In 2017, “Polyamory” was the 4th most searched relationship phrase. This gives us enormous insight into the direction of modern marketing and what we can expect for 2018.
So, what is modern marketing?
Modern marketing is about authenticity. Savvy consumers have been sold “money-back guarantees” and “miracle” products for far too long. They’re skeptics, cynics, and thoroughly disillusioned with adult-hood, capitalism, and everything that comes with being sold to.
Here are some stats to consider:
Online Reviews Impact 67% of Purchasing Decisions
In a recent study from Moz.com, 67% of people said online reviews are “fairly, very, or absolutely important” to making purchasing decisions.
28% of Online Activity is Spent on Social Media
A recent study by GlobalWebIndex found that 170,000 people, spent 28% of their online time on social media networks.
American Adults Spend 5.5 Hours a Day Viewing Video Content
eMarketer reports that American adults spend 5 hours and 31 minutes a day or more watching Youtube videos.
Millennial Consumers Trust Their Peers
In a recent study, Millennials reported that word-of-mouth recommendations are far more influential than advertisements. However, this would be difficult to measure because ads have a subliminal effect we’re usually unaware of.
85% of Shopify Sales via Social Media Happen on Facebook
This is huge. Facebook could be viewed as a monopoly. This social network dominates eCommerce sales generated on social media. Out of Snapchat, Twitter, Linked In, Instagram, and a host of others – a whopping 85% of social-media-driven sales on Shopify stores came through Facebook alone. This is also exclusive to B2C products, B2B doesn’t seem to do so well via social media.
Consumers Don’t Want to Wear Their Favorite Brands Anymore
In the late 1990s and early 2000s, loud branding was the thing to do. Victoria Secret PINK, Ralph Lauren, Guess, FUBU, American Eagle, Aeropostale, DKNY, you name it…
Apparel & accessory companies like Abercrombie and Fitch, Louis Vuitton, Gucci, Chanel, and Prada made billions selling their heavily-logoed merchandise. Wealthy consumers scrambled to shell out money for extremely recognizable pieces; while teens were wearing brightly-colored, overpriced Hollister Co.t-shirts.
Today, conspicuous branding is much more popular. It suggests marketing retrograde, a regression in consumer’s ability to be sold to and more friction when offered a “money-back guarantee” or upsell. We’re likely being influenced by the reality tv era, of Kardashians wearing $200 torn tee shirts and grungy sweatpants to showcase their massive Brazilian butt lifts.
It’s quite comical in my opinion.
For whatever reason, it is clear that many brands still carry an outdated attitude toward sexuality, fashion, the public display of wealth, and consumer values.
I mean, our president was a reality tv sensation. It’s a bit late for resting on our laurels. Capitalism is a game, and only the strongest, most strategic hunters will survive. Eat or be eaten.
Modern consumers have shown a clear preference for understated, subtle, and discrete merchandise. They prefer to express themselves in other ways. They focus on aesthetics like makeup, unique hair styling, and dramatic shoes and accessories. They create Youtube channels, and Instagram photo diaries to present a fictional side of themselves that allows them to escape from the monotony of everyday life. As consumers, we find this contrast entertaining.
Logo-heavy companies are now scrambling to refresh their public image and branding, and assimilate to modern preferences while remaining recognizable and congruent with their reputation.