UM London’s Post

The Westpac Melbourne Institute Consumer Sentiment index dropped by 2.4% last month, marking the second consecutive month of decline, with Aussie households feeling the pinch from ongoing inflation and elevated interest rates. In a time of uncertainty, consumers are looking for brands they can trust (especially in light of the ACCC supermarket inquiry) so here are three actions you can take to show your business means what it says: MORE SOCIAL PROOF Social proof can take the form of written reviews, video testimonials, photos of people using your product or service. Social proof, simply put, is evidence that others like and trust your product. Seeing this causes your potential customers to think “maybe I should like and trust this brand too, since so many other people do”. It utilises the power of normative social influence, if you want to get all psychological about it. BRAND MARKETING Customers need to know they can trust you before they hand over their money. Almost anyone can open an e-commerce store. But when they see your brand at a bus stop, hear you on the radio and also see you on Instagram and Facebook, they begin to feel you are legitimate and therefore can be trusted to do what you say you’re going to do. While many marketing activities look to drive a direct sale, a strategic multichannel approach includes brand-building exercises for a long-term play. This may include billboards, TVCs, brand ads, and event marketing. PROOF POINTS Prove the legitimacy of your claims by using statistics, facts and case studies to establish credibility. Reference experts or better yet, have them publicly endorse you. Highlighting your service guarantees and industry awards can further eliminate risk for your customer, making them more likely to shop with you.  How do you improve brand trust and credibility? #marketingtips #aussieretail #aussiebusiness

The most important dynamic in the consumer marketplace, by a long shot, is convenience. Nothing trumps convenience. While convenience trumps everything. And if you want to predict the future, do so with convenience in mind. My current MediaPost column: https://lnkd.in/e_X3DbsM Kantar Consulting by Kantar

Simplify the offer to expedite the decision to generate the impulse. In direct marketing, almost every time we give consumers a choice (color, flavor, quantity) it kills the sale. Sometimes choice is inevitable (size), but the more we cloud that process, the more likely consumers will choose not to decide. Think about choosing what to watch on Netflix or where to go to dinner tonight. It often ends in frustration. J. Walker Smith nails it brilliantly in this article. Follow him - always spinning some gems of info! Cannella Media DTC #marketingandadvertising #impulse #directtoconsumer

There are different tiers of promotions that CPG companies can use to engage their customers and drive sales or trials of new products. But in the current times, certain types of promotions will have more of an impact than others. To learn about these types, read more on Forbes here: https://lnkd.in/gdiKAnbH #cpgmarketing #salespromotion

Busy consumers value convenience more than ever.

Consumers see subscriptions and paid schemes as loyalty 💡 This is just one of the key insights we uncovered in our Digital Loyalty Index report, where we surveyed 1,000 British consumers, asking 21 questions to understand what they liked and disliked about brand loyalty schemes they used. Download your copy for a deeper understanding into the UK's changing digital loyalty behaviours and habits: https://lnkd.in/eDx-8rB9 #customerretention #retentionstrategies #customerloyalty

#Mentalhealth, loyalty, consumer confidence: 5 interesting #stats to start your week. The team over at #MarketingWeek arms you with all the numbers you need to tackle the week ahead, with some important topics being talked about this week! An essential read for any marketers out there... This is an interesting and insightful way to end off your #Monday, we highly encourage you to visit the #Marketing Week website using the link below to read more:

Online buyers more price sensitive and avail more offers compared to offline buyers: Kantar report. When it comes to selecting a digital payment instrument, ‘brand reputation’ is the primary factor, according to the report.

📢 𝗕𝗩𝗗𝗪 𝗦𝗲𝘁𝘀 𝗡𝗲𝘄 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱𝘀 𝗳𝗼𝗿 𝗥𝗲𝘁𝗮𝗶𝗹 𝗠𝗲𝗱𝗶𝗮 Retail Media is rapidly emerging as a crucial element in marketing strategies, reflecting a dynamic market growth. However, this market is highly fragmented and has different metrics that are difficult to understand. The German Digital Industry Association (Bundesverband Digitale Wirtschaft (BVDW) e.V.) is committed to the introduction of industry standards in order to increase transparency and efficiency in the Retail Media sector. 🌟 𝗘𝘀𝘁𝗮𝗯𝗹𝗶𝘀𝗵𝗶𝗻𝗴 𝗖𝗹𝗮𝗿𝗶𝘁𝘆 𝗶𝗻 𝗥𝗲𝘁𝗮𝗶𝗹 𝗠𝗲𝗱𝗶𝗮 𝗠𝗲𝘁𝗿𝗶𝗰𝘀 The BVDW's “Market Transparency and Standards” lab in the Retail Media Circle has been proactive since June 2023, setting standard metrics tailored to Retail Media, encompassing Awareness, Conversion, and Consumer Behavior metrics. Examples include the Viewability standard from display advertising, ROAS at various levels, and behavior-based insights like Purchase Frequency. These standards are expected to make reports more comparable with each other and with other media types, offering advertisers better budget allocation and optimization options of their campaigns and ultimately promote trust and credibility in Retail Media. 🔗 Keep up with the latest in Retail Media! Subscribe to our newsletter for insights and updates: https://lnkd.in/ebyswuVv #RetailMedia #MarketingTrends #DigitalMarketing #BVDW #Efficiency #Transparency Source: https://lnkd.in/eMf-PGFr

Do tough economic times spell the end of customer loyalty to brands and retailers? The latest Future Consumer Index reveals that 7 in 10 New Zealanders are reconsidering what matters most. We are all experiencing squeezed budgets, one way or another. Savvy brands and retailers recognise the greater probability of selling to existing or previous customers, than a new customer.    Our latest article brings four strategies that brands can employ to lay the foundations of loyalty today that will make for a much stronger tomorrow.    Read more in the latest wave of the #FutureConsumerIndex 👉 https://lnkd.in/dyCzRUry     #CustomerLoyalty #BrandStrategy #Consumer #BetterWorkingWorld