New research from the Chartered Institute of Marketing (CIM) has revealed that over half of UK marketers (59%) are finding it harder to predict “fast-changing” consumer priorities following the pandemic.
The survey, which explored the views of 500 UK agency marketing professionals, highlights how marketers are concerned about the future of the brands they represent and the fitness of their business models.
“Nine in ten (91%) believe their brand must evolve to keep operating, and over a quarter (28%) feel there is even a need to radically overhaul their business model within the next decade in order to survive,” CIM said.
The pandemic and rising inflation have increased consumer’s expectations of brands, with importance placed on company’s values and the convenience of purchases.
Some 83% of marketers believe that being able to have products or services delivered at home is what customers value the most. Overall “value for money” and the “environmental footprint” of products were also deemed as highly important to consumers according to industry professionals.
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A number of high-profile brands have responded to this consumer expectation, with John Lewis transitioning its popular ‘Never Knowingly Undersold’ to a focus on ‘Quality and Value’.
The marketing institute added: “Four-fifths (78%) of marketers believe it is their role within their business to represent the voice of the customer, however it is clear many are struggling to understand changing consumer habits.”
Industry professionals are attempting to keep up with the ever-changing consumer expectations by using new technologies such as “customer experience management tools” that analyse the key ways in which the general public shop.
CIM CEO Chris Daly concluded: “We are living through extremely turbulent times; from the pandemic and the ongoing climate crisis – to rising inflation, and most recently the Ukraine crisis.”
“It’s clear from today’s results that consumers now expect brands to do more than just deliver value, but also actively engage with societal and political issues. If our industry is to really bounce back, marketers must invest time in getting to know their customers, and carefully consider what matters to them most.”
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