Consumers are becoming increasingly jaded and taking on a minimalist approach to their lives, focusing on having and owning less stuff. Part of this is tied to a new generational perspective on what defines success.
In times past, one might have felt that certain iconic brands represented a certain level of affluence or distinctiveness but there does seem to be a new sweeping view that sees conspicuous consumption or the flaunting of high levels of spending as excessive, gauche and something to be frowned upon.
Some of the most successful brands in the world have cleverly avoided being overtly associated with excess by almost concealing themselves from the observer and instead focusing on what makes the difference to their actual customers. Subtleties in branding make them visible to the discerning eye but less obvious to the public in general.
The cut of a suit, shirt, or pair of pants makes all the difference to the wearer in so far as it either fits or is too small or too big. Most of us recognize these characteristics when we see the garment being worn. In addition, the quality of the fabric matters, and more recently the origin story of the raw materials, the manufacturing methods, and the relative environmental responsibility and ethical practices behind production and acquisition too.
There was a time when the brand of the garment was hidden on the inside of the garment but in recent years we have seen logos, slogans, and even labels appear on the outside, the height of the voguing trend saw this as very prevalent. We might have snickered at the suit or blazer wearer who still had the ticked fabric label of the designer or manufacturer on the sleeve, believing they were posing when in actual fact they were simply ignorant but even that is becoming less commonplace as this rise of conservative self-consciousness makes itself the norm rather than the exception. The whole point of voguing is to be “outlandish, outré and bad” as suggested by this almost vintage piece on GQ.com but today it’s perhaps altogether tiresome.
Below ground or above ground
Modern day eco-warriors also buck modern gemstone acquisition. They seem to not view them as a store of value, as was the view of the past, another conspicuous display of wealth. This change of view no doubt is to the chagrin of the multi-generational diamond merchants and diamond traders who have maintained a kind of exclusive mystique around grading, acquisition, and valuation of gemstones like diamonds, emeralds, sapphires, and rubies. Manufactured gems “grown” in labs are of such a quality today that often they are more beautiful and purer than their natural contemporaries and at a fraction of the price. Even upcycling previously owned gems is preferred over acquiring new stones.
Environment-wise lab-manufactured gems compare favorably to the methods used to mine natural diamonds. There is no removal of earth, nor excessive consumption of freshwater and fossil fuels. Per a piece in Earth911.com, air pollution and acid mine drainage from mining also often contaminate water supply sources. “The U.S. Geological Survey estimates that for each diamond recovered by mining, 200- to 400-million times as much rock must be extracted.”
New lifestyle choices
If you’re living in a metropolitan city or have half-decent public transportation, then it is likely that you’re thinking twice about the necessity of your own personal vehicle. A bicycle is often ok but a car or truck, even a hybrid or electric one, is increasingly viewed as unnecessary. The trend to work hybrid or from home, no doubt will accelerate this line of thinking.
Living in thousands of square feet of domestic housing in the suburbs or city also seems to be fast falling out of fashion. Of course, there is always exceptions but smaller distinctive properties with eco-friendly heating and cooling are all the rage and are likely to be the choice that is here to stay.
The kind of credit card that you carried, the gold, silver, platinum and the like, branding, also used to be a signature that described your successfulness or economic influence but newcomer challenger banks and new financial services offerings and even cryptocurrencies are turning these old ways of thinking about money upside down. Newcomer, Revolut, for example, has a customer reach that goes beyond 18 million customers worldwide, they have customers in the United Kingdom, the European Union, Iceland, Liechtenstein and Norway, Japan, Singapore and Australia can now transfer cash to bank accounts in Colombia, Nepal, Peru, Bolivia, Guatemala, Egypt and Costa Rica supporting seven local currencies – they have big ambitions to reach even more users.
Mobile phone manufacturers like Samsung, Apple, Huawei, Xiaomi, Oppo and others are constantly battling for pocket space with consumers releasing more powerful versions of their products with more features especially as smartphones. But many next generation of consumers are bucking this trend too. They’re looking at ways to minimize their digital footprint due to privacy concerns in particular and though seasonality always influences production plans, global smartphone production is expected to grow at a slower annual rate of 2.5 percent this year due to the sluggish demand.
With all these changes underway the rules of engagement, the preferred methods of communication and the interests and tastes of customers are changing. Businesses that maintain an current and comprehensive up to date view of their customer through centralized customer master data management are in the best position to retain their existing customers and build meaningful and sustained relationships with new ones. Optimal customer engagement is fueled by data that can galvanise relationships between your brand and your customers. If you’re in any of the segments cited above, it’s critical that you know who your customers are and remain in close contact with them to understand their changing and evolving needs, wants and desires so that your business can respond appropriately.
Contact Pretectum today, to find out how we can help you stay in the game with your customers through managing your customer master data better.