The new year has finally arrived, meaning it is time to look back on the past year and review the marketing trends that emerged from the beginning of the decade.
While always important to stay up-to-date with trends, a year filled with so much change has dramatically impacted how we consume products, interact socially and communicate with our customers. Thus, understanding and effectively applying the marketing trends that emerged from 2020 is more important than ever to ensure long term business success.
Looking back at the year that was, here are Maer’s top 2020 Marketing Trends.
1. Highlight Your Values
In the current landscape, consumers are often overwhelmed with choice and as such it is vital to demonstrate competitive advantage by highlighting your brand’s unique values. Managing your brand effectively and maintaining flexibility will ensure you meet your patrons needs and wants, which increases customer satisfaction and brand loyalty.
Investing in graphic design is a key strategy for improving your brand’s appearance and highlighting brand values. A modern, simple and well-designed logo can immediately improve competitive advantage by appealing to patrons want for quality products and services. The effective use of digital communication channels and social media can further bolster this positive image, as a majority of patrons form their perception of your brand via sensory experience of your website and social media channels.
2. Focus on Loyal Customers
Did you know it’s five times more expensive to attract new customers than it is to retain existing ones?
Many businesses in the hospitality industry get caught up in trying to bring in new customers, associating more people with greater profit. However, often times a new customer will only visit your venue once!
Think about all the time, effort and earnings you’ve invested in events and campaigns to attract those patrons…all for one visit.
If 2020 has taught us anything, it’s that the ones closest to you matter the most, so why not invest in your local and loyal customers. Studies have shown that nurturing existing relationships with customers and improving customer retention by as little as 5% can increase your profits by anywhere from 25% – 95%. Rewarding your loyal patrons through the implementation of effective loyalty programs, will not only encourage continued visitation, but will also improve customer satisfaction. Furthermore, issuing promotions and events such as creating VIP nights, recognizing patrons’ birthdays and offering other promotional benefits are all successful methods of showing your customers how much they matter to you.
3. Customer Personalisation
Everyone wants to feel special. One of the largest trends across consumer behaviour is the desire for personalisation and customised experiences. Research has shown the 80% of consumers are more likely to use a service from a business that provides customised experiences than those that do not.
Easy ways to achieve this include greeting patrons on entry, providing high-quality customer service and chatting to patrons. These simple actions accompanied with effective digital communication and promotional campaigns can build long term loyalty and maximize your profits. Furthermore, to ensure the continued positive perception of your brand it is vital to keep up with customer consumption trends. In recent years, people have placed a higher value on implementing sustainable behaviour. Venues can implement changes that support this consumer demand by providing alternative dietary options, using recyclable materials and highlighting their sustainable practices in advertising and promotional material.
Maer Group offers a wide range of marketing services encompassing strategic digital communications, graphic design and organizational development. If you’re looking to improve your brand image, encourage greater customer loyalty and customize your products and services give us a call or send us an email today.