In Defense of Defense.
In today’s edition of TheCustomer Quick-Take: You say tomato, I say tomahto. Is it a recession or isn’t it? Is it a soft landing or just a pull-back? Whatever you’re calling it, the economic landscape is turning a bit more “delicate” of late and the sectors we cover are starting to feel it. That’s the bad news. The better news is that we’ve brought together a slate of some of the best minds in marketing, advertising, cx, loyalty and consumer insights to help show you the way through this particular rocky patch. We’ll publish that calendar soon so stay close.
Also, if you or your company would like to contribute to this effort in any way, please reach out to me. There are thousands of brands that would very much like to hear from you.
– Mike Giambattista, Editor in Chief
FEATURE: How to Recession-Proof Your Customers
“Everyone from the analysts, and economists, to the vendors and the brands themselves were peppering their conversations with the idea that a recession is either here or is about to be here. Over the next several weeks we’ll be publishing on that subject. We’ve tapped a handful of minds who can speak to the strategies needed to weather economic uncertainties.”
What Your Customers Want in 2023
The New Year is often a time of optimism, hope, and change. But how do consumers’ shifting priorities affect businesses? Here are seven strategies to help businesses attract and retain customers in this critical time: Help your customers build healthy habits, reach out to new customers, introduce new products, foster consumer loyalty, help customers meet their financial goals, prioritize value, and help your customers do good. Ultimately, the authors argue that retailers must understand how the New Year’s mindset may impact their business.
It’s Data Privacy Week
Respecting the privacy of your customers, staff, and all other stakeholders is critical for inspiring trust and enhancing reputation. According to the Pew Research Center, 79% of U.S. adults report being concerned about the way their data is being used by companies. By being open about how you use data and respecting privacy, you can stand out from your competition.
It’s Data Privacy Year
Data privacy will get real. With new regulations going into effect in 2023, data privacy will take on a new urgency. By 2023, modern privacy regulations will cover the personal data of 65% of the global population—up from just 10% in 2020. Brands that are prepared for the new privacy environment will have an opening to build emotional connections with consumers by following through on their privacy pledges.
Rethinking CX
71% of business leaders are rethinking the entire customer experience
This year’s key findings in Zendesk’s Customer Experience (CX) Trends Report highlight that Artificial Intelligence (AI), conversational experiences, personalisation, customer well-being and sentiment, and integrated teams are the critical components that businesses need to deliver immersive experiences, which will shape the future of CX.
Recession-proofing thru Loyalty
The impending recession is going to bring acute monetary concerns for many consumers and as a direct consequence sweeping changes in purchasing behavior. 60% of consumers are very pessimistic about both the rising cost of living and economic out. 50% plan to make less impulsive purchases this year, with most doing more research (50%), waiting for sales (47%) and relying on loyalty benefits (46%) when purchasing from their favorite brands. 43% of consumers are more likely to engage in a loyalty program this year than last— an 8% increase since 2022
