Software-as-a-Service (SaaS) businesses are constantly developing new ways to stay ahead in the market and draw in more customers. If you plan to keep your business afloat in the ever-changing industry, you need a strategy that will help you stay up to date and find out what makes you stand out in a sea of competitors.
To keep moving forward while paving the way for business expansion, it’s important for you to know how to do a competitor analysis. With a SaaS business competitor analysis, you can make the most of your company’s potential and gain the knowledge to rise up in the industry.
Know Your Competitors
The first step in any SaaS competitor analysis is knowing who your competitors are. If you’re unsure where to start, ask yourself what kinds of services you offer and how you deliver them.
You could consider many SaaS businesses competitors if they share similar qualities with your company. However, you can narrow it down even further to direct competitors who offer the same or similar services to your business. If a customer is looking for a specific service and needs to decide between you and a competitor, your main goal is to stand out so that the customer ultimately chooses your service.
There are many factors you can look at when you start gathering data from your competitors. It’s crucial that you implement as many of the options available as possible so that you can paint a complete picture of competitor advantages and drawbacks. Some of these options include:
Website presentation and navigability
Service offerings and benefits
Social media presence
Gathering data for your competitor analysis includes examining the SaaS business’s content and service benefits while also taking a close look at the relationships they have with current and past customers. To get in the customer mindset, you may even consider using the mystery shopper method by interacting with customer service and signing up for free trials when applicable.
Organize and Analyze
Once you’ve collected all the information necessary from your competitors, it’s time to organize and analyze the data. Use charts and reports to put all your data into a readable format and then start to compare business strategies. Did you find similarities between your competitors? What were some of the differences? Most importantly, what did you think were the biggest strengths and weaknesses of each business?
After you consolidate this information and compare these competitors with your own business strategies and offerings, consider the main takeaways from each finding. This process will allow you to determine where your business has room for improvement so that you can start developing ways to reduce inefficiencies and build on strengths.
Conduct a Competitor Analysis With Proactive Worldwide
If you think your SaaS business is ready to expand, that means it’s time for a large-scale competitor analysis. Proactive Worldwide is an industry leader in competitive intelligence and marketing research, which is why you can trust us to conduct a detailed, insightful competitor analysis that will help you increase service quality and revenue.
Pricing strategies play a major role in driving your SaaS business forward. However, it can be challenging to develop the ideal pricing strategy that will benefit both your business and consumers. If you’re feeling stuck for ideas to incorporate into your SaaS pricing strategy, you could benefit from looking at models other SaaS businesses have built. However, there are also several questions you can ask first to help you make wiser, more effective business and pricing decisions.
What Do My Consumers Want and Need?
Your first order of business when it comes to setting price tags is knowing your customers. This includes gathering customer data and understanding their priorities, desires, budgets and what they look for in a service. Once you build detailed personas of your consumers, you can determine the most beneficial B2B SaaS pricing for them.
How Can I Earn Consumers’ Trust?
Trust is critical any time you offer a service or product, as you want your consumers to feel they can rely on you to meet their needs. This is the key to all customer and business relationships!
You can leave room for flexibility in pricing as needed, but it’s also important to be as transparent as possible about your offerings and their value. When you build B2B SaaS pricing models, using a clear, trustworthy tone and making all relevant information easy to access will both engage customers and ensure they know what they are signing up for.
What Is the Service Worth to Consumers?
When you develop pricing models, consider the value of your services and what they bring to consumers. What is your SaaS service actually worth?
Usually, the best price for a product or service is one that corresponds to its value, meaning it helps you make a profit and proves a worthy investment for the customers. This will make the service a benefit to all parties involved.
Could My Business and Consumers Benefit From Discounts or Free Trials?
If and how you choose to offer discounts and free trials will likely depend on your business’s individual needs and priorities.
However, many SaaS pricing strategies include discounts for consumers who meet certain criteria or free trials of up to 30 days. Customers often love to save money, and they also love to have more control over their purchases. Check out the service offerings and strategies of some other SaaS businesses if you need inspiration.
Should I Add Service Costs to the Price Package?
Some SaaS services choose to include technical support, maintenance and upgrades into their regular subscription prices. Meanwhile, others may charge additional fees for these types of services.
To decide whether or not you should add support costs to the price package, you will need to consider your customers’ needs, expectations and priorities. This goes back to the reason it’s so crucial to have a full understanding of your buyers.
What Are the Benefits of Multiple Pricing Options?
Pricing your software services may include multiple models with different services and benefits. Your consumers may enjoy having a few package options, but keep in mind there is also value in simplicity.
Over-complicating prices could also risk turning off customers and causing other issues for your business. Meanwhile, keeping your pricing strategy at three to five options may be more manageable.
Contact Proactive Worldwide for Pricing Software Services
At Proactive Worldwide, our marketing research and strategic planning will help you develop the ideal SaaS pricing models for your business. Contact us today for additional details about our services!
The future of online payments is mobile. Is there any surprise that that’s the case? With the rise of mobile technology, individuals love the fast and easy digital way of payment as opposed to the hassle of opening a computer, pulling out a credit card or sending a check in the mail.
A few of the trends that are emerging along with the rise of mobile payments include:
Unified platforming: Powerful computer technology allows businesses to connect users and give them the ability to make payments on a single platform.
Paying through voice technology: In addition to mobile payments through typing, many businesses today build relationships with their customers using voice bots such as Siri from Apple and Alexa from Amazon.
Data analytics: When people pay for products and services on mobile devices, businesses can collect that data and use it to market to customers. This process is the next step for data analytics in marketing and advertising.
Evolving APIs: APIs have the power to connect businesses and customers, and they provide plenty of room for companies to expand and create better customer experiences.
How Could Mobile Payments Disrupt Business Industries?
The challenge of digital payment trends is that they’re replacing other forms of payment. Apps such as ApplePay and GooglePay make it possible to pay for products online in seconds with just the use of your mobile phone. Businesses that have yet to implement or integrate with this type of technology risk falling behind in the ever-evolving consumer market.
A few industries that could see challenges in the future of payments include:
Banking: Mobile payments are now and will continue to affect the banking industry in the coming years. Because people are less interested in cash and check transactions than they have been in the past, more banks and credit unions will need to invest in unified mobile technology solutions. There is plenty of potential for banks to improve customer relationships as they adopt digital technology over time.
Transportation: The future of digital payments is putting pressure on leaders in the industry to adopt mobile technology due to the convenience it provides to passengers. Rather than having to use tickets or cards, individuals can pay their transport fees almost instantly. Transportation services still using more traditional forms of payment will likely need to start making changes in the near future if they want to compete in the industry.
Corporate and small businesses: People love being able to shop and pay for their items and services while on their mobile phones. Many companies, from pharmacies to department stores and gas stations, have either developed their own payment apps or partnered up with other payment apps that allow people to complete transactions anytime, anywhere. This development could make the competition more intense for smaller businesses.
Contact Proactive Worldwide
Market demands will continue to evolve in the upcoming years thanks to advancements in technology, which could present challenges to various industries as they try to adapt. Fortunately, with the help of Proactive Worldwide, you can stay on top of these changes with in-depth marketing research and strategic planning. Stay ahead in your industry by contacting us today to find out how we can enhance your business with a customized competitive intelligence solution.
Your business operations need to be effective, efficient and up-to-date if you want to continue pleasing clients and making an impact within your industry. That’s why it’s so important to create a software evaluation benchmarking plan to determine your strengths and weaknesses. Using benchmarks will help you develop better strategies and foster long-term growth for your company and employees.
What Is Software Evaluation Benchmarking?
Before we discuss software evaluation benchmarking, it’s critical to understand the concepts of “software evaluation” and “benchmarking” as their own entities.
Software evaluation is an assessment of your business programs and software technology, which you can use to find room for improvement and enhancements in the company’s system operations. Meanwhile, benchmarking is the process of comparing current business processes to those of other industry leaders and competitors by collecting and analyzing data.
Software evaluation benchmarking is the use of collected data to assess your company’s technical applications. By using benchmarks as part of your software evaluation, you’ll gain the ability to make a more informed decision about the adjustments you need and how to apply them.
How Software Benchmarking Can Benefit You
Because software and computer technology dominate such a large part of industries today, the importance of software evaluation benchmarking is undeniable in the current competitive market. With accurate benchmarks, you and your employees can:
Illuminate system/software flaws: Software evaluation benchmarking is a great opportunity to find flaws in your processes or programs that might otherwise be hidden from plain sight. With knowledge of your business’s weaknesses, you can take steps to fix or improve them with better accuracy and foresight.
Compare performance with competitors: Software benchmarking will give you insights into the performances of your competitors so that you can compare them with your own performance. This comparison can help determine your strengths and weaknesses in relation to your competitors while allowing you to make improvements that might work to your advantage.
Improve customer experience: How do your software and applications affect customer experiences with your company? Having a basis of comparison with some of the industry’s leading companies will allow you to optimize your technology, which can have a major positive impact on customer/worker interactions.
Develop plans to cut costs and improve efficiency: Inconsistencies in any business’s processes can lead to losses in productivity and revenue. By accessing comparative data and making the necessary tweaks and adjustments to your system, you can raise productivity among leadership and employees while reducing unnecessary costs.
Partner With Proactive Worldwide
At Proactive Worldwide, we’re dedicated to helping you achieve accurate benchmark results every time with our software evaluation benchmarking services. With the right insights and strategies, you can create a more efficient, reliable business that will stand the test of time, even as other facets of the industry come and go.
If you’re ready to compare and assess your software and application components, we’ll provide you with all the services and resources you need. Contact us today for more information about software evaluation benchmarking.
On Oct. 1, 2019, Vanderbilt University featured Vice President, Healthcare and Life Sciences of Proactive Worldwide Travis Smith, Ph.D. in its Beyond the Lab Podcast. In this podcast, Smith spoke about the history of his career and how he moved forward with a successful career in research and consulting.
The Beyond the Lab Podcast is an interview series initiated by Vanderbilt University School of Medicine’s ASPIRE Program. Its episodes feature interviews from alumni who have jobs in the biomedical field — and in these interviews, the alumni discuss the different facets, challenges and advantages of their careers. In the consulting podcast, Smith was interviewed by Vanderbilt’s Assistant Director of the Office of Career Development Kate Stuart, who asked him a variety of career-related questions.
A Brief Overview of the Topics Covered in the Podcast
Topics in the interview ranged from Smith’s path that led him to Proactive Worldwide and the qualities he and his team look for in a job candidate to how his Ph.D. prepared him for his current position.
“There is no typical day,” Smith said as he explained the many layers of his job and the jobs of the people on his team. He went on to discuss the complex schedules of the people of Proactive Worldwide and how they can vary from day to day, as well as the importance of having certain skills in the company and much more. The 20-minute interview gave listeners a brief but detailed look into the world of a research consultant.
The Beyond the Lab Podcast was an opportunity for Smith to educate and inform some of Vanderbilt University’s graduate students in the biomedical area of study while also discussing the diversity of careers within the field. He is one of ten alumni from Vanderbilt University School of Medicine who now works as part of the Proactive Worldwide team.
Smith started attending Vanderbilt University back in 2000 and graduated in 2006 with his Ph.D. in Cell and Developmental Biology. He has been with Proactive Worldwide for over four years, and he has led projects and engagements in many different areas of the healthcare and life science industries. Before joining with the company, he worked as an Associate with Booz Allen Hamilton and managed a variety of research and analysis projects with multiple organizations across the Department of Defense and Intelligence Community.
About Proactive Worldwide
Proactive Worldwide is a competitive intelligence (CI) agency that has been working with clients since 1995. As seasoned professionals in the world of marketing, research and strategic planning, we serve businesses all over the globe in industries such as pharmaceuticals, technology, consumer goods, financial services and more. Our main goal is to help companies improve their business strategies by providing them with the most reliable research and data from competitors and best industry practices. Services offered include competitive assessments, customer insights, transformational business modeling, scenario planning, forecasting and many other evidence-based solutions.
Contact us to find out if our services are right for your business.
This year, Vanderbilt University School of Medicine featured Proactive Worldwide in its 2018-2019 annual report. The report discussed Vanderbilt’s March 2019 visit from three Proactive Worldwide representatives and Ph.D. alumni, who guest spoke at the university’s Management and Business Principles module retreat.
The three Proactive Worldwide representatives who visited Vanderbilt were:
Vice President, Healthcare and Life Sciences, Dr. Travis Smith
Vice President, Healthcare and Life Sciences, Dr. Aaron Derdowski
Chief Operating Officer, Dr. Erik Prentice
During their visit to Vanderbilt University, Smith, Derdowski and Prentice attended an employer information session where they spoke about their careers with Proactive Worldwide.
Smith, Derdowski and Prentice are all alumni from Vanderbilt and share Proactive Worldwide’s vision of working with many more Ph.D. team members in the future to strengthen the competence and performance of the company in its partnerships with clients. During the information session outlined in Vanderbilt’s annual report, the three team members discussed some of the challenges and benefits of working with Proactive Worldwide, as well as how the university helped prepare them for the career path.
The report detailed the mission and expertise of Proactive Worldwide along with the support Smith, Derdowski and Prentice displayed for Vanderbilt graduate students. The report also noted that the strong relationship Proactive Worldwide has with Vanderbilt is favorable for students who have career prospects in consulting.
The Proactive Worldwide Team
The Proactive Worldwide Team comprises many skilled individuals, all of whom have the education and experience to bring a unique perspective and wealth of knowledge to business operations. The representatives who visited Vanderbilt have all made a large impact on the success of Proactive Worldwide with their variety of strengths and skills in the industry.
Smith has over a decade of experience working in the research and consulting industry and has managed a wide variety of projects with the company.
Derdowski has an extensive education consisting of experience in teaching and medical and scientific writing along with his Ph.D. He has also worked with clients across healthcare, pharmaceutical and life science markets.
Additionally, Prentice leads research-based assessments for businesses and plays a major role in developing the forecasting and strategic intelligence monitoring services of Proactive Worldwide.
About Proactive Worldwide
Proactive Worldwide is a competitive research and consulting firm that has been working with companies across a variety of industries since its founding in 1995. The Proactive Worldwide approach includes decision-making strategies based on hard facts and evidence uncovered by research, which allows businesses to become better market leaders. Dedicated to helping clients reach new heights within their industry, we offer many services, such as:
Competitive intelligence (CI) training
Market entry and defense
Wargaming and much more
As experts in data collection and planning, the Proactive Worldwide team will work with your business to develop a solution that leads to exponential growth. Contact us today for more information!
It’s no secret that having the proper tools to organize business data and information gives a company an outlook on their market. With so much information in a business’s day to day processes, “infobesity” describes the overload state intelligence functions are in. Companies rely on data to better their practices, but it’s always a challenge to interpret numbers efficiently.
Fortunately, competitive intelligence software provides a solution for your industry.
What Is Competitive Intelligence Software?
A marketing or competitive intelligence software combines data into time-sensitive organization methods. Simply put, data and other information is taken, stored and calculated to show professionals where their business stands based on current inputs. The analysis of business information gives companies the chance to look at competitive activity and plan efforts accordingly.
At its core, competitive intelligence software lets you catch a glimpse of the marketplace in an efficient and coordinated manner.
Benefits of Proactive Worldwide Business Intelligence Software
The Proactive Worldwide platform comes from a partnership with Comintelli to offer Intelligence2day. Employed by tens of thousands of users, our competitive intelligence software can provide:
Foresight into the future
Lower decision-making risks
Enhanced speed to market
Influence to your investments
As one of the best technology solutions for your business, Proactive Worldwide will let you choose the service level that meets your needs. Our different packages will give you a cloud-based or on-premise delivery of our service, perfectly suited to your needs. The dashboards are easy to use and work seamlessly with computers, tablets and mobile devices.
Enhancing Your Competitive Approach
Intelligence2day(R) can optimize the way in which your business works with market information. With Proactive Worldwide, your company will be able to find, categorize and communicate with your team through a variety of features. We supply your employees with access to RSS feeds, web monitoring and Google news.
Together, your workers can comment, vote, share and more with cloud-based functions that keep entire departments on the same page. Taking fewer than 30 days to start up our software, Proactive Worldwide encourages our clients to watch an exclusive demo to see how our service is customizable to each business.
Visualize Your Next Steps
Why use competitive intelligence software? Intelligence2day will let your team see valuable information for what it’s worth. Instead of crunching numbers and searching for competitive information, the Proactive Worldwide service presents quantifiable data in a visually friendly way.
Intelligence2day breaks data down into visual charts, graphs and animations to save you time. Our service adapts to any industry and makes data mining a struggle of the past. Competitive intelligence software is on the rise because it helps businesses small and large learn from mistakes and take an educated approach for the future.
Working With Proactive Worldwide for Business Intelligence Software
Today’s consumer goods market bustles with both well-known corporate players and nimble new brands attempting to carve out the next great industry competitive advantage. Relying on yesterday’s production, supply chain and sales practices simply won’t cut it.
Companies today must marry a wealth of consumer demographic data with larger cultural and social shifts to position their brands for relevance in the future. Investing in the right technology and tools will be critical to capturing, then leading, that CIG charge. Consumer goods companies must understand:
What internal and external forces motivate its target consumer?
What technological tools position it to reach the most relevant leads?
What disruptions loom on the horizon, either social, political, economical or otherwise?
In answering these questions, we begin to weave the tapestry of the top consumer trends for this year. Understanding the emerging consumer goods industry trends discussed below empowers CIG brands like yours to invest in the right technology, tailor smarter brand messages, deliver preferential products and, ultimately, forge profitable connections with customers.
Driving Forces in This Year’s Consumer Goods Trends
Today’s state of the consumer goods market is fundamentally shaped by a core set of social, cultural, political and technological factors that affect the everyday lives of consumers.
These wider forces have created an inflection point for CIG brands. Once acknowledged, companies can pivot to creatively integrate or strategically disrupt these underlying forces, creating a brand narrative both aligned with yet positioned to stay ahead of the times.
1. Customer Centricity in the Digital Age
Immediate, omnipresent and personalized. These are the holy grail of what consumer brands aspire to obtain in today’s digital-first world.
Over one-third of the world’s population owns a smartphone. Mobile devices have come to be one of the most dominant forces in contemporary life, shaping how people communicate, answer questions, schedule their days, get directions and shop.
It’s no longer enough to simply optimize sales platforms and marketing collateral for mobile search. CIG brands must deliver the personalized, relevant content today’s consumers use their mobile phones to view. A company’s ability to deliver customer-centric, value-adding content to the average person via their most prized device will profoundly affect its ability to succeed in the increasingly mobile marketplace.
Bioindividuality recognizes that identifying and profiling the genetic singularities within every person is the foundation for a healthful life. This unique approach covers everything from one’s metabolism, body composition and sleeping habits to more interconnected systems like memory and digestion, lending personalized suggestions on how these biological parameters influence our tastes and habits.
The commercial embrace of bioindividuality represents the larger consumer demand for personalization. Today’s shoppers seek products with individual relevance and meaning rather than broad goods with generalized results. Brands in the health and wellness industry are particularly impacted by the bioindividuality trend, but its uses and influences extend to products far beyond protein bars and shampoo.
3. Sustainability, Global Consciousness
Almost half (48%) of American consumers say they consider their purchasing decision’s impact on the environment and intend to make positive changes. They’re putting their money where their mouths are, too. Sustainable fast-moving consumer goods (FMCG) sales today carry a compound average growth rate (CAGR) four times higher than conventional products and brands without any sustainability tenets. By 2021, the sustainability FMCG market is projected to reach $142-150 billion in sales, compounding by a minimum of 20% annually since its first growth spurt in 2014.
4. Internet of Things (IoT)
CIG brands must keep tabs on the next projected chapter of technological innovation, the burgeoning internet of things (IoT).
The IoT-infused commercial landscape offers retailers and producers a new foothold to examine interconnected consumer patterns and behaviors, then launch more compelling purchasing incentives. Mobile phones, wearables, voice assistants, household electronics and even connected appliances and cars provide new data for the consumer goods market to capitalize on.
5. The Omnichannel Experience
Omnichannel retailing has seen itself emerge as a major industry trend within the past five years. However, its importance continues to climb as everyday consumer technologies evolve. Consumer goods companies must find ways to engage with audiences cohesively and compellingly on multiple channels, utilizing joint targeted campaigns informed by synthesized consumer data.
Brands must find the appropriate balance between supporting mobile, voice and desktop shopping and in-store amenities, if relevant, for its business models. Industry data, in particular, continues to point toward transitioning and investing in the former (digital-first experiences) while creatively repurposing the latter (in-store) to create a contemporary shopping journey.
6. Digital Supply Chains
The consumer goods market sees supply-side forces impact its evolution, as well. Few supply-side variables have been as positively influential for CIG companies as implementing a horizontal digital supply chain directing in-house operations.
Digitally transformed supply chains harmonize cross-functional data, allowing organizations’ production, warehousing and distribution branches to work in tangent off the same data systems. In doing so, CIG companies:
Improve inventory/warehousing practices
Coordinate more cost-effective shipments
Manage fluid vendors and partners
Uncover inefficiencies or process burdens through ERP data mining
Can better spot demand patterns and integrate advanced planning analytics and forecasting into everyday management
7. Institutional Transparency
Trust in traditional institutions is at a historic low, particularly among millennial and Gen-Z consumers. As a result, consumer goods brands must go the extra mile to prove their authenticity and commitment to ideals larger than profits.
Brands most successful at establishing this transparency and trust are those who master customer-centricity and omnichannel engagement with its target consumer profiles. These companies have invested in understanding the true preferences and desires of its base and have nurtured a one-on-one connection. They bring value to their customers’ lives, not just another sales transaction.
8. Voice Technology
Voice search is poised to be the next great chapter in commerce platforms for consumer goods companies. Industry research projects voice-assistance speakers and devices to grow from its 2.5 billion household devices today to over 8 million by 2023. This mounting prevalence presents a revolutionary new way to reach and engage with consumers directly. Over 80% of voice device owners already utilize voice commands to search for real-time information and answer questions. Brands that integrate voice search into their omnichannel presence or to trigger marketing content will be primed to leverage this growing technological wave.
9. Smart Packaging
Another supply-side force driving growth for CIG brands is the rise of smart packaging. Traditionally relegated to commercial food, beverages and pharmaceuticals, smart packaging principles and techniques are seeing applications in broader product scopes, often to cost-cutting advantage.
A smart-packaging strategy involves interconnected uses of tools like QR codes, near field communication (NFC) and RFID to extend the shelf life and organization of goods while in storage, as well as improve the transparency and expediency of the delivery process to the consumer. Overall, smart packaging principles aid in a customized, seemingly on-demand user experience while also improving a company’s life cycle management metrics.
Top Consumer Goods Trends for This Year
Inspired by an evolving cultural and technological backdrop that prioritizes personalization, immediacy, transparency and authenticity, today’s FMCG and CIG companies stand to benefit the most by incorporating any of the following consumer goods trends into their brands.
1. Going Green
Committing to a “greener” brand footprint is one of the best growth opportunities for consumer goods companies. Buyer interest in environmentally conscious, sustainable and green products has never been higher. Research from Nielsen additionally shows that in the retail market, products with clear brand messaging geared toward sustainable sourcing and social responsibility has seen the highest sales growth rates in the retail space — with more than 60% of households now prioritizing purchasing sustainable products.
Four of the main characteristics consumers look for in a green brand are:
Production sustainability: A product and its components are sourced and fabricated using socially conscious, sustainable and environmentally aware processes and materials across the entire production chain.
Processing claims: The words and descriptions used to advance a product’s green identity (e.g., “organic,”) are representative of accurate scientific, legal or medical terms.
Product ingredients: Product ingredients are easily identifiable, familiar, safe and generally considered “clean” according to popular scientific and consumer sentiments.
Product packaging: Materials used in the shipping, storage and housing of a good or product are recyclable, compostable, sourced sustainably and overall have a minimal carbon footprint.
2. “Silver” Products, Goods
The world’s population is aging. According to the United Nations, the total population of persons aged 65 or older will double in 20 years to exceed 1 billion, then double again by 2050. By 2030, the population of elderly persons is expected to outnumber children under the age of 10 across the globe.
Most tellingly, the aging population is not geomarket-specific. Its effects extend over established and developing consumer markets alike. Again, by 2030:
One in five North Americans will be elderly
One in four Europeans will be elderly
Nearly one in five Chinese will be elderly
One in eight Indians will be elderly
Aging populations significantly alter the landscape of consumer demographics. Products geared toward the aging or elderly will see significant opportunities for depth and expansion, particularly in Asian markets. Already, consumer goods brands like Dove and ConAgra have launched product lines targeting senior citizens.
Biohacking is the direct commercial result of bioindividuality, or the trend of consumers seeking products tailor-made to match their unique genetic makeup.
Already, biohacking has seen tremendous growth in the broader health and wellness industries. Consumers can order protein powders customized to their workout regiment, skincare products for their skin type and even potted household plants to “hack” mood and hormone regulation.
Yet biohacking’s ability to marry product personalization with daily functionality is only half the commercial opportunity. The popularity of biohacked consumer products reveals a deep consumer desire across demographics to live healthier, happier lifestyles based on verifiable, science-backed findings. Brands that can answer this need in their own product lines stand to leverage this powerful consumer trend.
4. Voice-Enabled Ordering
The increasing prevalence of voice-assistant devices will offer a decisive new frontier to reach and engage target consumers — in the convenience of their own homes.
Brands that optimize sales pages and content marketing collateral toward voice-based searches stand to achieve two benefits. First, they present a new level of convenience for users to find and interact with their brands, often with users doing so instinctually. Second, they stand to master a new form of SEO far before their competitors.
Voice-enabled ordering and shopping has already seen a series of successful pilot iterations, mostly in the form of voice-enabled apps. From pizza chains to grocery stores with voice-controlled digital shopping carts, voice activation stands to serve as the next significant chapter in mobile consumer technology.
5. Experiential Connections
Inspired in part by the emergence of pop-up shops, creative experiential partnerships offer CIGs a way to create memorable brand touchpoints with your customers, nurturing more authentic connections along the way.
These campaigns work best when they harness technology’s ability to blur digital and physical experiences. Brands will be pushed to think creatively about how to engage with customers online in ways that mirror organic interactions in stores. For example:
Influencer and acquisition collaborations: Getting physical products off the webpage and into the hands of real industry leaders and influencers as well as into stores.
User-generated content: Putting the power of the online review back in your control, plus offering another arm to practice customer-centricity.
Co-creation across pages and platforms: Letting customers express their own product or brand ideas, preferences and tweaks, then creating content based on their feedback.
The irony is not lost that many of today’s most successful e-retail disruptors are moving to develop in-person brand experiences. Instead of hopping on the pop-up store bandwagon, CIG brands should strategize ways they can recreate a dynamic in-store experience across their omnichannel touchpoints, then use those non-salesy touchpoints to convert.
6. Sustainability and Transparency
Consumers today are more concerned about the reputations of the businesses they engage with than ever. Though they still value bargains, they’re less inclined to compartmentalize low prices and savings if it means supporting unethical businesses or production processes. In fact, 75% of consumers say they’ll switch to a brand that provides in-depth product information on the label and online, even paying more for that product.
CIG brands have several tools at their disposal to convey greater integrity and transparency. They can:
Wield social media to narrate end-to-end sourcing, vendor, testing, production and packaging practices
Use marketing and advertising to relay authentic brand values
Cultivate brand partnerships with nonprofits and influencers dedicated to causes you care about
Be transparent — literally — jumping on the transparent packaging trend with glass, clear bioplastic and clear biodegradable plastic packaging over petroleum-derived containers
7. On-Demand Home Delivery
On-demand, home-delivered products were first pioneered by CIG disruptors selling subscriptions for everything from razors to wine. Now, traditional consumer goods companies must take the best aspects of on-demand home delivery and integrate them into their supply chain infrastructure, beating competitors at their own game.
Doing so lets consumer goods companies tout both the personalization consumers crave and the benefits of a digitally directed supply chain. It also satisfies the customer’s need for instant gratification. With one click, they can order the goods they want, then get them in the time frame they need. This “last-mile delivery” convenience brings a brand-reputation boost prized by many CIG companies but delivered by few, and can be piloted using several strategies and services:
Partnering with an established on-demand delivery provider (compared to traditionally large logistics companies)
Incorporating your products onto existing on-demand delivery apps, with both B2B and B2C platforms available
Creating your own courier delivery service in dedicated regions
While the costs of implementing on-demand home delivery options has historically turned CIGs away, the benefits may outweigh the risks. Those online transactions provide you access to large swaths of consumer data inaccessible through old retailers. Plus, CIG companies can even repurpose physical storefronts into micro-delivery warehouses serving local zones, breathing new life into expensive retail square footage while offering this popular delivery perk.
8. On-Demand Services
Like on-demand delivery, on-demand service is a promising new trend in the consumer goods marketplace. It allows brands to repurpose the goods it’s already known for into attractive, brand-intuitive service offerings and experiences, tailored to fit the lifestyles and preferences of its consumer base.
Take this industry example. Tide recently captured attention with its launch of Tide Cleaners, an on-demand laundry and dry cleaning service the brand initiated after intense consumer research into both millennial and elderly demographics. With the success of its test pilot programs, Tide announced its plans to make Tide Cleaners available in roughly 2,000 locations nationwide by the end of 2020.
Consumer goods companies have yet another opportunity to incorporate the best of their top disruptor’s practices into their own models. With brand familiarity on their side, larger CIG companies are in a prime position to offer products via a subscription-like package delivered conveniently to the consumer’s door.
Tiered recurring subscriptions are particularly pertinent to brands whose products and goods are required regularly, such as household goods, food, beverage and confections, cosmetics, personal care and hygiene products and cleaning supplies.
10. Shopping Local
Tenets of the buy-local movement still reverberate with pockets of today’s consumers. At its heart, the movement aims to reinstate consumer agency and transparency into the entire production pipeline, as well as stimulate local markets and economies.
CIG brands large and small can adapt many of its core sentiments into their own business processes, and do so in a way that isn’t co-optive or superficial. They can:
Create hyper-localized social media ads targeting specific regions
Launch special regional products or services, ideated internally or crowdsourced from local consumers
Find key regional partners to set up complementary brand offers
Publish marketing collateral highlighting local vendors and partners
Foster community involvement and brand sponsorships at the local level
11. Global Urbanization
More and more of the world’s population is concentrated in urban centers. With over one billion new people expected to enter those urbanized consumer market by 2025, CIGs must reevaluate their existing competitive market profiles to identify currently fruitful industry spaces as well as emerging ones.
But CIGs must also keep a pulse on the impending population and urbanization shifts favoring the East. Within the next decade, Asia will outpace the West as the top consumer market. The Asian market growth share — notably in China, Indonesia and India — is expected to make up over 80% of the world’s burgeoning new middle-class population with an extra disposable income of between $10 and $100 per day.
Asian markets and their bolstering middle class represent a peak opportunity for CIG players, particularly in the ecommerce and B2B spheres. CIG brands must look to adopt Asia-centered regional business models with localized coordination backed by equally localized consumer data analysis.
12. Moment-Specific Communications
Today’s shopper wants clear, direct and personalized information across their shopping journey. Those same shoppers leave traces of their true likes, interests and concerns all over their web searches. Together, that desires-based information is primed for brands to create “micro-moments,” or moment-specific communications triggered after a specific consumer action and designed to engage, surprise and delight.
Technology affords CIG companies more opportunities to nurture moment-specific communications than ever. Chatbots and messenger apps can work as real-time Q&A agents answering product or service questions during relevant searches. Properly timed suggestion for augmented or virtual reality experiences can cement your brand in the mind of a lead. Social media ads can display on home feeds after a consumer has researched relevant queries. The list goes on.
These intentional, helpful micro-moments allow CIG content to be more useful than ever, informing the customer decision journey without aggressive or repeated sales pitches.