Brands leverage consumer behaviour to test and market their products
Implications - Brands are leveraging consumer enthusiasm in exchange for money in order to test, produce, and market their products in a unique reciprocal relationship. This shift has two benefits — it allows brands to engage with its customers in a new way that provides a better fundamental understanding of what its consumer base values, while giving consumers the chance to pursue small personal or passion projects in a way that strengthens loyalty with the brands they're engaging with.
Workshop Question - How can your brand better involve its customers into some of its smaller initiatives?
Trend Themes
1. Reciprocal Marketing - Brands are using consumer enthusiasm to test, produce, and market products thereby promoting better customer engagement and strengthening loyalty. An opportunity exists for marketers to explore alternative means of testing, launching and promoting products through reciprocity.
2. Crowdsourcing Platforms - 'Surkus' and similar apps use crowdsourcing to manufacture lineups and crowds, presenting opportunities for businesses to leverage crowdsourcing towards events, shows, and gatherings - rather than relying solely on a core group of fans/attendees.
3. Cryptocurrency Incentives - By incentivizing customers to use services through cryptocurrency earnings, this oCoins innovation shows how subscription-based businesses can harness the allure of cryptocurrencies to increase market share. This presents opportunities for businesses and marketers to explore more attractive models for customer engagement.
Industry Implications
1. Marketing and Advertising - The Reciprocal Marketing trend is most relevant to businesses and professionals within the marketing and advertising sector.
2. Events and Hospitality - Crowdsourcing Platforms are technologies that present disruptive innovation opportunities to businesses operating within the events and hospitality industry.
3. Fintech and Cryptocurrency - Cryptocurrency Incentives present opportunities for professionals and businesses in the FinTech and cryptocurrency sectors to explore alternate uses of blockchain technology.
