Trendspotting

The process of promoting, selling and distributing a product or service is never static, thus the need to always be on the lookout for developments that will affect the marketing discipline.

To do otherwise is folly.

Here, I asked some of the senior marketing consultants of Mansmith and Fielders Inc. to talk about the emerging trends in their area.

Donald Lim, country CEO, Dentsu Aegis Network

1. Social media meets artificial intelligence (AI) – After years of acquiring social media fans and creating content for audiences, brands will now have the opportunity to efficiently communicate, promote and sell directly to their customers through automated response like Facebook messenger chatbots, helping brands gather data, earn points for customers and even allow them to order online.

Finally, brands can now close the loop on social media, from fan acquisition, all the way to product purchase.

2. Social media micro influencers – Becoming mainstream, brands are increasingly tapping micro influencers for product demonstrations and promoting to their social circle to generate interest and sales, rather than getting mainstream celebrities promoting in TV commercials. Metrics on social media influencers will become part of creative and media strategy and planning.

3. Customer data becomes gold – Personal ad targeting becomes the norm as programmatic advertising and remarketing allows brands to customize messaging through data acquired from digital behaviors and actions. Data privacy and rules of engagement between brands and customers will also be of primary concern, not only by regulators but also by information technology and marketing departments.

Rowen Untivero, chair, Connecting Mavens, Inc.

1. Retail shop professionals – With increasing online sales, companies are realizing that a satisfying human interface in the store will have greater value to the customers, driving differentiation and even repeat purchase.

2. Field salespeople as strategists – In highly competitive markets where products and services are commoditized, companies are retraining their sales force to gain higher competency to include negotiation and account-level strategy to deal with their client counterparts.

3. Partnership negotiation – Progressive retail buyers realize that old school “mafia” techniques don’t apply anymore to a good segment of core suppliers. A partnership-oriented relationship is required where both strategic and tactical approaches to negotiation coupled with suave influencing strategies and skills come to play to help attain retail buyers’ key performance metrics.

Frances Yu, consultant, Rustan’s

1. More consolidation in retail – With the entry of international chains and hyper competition, the trend of retail consolidation will continue. In the supermarket industry, the top four players will grow even more dominant as they race to acquire more and more medium-sized chains. This trend will continue even in the specialty fashion segment. What we will see will be a polarization in the market between the biggest and most cash-rich players on one side, and the niche, unique, small-scale retailers (both online and brick-and-mortar) on the other side. It is the mid-sized players that are most at risk of marginalization.

2. Conspicuous consumption of the luxury Chinese tourist – Cash-rich and ready to spend on luxury goods, the luxury Chinese tourist is a very attractive segment to target. High luxury taxes in China make purchasing luxury goods more attractive abroad. Many Chinese tourists are becoming the biggest consumers of luxury products—bags, luxury cruises and trips, jewelry and other luxury products are consumed while traveling abroad. Here in the Philippines, the luxury Chinese consumer is often seen in the hotel/resorts casinos and high-end retail stores.

3. Generation Z consumers – Born starting mid-1990s following the demographic group millennials, members of Gen Z encompass children, tweens, teens and young adults. Gen Z has never known a world without the internet. They have short attention spans, are digitally fluid, globally aware and they are politically, environmentally and socially conscious. Of all the generations, they are the most averse to advertising. Gen Z wants transparency and “realness” from brands. This generation is rewriting the rules that favor liberal views on race, gender, identity and sexuality.

Emilio Macasaet III, author

1. Sales information technology – With the evolution of big data and artificial intelligence in collecting data, CRM and sales management technology tools will increasingly become a necessity to compete, streamlining work process and allowing companies to analyze customer behavior pattern across channels to improve business relationships and market standing.

2. Sales training academy – Companies regardless of size are building their own sales training academies. These companies are realizing the need to develop their own sales force DNA necessary to optimize productivity and to exploit opportunities in the market place. The trends in practices include online self-paced training modules using company-curated videos and audios, developing training champions from the sales ranks, subscription in massive open online courses, as well as tapping external resource partners.

3. Services on demand (SODs) – We see the rise of services on demand by companies utilizing hybrid cloud model, providing more accessible, affordable and reliable services than brick-and mortar counterparts. From transportation, SOD model has attracted new categories like health and wellness on demand, and even pawn services.

Malu Dy Buncio, former country head, Avon

1. Singularity – Millennials and subsequent generations have confidence to “do it alone” without waiting for their friends or family to explore the world. They can travel alone and “adventure” will become a key word. They are willing to relocate, disconnecting from their roots and quickly developing new roots and relationships in search of work and adventure. They are also willing to work away from the traditional office setup.

2. Work process redesign – Complete change in culture, norms and process will require new marketing and people management techniques/skill sets. Corporate loyalty will continue to erode and teamwork will be at risk. This requires business process (inclusive of office setup) redesign, as well as management training, retention and procurement redesign.

3. The Great Unknown – The true potential and implications of AI and the internet are still not all known. Because of this, sources of influence will continue to evolve. A steep learning curve is required to ensure a business remains relevant. —CONTRIBUTED