It’s All About the Experience
It’s important to learn about consumer behavior so that marketers and insights professionals can pinpoint consumer needs and preferences more accurately, as well as find that sweet spot in terms of advertising.
As technology continues to evolve, we can expect to see further changes in the way consumers spend their time on media and entertainment. Understanding these behavioral trends is essential for businesses and marketers looking to reach and engage with their target audiences.
According to Gemini, here are some consumer behavior trends for 2024, in terms of how consumers are spending their time as well as their purchasing experiences:
- Prioritizing experiences: Consumers are prioritizing spending on experiences over possessions. Businesses can capitalize on this by offering a frictionless checkout experience.
- Omnichannel experiences: The majority of customers prefer omnichannel marketing strategies.
- Sustainable and ethical consumption: Sustainable and ethical practices are critical to business strategy.
- Augmented reality shopping: Consumers are looking for ways to enhance their experience as the shift to digital-first shopping continues.
- Direct-to-consumer: Direct-to-consumer commerce allows consumers to purchase directly from their favorite shops.
- Hyper-personalization: There is a high demand for hyper-personalization, and technology can help meet this demand.
- Personalized digital shopping experiences: Consumers expect personalization, and often get frustrated when they don’t find it.
- Value-driven consumption: Consumers are increasingly preferring brands and products that align with their personal beliefs and values.
- Focus on customer experience: Businesses are putting a lot of effort into improving customer experience.
Mapping Out Consumer Drivers
All Things Insights’ “Discover Consumer Drivers with Need State Mapping,” looked further at customer journey mapping. Identifying need states is one research field that helps determine consumer trends—and it’s a key path for the insights professional to separate the wheat from the chaff, so to speak. It’s also a way to map out the best opportunities, whether that leads to creating a new product development program or crafting the ideal marketing message. Need states can also uncover the underlying factors behind consumer purchasing decisions. Consumer insights can help unearth that customer motivation and identify the driver of why they are buying a product or service.
Looking forward to The Media Insights & Engagement Conference? It will be held February 3-5, 2025, at The Scott Resort & Spa, Scottsdale, AZ. The keynote, “525, 600 Minutes: Unlocking the Secrets of How Consumers Spend Their Year,” presented by Christian Kurz, Senior Vice President, Global Streaming Research & Insights at Paramount. Join this keynote session to discover how consumers spend their precious free time. This research provides a comprehensive understanding of how consumers in four markets spend their time over the course of a year. Capturing all types of activities, from sleep to sex, this project explores consumer leisure time entertainment preferences to reveal how media (and streaming) fit into consumer’s lives. Looking closely at how age and life stage impact leisure time and media preferences, this study also reveals what consumers value most when it comes to their free time, as well as their top guilty pleasures!
Register for the Media Insights & Engagement Conference
Shaping the Future of Media
So just what will the future of online media and entertainment look like as consumers continue to influence media, channels and platforms and where they spend the most time? We asked Gemini for some key trends shaping the future of media and entertainment consumption:
- Streaming Dominance: Streaming services like Netflix, Disney+, and Hulu have gained significant market share, replacing traditional cable television as the primary source of entertainment for many consumers.
- Mobile Consumption: Smartphones have become the go-to device for consuming media content, with users spending hours scrolling through social media, watching videos, and listening to music.
- Personalization: Consumers are demanding personalized experiences, and streaming platforms are responding by offering tailored recommendations and content.
- Short-Form Content: Platforms like TikTok and Instagram Reels have popularized short-form video content, catering to the attention spans of younger generations.
- Social Media Integration: Social media platforms are increasingly integrating with other forms of media, allowing users to share and discuss content with their friends and followers.
- Gaming Boom: The gaming industry has experienced significant growth, with a wide range of games available for consoles, PCs, and mobile devices.
- Audio Consumption: Podcasts and audiobooks have become popular forms of entertainment, offering consumers a convenient way to consume content while multitasking.
- Virtual and Augmented Reality: VR and AR technologies are starting to be used in the entertainment industry, offering immersive experiences for fans of gaming, sports, and other forms of media.
Promoting the Digital Experience
So just how can companies win the customer of the future? According to McKinsey & Company’s “State of the Consumer 2024: What’s now and what’s next,” deriving consumer insights are more important than ever. McKinsey’s study suggests that building microtargeting capabilities, investing in wellness, propelling the social-digital experience, and offering premium products in relevant categories, can all drive future purchases in the coming years.
McKinsey notes, “In this consumer landscape—one in which standards, complexity, and stakes are all higher—leaders should understand the new nuances that define who the “next” shoppers are, what they care about, and how they shop. These insights, which should then inform strategic category and channel investments, can lead to long-term, profitable growth and sustained competitive advantage.”
Video courtesy of Microsoft in Business
