The speed of change is changing everything—market planning most of all. Here’s a quiz about trends and changes over the past five years. Let’s see how you do, and then we’ll consider the ramifications.
Five years ago, did you predict:
- Major QSRs would be using mobile apps to preorder pick-up food, negating the impact of store POSMs and increasing the impact of radio ads?
- Spending on online advertising would be greater than traditional advertising and growing at a 12x greater pace?
- Fifteen-second commercials would have far greater impact than lengthier versions?
- Over 15,000 retail stores would close each year due to eCommerce?
- Uber would threaten the car rental industry
- Online ad skipping (when possible) would be greater than 92 percent?
- Over 80 percent of major CPG companies would lose shares to smaller brands?
- Voice AI in the home would challenge Google search?
- Amazon would be selling major appliances (Sears Kenmore) and groceries (Whole Foods) as well as offering no-prepayment clothing try-outs?
- Over 75 percent of car shoppers would have decided on their make and model before entering the dealership?
- The use of online ad blockers would grow by 40 percent a year?
- In-store POS materials would have half the impact than they did five years ago?
- Among millennials and Gen-Xers, paying by smartwatch and smartphone would threaten traditional credit card usage?
If you didn’t predict the majority of these trends, how well can you predict the challenges that will be facing your company tomorrow? And how can you be sure your company is ready for the next two years of market planning?
The spending and viewing habits of millennials, Gen-Xers, and Gen-Zs are far different than anything marketers have experienced before. Their level of brand loyalty is low (except for premium brands), and they know more about new products and trends than you do. If you are still using predictive marketing tools from last year, prepare your Betamax recorder and load your Kodak Instamatic, because you are in for a bumpy ride.
I recently spoke with market research industry expert Bob Lederer, host of the Research Business Daily Report, about trends and the impact of millennials, Gen-Xers, and Gen-Zs on market planning, and I thought you might want to see it.
If you’re interested in discussing new ways to predict future trends, I can be reached at 201.569.4800 and at firstname.lastname@example.org.
View the complete interview on YouTube