A new trend emerges every year... Factors such as high inflation, which eat away at wage gains and savings, low employment and layoffs, high home prices, and high-interest rates in 2022-2023 mean purse strings are being tightened.
As we enter the year 2023, we will attempt to determine what consumer behaviour will be like and how using Salesforce could help adapt business and promote efficiency and success in uncertain times.
First, the undeniable facts...
- The process of selling has become increasingly difficult!
- Consumers want more control over spending due to concerns about inflation and rising prices
- More e-commerce and social spending is taking place than ever
- Companies need to up their game to stay competitive.
- Salesforce implementation is a MUST..
How buyer behaviour works: Consumer behaviour patterns are the driving force behind any marketing process. Several factors can influence a consumer's purchasing behaviour, including needs, mentality, mood, and the availability of the product. You can make more sales, market more effectively, and provide better service to your customers by understanding buying behaviour. What matters is what the customer 'thinks' is happening and how it will affect their individual purchasing decisions.
During the current uncertain economic climate, buyers are changing and sales confidence is at an all-time low, with Salesforce recently reporting that 69% of salespeople are having difficulty 'selling'. Fewer than a third of companies believe they will meet their annual sales quotas, and 70% of companies are avoiding riskier tactics... Globally, salespeople acknowledge that selling is becoming increasingly challenging, and they have been forced to adapt quickly.
The following are some ways we have observed consumer purchasing behavior trends and expect to continue to drive this year.
Everything is ONLINE!
Mobile applications, social media, and advanced technology are changing the way we discover and purchase products and services. The old ways of buying are dissipating more and more as we gain a deeper understanding of the digital world. Companies and organizations need to opt for an effective omnichannel strategy. More so, focused on customer service.
Here's How.. Salesforce Omni-Channel. An Omni-Channel solution, as the name implies, provides a consistent customer service experience across all channels. In order to provide a seamless customer experience across multiple channels, omni-channel customer service integrates these channels into a single platform. By doing this, customer service agents will have a comprehensive view of a customer's interactions, allowing them to answer queries in a more effective and efficient manner.
Still, In-store shopping remains a preference for many consumers. Despite the significant growth in e-commerce in recent years, many consumers prefer to shop in person for large purchases. This can be augmented in your business in a very simple way.. a positive in-store experience.
Try:
- Exclusive in-store deals
- Fun experiences
- Provide top-notch customer service
Increase in demand for sustainable products and services
Research shows that Generation Z consumers are driving the conversation regarding sustainable products, as they become more conscientious consumers. Furthermore, two-thirds of consumers of all generations are willing to pay more for sustainable products, 44% of consumers place product sustainability above brand name, and three-quarters of consumers consider sustainability to be somewhat or very important. Moreover, as the younger members of Generation Z become adults, their influence will only increase.
It is primarily for environmental reasons that consumers purchase sustainable products and brands. So our advice.. To capture future market share, you need to align with Gen Z's values. Let your customers know that your product or service is compatible with their ideals in your advertising.
Personalization
Increasingly popular, personalization has led to higher customer satisfaction and conversation rates. In short, personalization refers to the use of unique consumer data. The sales team can personalize buyer experience based on their demographics, browsing history, past purchases, and devices. Due to the increasing omnichannel nature of online shopping, retailers are adapting their marketing strategies to address this trend.
Salesforce defines personalization as 'the act of tailoring an experience or communication based on information a company has learned about an individual.'
What types of experiences can be tailored? Most channels through which customers interact with Salesforce can be personalized. Websites, mobile applications, and social media are some of the most popular.
With Salesforce Marketing Cloud Personalization, you can provide more personalized customer experiences through real-time interaction management.
Conclusion: Times are changing!
A large part of consumer behaviour can be attributed to their level of confidence - both in the present and in the future. There will always be one thing that will never change: the customer is always right.
Customers value a personalized, straightforward, quick and efficient purchasing process.
