In an ever-changing world, marked by rapid shifts in consumer preferences and marketing strategies, a recent study by Marigold, in collaboration with Econsultancy, highlights the key consumer trends in Europe for the year 2024. Based on a comprehensive survey of 7343 consumers across Europe, the report offers crucial insights for brands seeking to stand out in a competitive landscape facing economic challenges and rapid technological advances.
In the face of these challenges, the study identifies three key strategies: personalization to meet consumer expectations, enhancing the customer experience to strengthen engagement, and intelligent exploitation of data to enrich the user experience, considered essential to excel in this changing context.
Personalization is no longer an option, but a necessity. Marigold's report reveals that 78% of consumers are more inclined to react to an offer if it is personalized according to their interests. This trend is further reinforced by the preference for personalized anniversary offers, appreciated by 85% of consumers. These data underline a strong expectation on the part of consumers for communications that take into account their individuality and specific preferences.
Frustration with non-personalized messages is palpable, with 50% of consumers expressing irritation with irrelevant content or offers, and 41% frustrated by messages that don't reflect their wishes and needs. These figures illustrate the urgent need for brands to adopt advanced marketing technologies enabling advanced personalization, in order to remain competitive and relevant in the minds of their customers.
Customer experience is the central pillar of loyalty strategies. A carefully nurtured customer relationship, characterized by listening and responding to individual needs, is a decisive factor in success. Marigold's report reveals that 65% of consumers are willing to pay more for products or services from brands to which they are loyal, underlining the importance of a positive customer experience in fostering this loyalty, and highlighting the inestimable value of customer loyalty.
To forge this loyalty, a personalized, customer-centric approach is essential. Consumers are no longer satisfied with one-size-fits-all solutions; they are looking for experiences that recognize them as unique individuals, with 84% of respondents saying that their preferred brand still considers them as individuals in their own right.
A personalized, attentive and responsive customer experience forms the basis of this experience, enabling brands to connect more meaningfully with their customers.
Financial incentives, such as discounts and coupons, remain powerful drivers of engagement, with 92% of consumers considering the exchange of their personal data for such offers to be a worthwhile transaction. This indicates a willingness on the part of consumers to participate in an exchange of value, provided that brands respect their desire for personalization and rewarding experiences. Furthermore, the increased interest in loyalty programs, with 40% of consumers more inclined to participate than in the previous year, reinforces this trend towards deeper, more personalized relationships between brands and their customers.
Beyond the appeal of promotional offers, the personalization of services enhances consumer satisfaction, making them feel unique and valued. This level of personalization indicates that the company knows its customers, avoiding inappropriate offers and reinforcing engagement. This approach transforms the shopping experience into a tailor-made journey, where each consumer is treated as a distinct entity, with specific expectations. In this way, leveraging customer data builds deeper, more personalized relationships, increasing loyalty and mutually enriching experiences.
To thrive in 2024, brands need to focus on customer engagement and loyalty. The key to this engagement lies in personalization, which has become the most effective lever for meeting consumer expectations. To achieve this, collecting and analyzing customer data is essential, as it enables us to offer tailor-made experiences that enhance and enrich interaction with the brand.
The value proposition in exchange for this data is crucial. Consumers expect rewards, unique experiences, gamification opportunities, social interaction and belonging to communities, all of which strengthen their commitment and loyalty to a brand.
To implement these strategies effectively, brands need to adopt the right technologies. Cohort is a relevant solution here, facilitating the creation of personalized, experiential customer spaces directly within the customer account, a channel that is widely used but still under-exploited by brands. By equipping themselves with tools like Cohort, which enable the deployment of personalized engagement paths through addictive experiences in just a few clicks, brands can not only meet their customers' expectations, but also outperform the competition by building long-lasting, meaningful relationships.
Talk to one of our experts about how Cohort's Supercharged Account can help you increase your customer engagement !
Sources : Marigold. (2024). European Consumer Trends Index 2024. In collaboration with Econsultancy. https://go.meetmarigold.com/en-gb/euro-consumer-trends-index-2024