Cultural shifts and deep business implications

Consumers are reconnecting with their core values ​​and looking to simplify their lives. This makes accessing them even more complex for companies (or/and brands) that don’t adapt now.

Consumers are getting used to the idea that the world seems much more unstable and uncertain than a few years ago: COVID, Ukraine… As part of this adjustment, they are reconnecting with their core values ​​and rethinking what they expect from life. Companies that want to serve or employ these consumers must transform to meet these new expectations. People today focus on simple needs and don’t waste time and money on things they no longer enjoy, especially when inflation is rising faster.

Historical change in the perception of work

From baby boomers to younger generations, the way people think about work is changing. Most people spend less and go out less. Telecommuting gives them more choices about how they spend their time and takes them away from the workplace, both geographically and emotionally.
At first it was difficult. But many have come to prefer this way of being, or at least find it much better than they had imagined. They feel that the quality of their time is as important as the amount of money in their bank account. They would rather stay at home than go out. They want to buy experiences rather than more things.

For business leaders, this cultural shift has profound implications. Shift of power from employers to employees; from older people ending their careers prematurely, to younger generations less motivated by money and status and more interested in living by different values; and brands to consumers as people spend more time at home and offline, making them harder to reach than ever.

4 business requirements

1 – Explore new ways to reach consumers

As consumers turn inward, brands will find it harder to capture their attention. Companies must identify and invest in new or evolving physical and digital touchpoints. So they are there when needed.
This means going the extra mile to ensure that every potential channel of engagement or being visible to the consumer is explored and easily integrated into the brand experience. This can range from a custom consultation in the store to custom branded skins in the metaverse.

2 – Contextualize the brand experience

Companies need to rethink the context in which they try to engage the consumer. People’s routines have become more and more fragmented. Companies and/or brands must have the digital capabilities to understand the growing range of consumer needs based on contextual indicators and respond quickly with the right offer.

3 – Easy consumer access

In a world where people are consuming less, focusing more on “affordability” and withdrawing from engagement opportunities. Eliminating consumer pain points has never been more important. If consumer expectations for quick and easy purchases were high before, their expectations for frictionless brand experiences are now exponentially higher.
Brands need to explore the best way to drive traction. And ensure that consumers spend the necessary time on each stage of the consumer journey. However, the purchase process must be simple, quick and easy.

4 – Explore partnerships that create collective value

Selling a product to a consumer can become more difficult, especially for any business. If it works within a partner ecosystem, the path to purchase will become clearer. As consumers focus more on their holistic priorities, they look for flexible solutions that meet multiple needs rather than individual products that meet a specific need. This means that brands can work with other brands and other sectors and industries to come together to reach and optimally meet consumer needs.

In conclusion, to be relevant in the future, companies must consider these changes both externally when engaging their consumers and internally when engaging their employees. They need to rethink their talent models to attract and retain people who increasingly value flexibility in their lives. The ability to access the skills the business needs will be more important than simply filling career-focused roles.

Companies that source talent this way will be more agile as their business needs evolve. More importantly, increasing consumer demand for flexibility will increasingly fragment future consumption patterns. People want to work in more places, shop in different places, more local to them, not defined by the commute!

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