Published: 22 January 2016
Business trending topics for 2015 have shown some major changes in the analysis of consumer demographics and the way consumers approach purchases. These new trends are going to affect your bottom line and how you spend your marketing budget. Forget everything you
have learned in the past. It is time to make a change in that marketing plan.
When you created your marketing plan, you spent a great deal of time trying to analyze your ideal customer. You may have found that it was a woman, age 34-40, married, mother of three, college-educated, home owner, income over $100,000. You predicated your website, hard copy advertising, radio and television spots on that exact person. Things have changed, however, and that ideal customer is no longer shopping the way she did 2 years ago.
A cell phone, that mobile device, is one of the major changers of how people shop and this phenomena has just happened over the past 12-18 months. Analysis of mobile shopping/search trends is still elementary, but from early results, it appears that the new statistics contradict the old. Today on cell phones, women do 56% of sporting goods searches and 45% of home improvement searches. Men, on the other hand, do 68% of skin and body care searches. Click and they have bought the product. Not at all what you used to expect!
Another game changer is the growth of how-to and advertising videos. Both have affected results of traditional marketing efforts negatively. YouTube is a leader in this area, and it is still the primary source of videos. Viewership is at an all-time high with over a billion users each month and growing. Companies such as Home Depot have recognized this internet power and reinvented their marketing efforts to take advantage of it. They now spend time creating videos which “teach” their consumers various aspects of home improvement, basically empowering them to complete their home transformations. . .and of course, buy their materials from Home Depot.
The videos also convince consumers in other ways. Within all of these videos are embedded tiny ads, constantly bombarding the viewer as he moves from video to video. Reviewers, too, accept products from companies to review online, creating video after video of short reviews. Companies have realized that favorable reviews are in effect free advertising.
Marketers have also found out some amazing statistics about the efficacy of videos. Over 45% of viewers watch an entire video ad. When they do this, their favorability perception of the company rises by 15%. Those viewers also had a 19% higher probability of purchase. Everything about videos that the marketers measured, all categories saw a positive change. This change was much higher than any traditional advertising.
The bottom line of all of this is that, like the old song, “The times, they are a-changing.” If your marketing plan is over a year old, you need to revise it immediately. The marketplace has changed drastically and you need to follow those changes. Mobile searches and purchasing are growing astronomically. Videos are a great way to tell your story. Place your marketing efforts where decisions are being made, sometimes instantaneously, and that would be on a smart phone or online watching a video.
If you are intending to sell your business within months or a few years, it is critical that you keep your sales growing. You can’t step back at this point and just let things happen. Stay pro-active and learn to use the new marketing highways that have opened up. The Savickas Group has people who can help you in all aspects of your business, especially preparing for the sale of your business. We have created some free materials on selling a business which might give you a new perspective on your future. Contact us for a FREE copy of Maximize Your Exit, 9 Tips to Capitalize on the Sale of Your Business: 1.888.210.8269 or email@example.com. Feel free to contact us for more information.