Exploring the Latest Business Trends Shaping the Future of Industry

The world of business is constantly evolving, and keeping up with the latest trends and innovations is essential for success. Recent years have seen a significant shift in the way companies operate, with new technologies, changing consumer preferences, and global events all playing a role in shaping the future of industry.

One of the most significant trends in business today is digital transformation. Many companies are investing in new technologies and data analytics to improve efficiency, productivity, and customer experience. The COVID-19 pandemic has accelerated this trend, as more businesses are turning to remote work and digital communication to stay connected with employees and customers.

Another important trend is the growing focus on sustainability and corporate social responsibility. Consumers are becoming more aware of environmental and social issues and are looking for companies that prioritize these concerns. This has led to an increase in eco-friendly products, sustainable packaging, and ethical business practices.

The rise of e-commerce is also a significant trend shaping the future of industry. Online shopping has become increasingly popular, and companies that previously relied on brick-and-mortar stores are now investing in online sales channels. This shift has led to increased digital marketing and advertising, as well as the use of social media influencers to reach new audiences.

The gig economy is changing the way businesses operate. More people are working as freelancers or independent contractors, and companies are adapting to this trend by hiring more flexible workers. This has resulted in a rise in gig work platforms and digital marketplaces that connect freelancers with businesses in need of their services.

Overall, the latest business trends involve embracing change and adapting to new technologies and consumer preferences. Companies that can innovate and stay ahead of the curve are likely to succeed in the years to come.

Marketing Strategies in an Economic Downturn – the Bottom Line

The Incumbent Economic Downturn

The global economy is forecast to experience a recessionary period, signaled by aggressive fiscal and monetary tightening policies following a post-pandemic surge in economic activity, market shocks, and consequent inflation. Consumers and firms alike have begun to tighten their belts; the former reevaluating their consumption habits, the latter announcing commitments to reducing costs and prioritizing resources. Marketers will need to adapt existing tactics to cater to fiscally conservative consumers by concentrating on value and building customer relationships, all underscored by employing tools to develop a comprehensive and intimate understanding of their target audience.

Emphasize Value

Consumers in an economic downturn will increasingly make purchase decisions based on product value over other relevant metrics. Firms that ensure their offering portfolio(s) are value-centric, for the most part, are likely to emerge from this period with a considerable competitive advantage. Non-essential products, high-cost long-term purchases and luxury ‘wants’ are particularly susceptible to a drastic change in consumer purchasing habits. Brands in this category can opt to introduce low-cost alternatives to such products along with marketing campaigns that reinforce affordability and product value. For essential products more resilient to recession consumer habits, the core product may remain unchanged. Instead, the value-for-money proposition of the product is highlighted in promotional material, advertising campaigns, and product packaging. Being attuned to the changing tides of consumer behavior can contribute to customer retention, as discussed in the following section.

Build Customer Loyalty

Retention is key during a recession, and invaluable once it elapses. Loyal customers are the core of any firm. Purchasing habits are reinforced as consumers choose to reallocate luxury spending to essential products. This loyalty can be achieved by demonstrating the brand’s empathy towards its customers amidst challenging economic conditions through affordable and value-centric product portfolios, personable messaging that emotionally resonates with consumers, and budgetary recommendations incorporated in the brand’s product portfolio.

Empower Modified Tactics by Understanding Your Audience

Value-driven promotions and building customer loyalty are best achieved by truly understanding your customer base – utilize consumer research tools to learn about your customers’ journey, changing behavior, and preferences in response to an economic recession. Further optimize the discussed strategies that drive prudent business decisions in an uncertain economic climate, where consumer purchasing behavior is in flux. It is therefore up to firms to invest in market research solutions.

InsightsClub offers iCheck, a consumer research solution that facilitates testing, optimization, and measurement of brand upliftment in your proposed digital campaign. Discover how you can adapt your campaigns to optimize consumer activation. Reach out to us at InsightzClub to learn more. 

Here’s How Malaysians’ Consumption and Lifestyle Patterns Changed Past Pandemic

There have been many elements identified that have changed Malaysians’ behaviour and lifestyle habits as a result of the Covid-19 outbreak. Despite the limits being relaxed, many of us, in my opinion, are accustomed to living in the cage we have since the pandemic started.

Although a recent study by InsightzClub found that 6.5 percent of respondents dine in every day and 2.8 percent of respondents haven’t eaten at the restaurant in over six months, we may confidently state that eating out is one of Malaysians’ favorite pastimes to engage in virtually every day. Celebrating events, dates, anniversaries, and other milestones was among the respondents’ top reasons for eating out. We can certainly relate to this since the majority of us have spent the last three years celebrating our significant occasions behind closed doors throughout the pandemic.

InsightzClub found that 23.1 percent of respondents order food online many times per week, and 20.4 percent of them have it delivered once per week, among those who find comfort in eating in at home. Undoubtedly, individuals who work from home will find it most comfortable to have their food delivered right to their door given that the majority of Malaysian companies now allow employees to choose between working from home or the office.

Malaysia offers a number of delivery services, including GrabFood, Foodpanda, Gojek, Shopee Food, AirAsia Food, DeliverEat, GemSpot, BeepDelivery, and many more, that take use of opportunities in the food and beverage industry. However, GrabFood and Foodpanda have been among the most popular food delivery platforms thanks to fantastic discounts and coupons.

Although it has been almost two months since Malaysia announced the endemic, it will undoubtedly take some time for things to return to normal, or rather for people who prefer to stay and continue living their lives as they did during the pandemic, after nearly three years of surviving with what we had, daily activities, routines, and a job.

Colors to Elevate Your Marketing Campaign

Color trends can be wide ranging, with gray-green taking over as a the most popular color combination in 2022. It appeals towards consumer’s well established love for green and provides an elegant touch with the gray tones. The result is a subtle, classy and sophisticated shade.

Warm neutrals offer a break from vibrant and loud colors that can be distracting when used improperly. Offer a sense of peace and serenity by avoiding chaotic color choices. It’s also an excellent choice when your design includes lots of copy writing.

If you do need brighter colors then calming coral is the way to go. Offering the perfect mix between calmness and brightness. It can also add a great aesthetic to your design, appealing to every generation’s aesthetics.

Understand your Audience

Your customers may have specific preferences, so it’s important to understand what they are. The colors you choose can become a powerful tool in changing perceptions by invoking the right emotions from your audience.

Apply this to your Marketing and Advertising Designs.

Sometimes it’s okay to be worried about diluting your brand’s visual identity, however, by understanding color trends and implementing them across advertising designs responsible for conversions can have excellent results without any impact on branding.

A few places where you could to do this are:

  • Landing Pages and Websites
  • Digital Advertisements
  • Social Media posts/stories
  • Email Marketing

Leverage on color trends so that you can elevate your brand’s image and grow your engagement with customers.

To learn more about customer behavior and trends, reach out and schedule a call with us.

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Are Chat Bots the Future of Digital Marketing?

Google recently made headlines for their developments in Chat Bot technology. A senior working on the project claims that they have created a Chat Bot capable of sentient speech. An algorithm powered by AI called LaMDA (a Language Model for Dialogue Applications) that has been trained over the last 5 years to produce human-like responses.

Even without such advanced technology, chat bots available on the market today offer a wide range of features that can help you automate your marketing processes and expand your marketing online.

Here are some of the ways that you can benefit from Chat Bots.

More Marketing Conversations

Marketing is all about good conversations, as a brand it is vital to handle customer conversations well.

By using Chat Bots you can dramatically increase the number of these conversations. Chat Bots provide an exceptional bandwidth for allowing you to close more sales enquiries.

Not only can they help you start more conversations with consumers, they also help you to achieve better engagement in the process.

Qualify Leads

More businesses look towards using Chat Bots to automate lead generation, by deploying chat bots that ask prequalifying questions to visitors they can easily filter out bad leads. This lets your sales reps to spend their time efficiently with more qualified leads.

You might even find that you can shorten your sales cycles with this approach as a lot of time is saved with sales reps avoiding junk leads.

With Chat Bots conversations can happen in real time, so customers don’t have to wait days for someone to respond and sales reps can quickly identify potential qualified leads.

Automating After-Sales Services

Engagement with customers post sale are just as important as the initial engagements. Nothing can be more frustrating for customers than to struggle to get updates and support post-purchase.

This situation can be easily avoided by adopting chat bots that can quickly attend to customer’s needs.

Many logistics business have seen the value in AI powered chat bots and adopted them to boost efficiency.

Chat Bots certainly have a wide range of applications and show so much promise with more advanced versions in development, it’s a worthwhile marketing investment to consider. However, at the same time in order to set-up an engaging experience for your consumers, it’s important to truly understand their behviour and needs.

To learn more about customer behavior and trends, reach out and schedule a call with us.

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Inflation’s Pressure on Marketers Felt as Prices Keep Rising

Consumers have much to complain about as prices for essential goods continue an upwards rise in price. Many economies recovering from the covid-19 contractions are struggling to make supply meet new demand.

Fractured supply lines aside from lockdown days, the continued conflict in Ukraine has had a great impact on prices of staple food items like wheat and sunflower oil to name a few. The UN Food Price index shows that prices are at their highest ever since records began 60 years ago.

Marketers need to face up to this challenging landscape where dollars and cents need to make sense to consumers, brands have to be especially aware of how price rises can affect customer perceptions and understand their behaviour in order to mitigate the risks of them going to a slightly cheaper competitor.

At Insightzclub we are constantly monitoring consumer behaviours, here are some of the things that we believe marketers need to do to boost their campaigns.

Offer New Payment Options

Flexible payment options isn’t a new feature, but it’s can be an attractive feature to offering at times when customer disposable income and confidence is low. Many consumers have bought into “Pay Later” schemes offered by Grab, Shopee and Lazada. By providing flexible payment options a brand can gain access to new customers who may have felt the price was out of their budget.

Leveraging on Loyalty Programs

With more consumers seeking membership privileges, brands can invest more into these programs that act as a core defensive strategy against inflation. Not only do loyalty programs offer added value to customers they also serve to dissuade the competition from eroding your brands market share.

Bundles and Value Packs may sell better

As consumers continue to cut away non-essential items from their limited budgets, brands must be able to communicate their value proposition to benefit customers.

Bundling items into a combination that offers the most utility to customers will offer compelling savings and may even convert loyal customers into brand advocates.

On the flipside, it’s also important to revaluate any existing bundles which can be offered individually so that the certain goods can be more accessible for price-sensitive customers.

To learn more about consumer behavior and how to elevate your brand feel free to reach out to us.

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A Study By InsightzClub | Discovering Malaysian’s Shopper Trends Post-Pandemic in 2022

Based on a recent study conducted by InsightzClub, we discovered several different trends among buyers in Malaysia that are very interesting, especially after the Covid 19 pandemic.

Making important decisions

Making efficient and informed decisions is an art that is learned through life experience. We learn how to make decisions from an early age, even if we are not always aware that we are being taught to do so. 34.2% of respondents said they make decisions with others, such as their family members, while 65.8% are the primary decision makers.

Daily lifestyle

In the survey, we asked about the products purchased in the last 6 months. In terms of beverages, 67.5% chose mineral water, which is the most consumed beverage compared to others such as alcohol, juices, tea, coffee and many others. The least consumed beverage is pre-mixed cocktails at 4.4%. Given the extremely hot weather in Malaysia recently, we certainly agree that mineral water is the most consumed beverage by Malaysians. We come to an agreement that water helps to absorb important vitamins, minerals and nutrients from food, which increases the chances of staying healthy.

In the face of the pandemic, most companies in Malaysia have made it possible to work flexibly, either in the office or at home. We found that 62.9% of Malaysians have consumed instant noodles and oatmeal and cheese in the last six months. This is quite predictable, as the majority of Malaysians prefer foods that are prepared quickly and instantly, so instant noodles and porridge are used almost daily.

Personal Care

As the saying goes, health is wealth! Of the many personal care products, we asked to choose from, 84.3% chose shampoo and face wash & cleanser. We received the fewest responses for menstrual cups. This is probably due to the fact that menstrual cups are not yet as common in Malaysia as sanitary pads.

Household care was also one of the questions we asked, and 74.6% of respondents voted for household cleaning products such as multi-purpose detergent, bathroom cleaner, kitchen cleaner and floor cleaner. The liquid cleaner for baby bottles received the lowest score of 10.5%. We personally think that nowadays there are quite a lot of cleaning products that are baby safe or safe for babies, so a special liquid cleaner for babies is not in demand.

Most consumed Beverage

It was interesting to find out which beverage brand was most preferred by our respondents. For alcoholic beverages, 113 respondents chose Absolute Vodka as their favourite drink, while Tiger Beer was the most popular beer with 168 respondents. Among wines, Micheal J. Gelb red wine was the most popular with 70 respondents. Pre-mixed cocktails were chosen with 113 votes for the “Rio” brand. Bottled mineral water was a hit for the “Spritzer” brand with 65 respondents.

Coca-Cola clearly accounted for the most votes among soft drinks. Goes with any occasion! In juices, Tropicana Twisters and Lipton Tea were popular as ready-to-drink beverages. Of course, most of us need coffee – and we have Nescafe and IndoCafe as the preferred coffee! Thinking back to Malaysians’ favourite chocolate malts since childhood, Milo brings in the most votes and Yeo’s is their preferred drink!

Preferred Grocery Store

Respondents recorded their preferred grocery store and hypermarkets logged the highest votes amongst the others like supermarkets, marts, online shopping and others.

InsightzClub survey also asked respondents if they had changed their lifestyle or consumption patterns during the outbreak in the past 6 months. We found that 69.3% preferred to eat at home rather than outdoors.

To learn more about consumer behavior and trends, contact InsightzClub and learn more about our solutions here.

Successful Marketing Campaigns to Learn From

Marketers are always being challenged to expand their creativity and push the boundaries in the battle for creating the best perception of products. But successfully changing consumer perceptions in today’s media landscape is no easy task.

Consumer trends move faster than ever before, urging marketers to be bolder in their approach and leverage off data-led campaigns with a focus on their audience and storytelling.

While the fight for consumer’s attention and engagement is getting harder, at Insightzclub we take a look at 2 campaigns that we hope will inspire you and help boost your creativity.

Dove’s ‘Reverse Selfie’ advert takes on social issues poignantly

An overwhelming majority of girls report to distort their online display pictures by the age of 13. Social media has especially enabled younger generations access to easy-to-use plastic surgery filters which allow users to manipulate their facial features. Bigger lips, slimmer faces and clearer skin are among some of the features offered.

Dove realises this concern over beauty and made an extremely poignant advert that shows the process of how a girl gets ready to take a selfie, then edits it before uploading, however, this is all done in reverse. Allowing for the final shot to be of the same girl, unedited and bare face.

This was done very timely as the beauty industry rebels against the traditional standards of beauty opting for a more inclusive and authentic version of beauty. Especially 42% of Gen Z’s want brands to be authentic.

Dove’s decision to take on this social issue resonates well with an audience seeking inclusivity and brand authenticity.

Duo Lingo’s TikTok Success 

In February 2022, DuoLingo had 2.9 million followers, what’s astounding is they started off with only just 50,000 in September last year. Its videos have garnered over 55 million likes.

Many of the videos may seem random at first, but apart from having a cute owl mascot, the content mostly centres around the owl practising pick-up lines on mock-up celebrities.

The core of the content marketing strategy doesn’t actually promote any products, but instead it stimulates interest in the value of the product.

Their success on TikTok also comes down to entertaining the target audience with these short skits rather than selling products. This is exactly what TikTok users want and adding comedy is really helpful since 63% of TikTok users said they prefer “funny” content.

Learning from Duo Lingo, we can see how accommodating your content to meet your target audience preferences can produce incredible results.

To learn more about consumer behavior and how to elevate your brand feel free to reach out.

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Marketing Spend and how to budget for 2022

Last year marketing budgets even amongst top marketing leaders took a historic hit. Nearly shrinking by half from 11% of total revenue down to 6.4%.

At InsightzClub we have reported on the uncertainty created by the covid pandemic’s impact on the economy in the past. But with consumer confidence slowly returning, many marketers are making a rebound this year, with a majority expecting to increase their marketing budgets for 2022.

Here’s what you should take note of so that you can maximise the gain from your marketing spend.

Digitalizing Marketing

Many marketers jumped onboard the digital marketing trend that has transformed the way brands have traditionally interacted with their customers.

An overwhelming majority of marketers plan to invest in this highly contested space, which includes Digital Video, Influencers and Social Media.

With the top priorities currently being: branded content by influencers, ads in social media stories and feeds, smart TV ads and online display ads.

Marketing automation has also become more popular with many brands spending up to nearly a quarter of their budgets on marketing technology. While software can evolve marketing processes, it’s always a good idea to assess what’s actually being used, what isn’t and what else is needed.

Goal Balancing Strategies

Long-term brand building seems to have taken a back seat as often brands prioritize sales activation for showing immediate performance result, however, this can be hazardous in the long-run and hurt the brands budget later on.

Brands navigating uncertainty will struggle to plan beyond the present business needs. Unless the brand’s survival is at stake, there is no sense in cutting brand building initiatives.

Practicing Agility with a Readiness to React

If the pandemic had taught businesses anything it is how to adapt to new situations and overcome new challenges. Being flexible has proven to be greatly advantageous for many brands that have emerged from the pandemic stronger than before.

A strong budget strategy always begins with maximising Return on Investment. Only through frequent monitoring will you identify underperforming marketing elements and have time to respond with improvement ideas.

As such having a vigilant oversight team that strategically optimizes your budget is so important for budget efficiency.

To learn more about how InsightzClub’s marketing performance tools can help you optimise your marketing spend, feel free to reach out to us.

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Post-Pandemic Consumer Behavior: what’s here to stay.

At InsightzClub we delve into this fascinating topic as we explore what behaviors have been learned and adapted throughout the pandemic that is here to stay.

The world after covid-19 has become a very different place, people everywhere have their own ideas about navigating the new normal. Brands need to focus on what consumers want and need during this transition. Here are the top consumer behavior trends that every marketer should watch out for.

Measuring Consumer Confidence

While our preliminary research showed that consumer confidence had increased since during the pandemic, there are many variables to consider and the results are sometimes unpredictable.

Consumers can be divided into 4 segments that cover a spectrum of cautious spenders all the way to those who will continue to cut back on spending in the face of uncertainty. As such all brands need to accommodate the very real concerns consumers have.

Consumer confidence can often be tied together with economic prospects, while so much uncertainty plagues finance markets with many speculating looming recessions in the near future. Over 60% of consumers say that they have cut back spending.

Story Telling in Marketing

While this isn’t something new, many social media apps have launched features that set off a massive global trend.

Many marketers have jumped onboard with an uptake in using these platforms to maneuver the shifts towards open communication and brand authenticity. 

This is an area that will continue to draw consumer interest and enable greater reach for all marketers.

Those who change and those who don’t

Not everyone has followed these huge shifts in consumer behavior. There are still many consumers who won’t change their habits and will revert back to doing what they did before.

This is perhaps one of the more interesting trends to take note of as it becomes particularly relevant to traditional industries. For example, many banking customers are reluctant to fully utilize digital services, with only 25% saying they would use more online services for banking in the next year.

There is a risk of alienating consumers with any radical changes to how brands interact with customers. Brands have to accept there are some consumers who are slower to adapt to the new post-covid reality.

Now is a great time for thinking about how brands should be conducted differently in the post-covid era.

To learn more about consumer behavior talk to us.

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