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Consumer Buying Patterns Powered by New Value Drivers

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If you’ve been following our recent series, 3 Consumer Trends Retailers Can’t Afford to Ignore, you know that today’s buyers and their purchasing decisions are influenced by a new set of value drivers.

In this post, we talk about how retailers can address this shift in value drivers and maintain communication with prospects and customers worldwide.

Consumer value drivers

Evolving Value Drivers Change the Face of the Consumer Packaged Goods Industry

In the past, the consumer packaged goods industry could rely on one constant: the majority of consumers made buying decisions based on one or a combination of these traditional value drivers:

  • Taste
  • Price
  • Convenience

These traditional value drivers are still critical when it comes to making the sale. But, according to a study conducted by Deloitte, 51% of consumers now base their buying decisions, particularly when it comes to food and beverages, on different values, like safety, social impact, health & wellness, transparency, and experience.

In addition, most of the consumers who use these evolving values to make purchase decisions are heavy digital users, who gather most of their brand information online through social media and other digital sources. This significant shift in the value chain and how consumers gather information presents a challenge for today’s retailers and distributors—particularly those that serve a range of geographic and demographic markets.

So, how can today’s retailers and distributors remain successful in this shifting market?

Identify and Differentiate Key Audiences

Thanks to Deloitte, we know that 51% of consumers now state the evolving value drivers influence their buying decision. But, what about the other 49% of consumers?

Today’s distributors and retailers must learn to speak to each segment uniquely for ongoing success. And thanks to the wealth of tools available to today’s business owners, this task is not as hard as you might think. Social media platforms like LinkedIn and Facebook allow businesses to create highly targeted advertising and marketing campaigns based on all sorts of factors, from age to interests to employment history.

Not sure how to identify your target audiences? Start with your current customers, and build buyer personas based on real scenarios that have worked for your business in the past. These buyer personas, or profiles, should form the basis of your targeted advertising efforts.

Anticipate Demographic Shifts on Consumer Behavior

Making adjustments to branding, messaging, and targeting is one strategy for speaking directly to evolving value drivers. But in some cases, your business may need to re-evaluate and/or expand your product offering to meet the needs of a changing consumer base.

Some brands have already begun the effort to target shifting demographics. A report distributed by McKinsey cites Unilever’s Pro-Age product line, which is targeted specifically to consumers between the ages of 54 and 63, as an example of how retailers can and should adapt.

Maintain Multiple Channels of Communication

Whether or not your customers purchase from your business online, they are reading about you and your competitors on social media, mobile apps, review sites, and more. Many of these digital consumers prefer to interact with businesses through online chat, email, or other digital channels. But, countless others prefer to speak with a real person on the phone—especially when it comes to customer service or support.

According to a report released by Sage Business Researcher, over 40% of customers surveyed in 2012 and 2014 preferred to speak with a live person when seeking customer service.  And while that number does not hold up across all industries, it is important to maintain an open line of “real-time” communication. This makes international toll free numbers an essential tool for retailers and distributors with a global presence.

International toll free and local phone numbers provide businesses with a way to establish a local and accessible presence anywhere in the world, without opening a new office or branch. Customers can call businesses at no charge (toll free) or for no more than the cost of a local call, and companies can forward incoming calls to any phone number or device—even an existing, on-premise phone system.

To learn more about AVOXI’s global communications solutions, contact an AVOXI sales representative today.