When talking to decision-makers in various industries, it is important to understand the economic drivers that are inherent in that specific category of business. Many times, how the category is trending is indicative to how people are going to spend.
While the overall business climate is far from robust, there are areas that are very healthy and growing at a significant rate. For categories that are not strong, businesses in the category need to set themselves apart from their competition and gain as much market share as possible with their target consumers. Understanding all of the trends both within a demographic as well as with a category of business is a key to a seller’s success.
As I have discussed so many times, based on meetings with key decision-makers at Fortune 100 companies, customer engagement continues to be the dominant trigger for many companies. For this reason social, mobile and digital videos are surging. Demographics are also important in understanding who is important for companies to reach and how we can help engage these people for our clients – from the largest ethnic minority group in the US, the Hispanic Millennial, to the size and spending power of the Baby Boomers, to the increasing economic influence of women.
2014 should be the year that automotive sales surge ahead past the current record sales number set in 2006. Yet the automotive aftermarket industry is sluggish. The percentage of smartphone and tablet users will continue to grow yet the overall consumer electronics market is somewhat stagnant. Retail is strong in certain areas yet weak in others. Where people are buying consumer packaged goods and health and beauty products are causing a shift in how many retailers are approaching marketing. We need to be on top of these trends to talk intelligently to a decision-maker and create a program designed to engage consumers and drive them to purchase.
There is so much opportunity for all of us moving into 2014. It is up to us to be on top of the trends and understand the economic drivers of any industry. We also have to remember that every company is in constant competition to garner market share and increase profitable revenue. What are you doing to be the “go to” media seller for your current clients and new prospects?
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