundamentally altered their behavior.” Characterized by a no-nonsense relationship with brands, the ‘Conscious Consumer’ has a sophisticated understanding of their value to the brands with which they engage and take a more active role as a result.
Over half (55%) report a ‘one strike and you’re out’ rule and almost three quarters (69%) can be swayed by a well-timed price drop, personal coupon, or product ad all the way to the checkout.
Quick to judge and slow to forgive, they are motivated by the rational over the emotional when making purchasing decisions – a third of consumers will switch to a cheaper product if it’s of comparable quality, regardless of brand loyalty.
At the time of this announcement, Gil Larsen, VP Americas at Blis, said, “The retail landscape over the past decade has been turned on its head and the retailers who are thriving have adapted to these changes quickly. They understand that what was true of pre-2008 consumers is no longer so and have thrown out the old retail playbook.”
Gil added, “Our study examines consumer research married with our own location-based data to construct a new framework for retail brands who aren’t clear on how best to foster a relationship with this new Conscious Consumer.”
The New Consumer Hierarchy of Needs
The Conscious Consumer has a much clearer sense of their value to brands — from personal data and peer influence to financial import–with 65% willing to share data only if it provides them tangible benefits such as money saving or exclusive access. Combined with the wealth of information they are now used to having at their fingertips, the conclusion is that brands have to work much harder not just to earn their attention, but also to keep and convert it into sales.
Gil said, “For those able to navigate the new rules, there are a number of positive takeaways.”
Gil concluded, “Not least the fact that, while they research and compare on larger financial investments, these new consumers are spontaneous when it comes to lower cost, in-the-moment buys. Almost three quarters (83%) spend up to $50 per week this way, while the remaining 17% admit to spending $50+ on ad hoc items. This represents a significant amount of revenue on the table for brands that get it right.”
With brands still coming to terms with the new retail landscape–as seen by the multitude of store closures–the research paper provides clarity for what these new Conscious Consumers want and offer guidance on how brands can best interact with them, especially through the use of location insights.
Blis conducted market research through AYTM, surveying 2000 consumers across the United States at every socio-economic level, to uncover shopper preferences and how they like to best interact with brands, creating a new hierarchy of needs for brands to address.
Currently, Blis offers a proprietary technology and platform for location data that helps agencies and brands use location data to better understand consumer behavior, allowing for effective targeted advertising to drive business outcomes.
Click here to read the original article.