Ready for some sobering statistics?
- 60% of customers are incredibly concerned about current, global economic uncertainty.
- 47% of customers are waiting for items to go on sale before they buy them.
- 47% of consumers have less confidence in the economy.
Reading those numbers can be jarring, especially if you run a business during these uncertain times. Business leaders want their company to stay afloat and keep their employees all while satisfying their customers. Usually, the first instinct is to cut the marketing budget in hopes of making the margins look better, however the best advice is to do exactly the opposite.
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Have you ever bought a product through Instagram because your favorite influencer used it while she was recording herself getting ready for the day? Skincare brands have started partnering with influencers on social media to increase reach and sales. If you’ve bought Maybelline Sky High mascara, it’s likely you were influenced.
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Harvard Business Review performed a 14-month study to analyze customers’ shopping behaviors in the United States. The review shows that 7% of customers were online-only shoppers while 20% were in-store only. That left the majority of shoppers, 73%, being multi-channel shoppers.
Now more than ever, customers enjoy alternating between channels for their shopping experience, creating an authentic omnichannel marketing experience. So, retail brands need to provide a consistent experience for the consumer, whether in-store, online, or engaged in both.
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See how long it takes before you become distracted while reading this. Is it 2 minutes? What about 8 seconds?
Over the past few years, the human attention span has shrunk significantly. According to a study from Cross River Therapy, the average person’s attention span is just 8.25 seconds, which is a 25% decrease from 2005.
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Color is crucial to the design and branding of products and businesses. Color can communicate almost more than words can, and you definitely don’t want your color to convey the opposite of what you are trying to say. Where can you look to find the trendiest color for the most effective communication? The Pantone Color of the Year is the perfect place to start.
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