Because modern people use technology more and more With the condition of adaptation in the use of digital tools Times change and COVID-19 are the reasons people need to keep up College of Management Mahidol University (CMMU) suggests 3 solutions to help businesses boost purchasing power. The recovery of the COVID period consists of
- Create a campaign to help society and the environment. Without focusing on selling products
- Create a strong branding position Meet the consumer’s needs Holds a position quickly in time to catch up with trends Be more direct than competitors
- Does not create a burden on consumers Through the strategy of adjusting product prices – reducing production costs.
Consumer behavior in the marketing era 5.0 From the research results can be divided into 5 characters as follows
- Altruism Helping to care for society
- Emotional Control Manage your emotions, not sink your sadness Relieve stress
- Future Oriented Stable, prosperous, sustainable
- Confidence Shine, stand out, believe in your own opinion
- Identity This is me I’m like no other
However, the changing behavior of consumers in the GEN WE or the 5.0 era has led marketers to adjust their strategies to attract consumers. With a strategy called “Strategic strategy for consumers GEN WE” (GEN WE Strategy), which is a group of Thai consumers aged 18-57 years old, who is a group of people who want stability and balance in their lives. Group of people who want to use happiness according to the trend People who want to move the world and society for the better
- Need to find the target audience of the brand To communicate directly
- Must create sustainable value for the business / product
- Must always develop brands / products to keep up with the trend
- Straight marketing is required.
- Must adapt to keep up with technology To create reach and expand the consumer base across different platforms
Dr. Boonying Kong Archaphat Head of Marketing College of Management Mahidol University (CMMU) Revealing views on the current Thai economy that “new wave of COVID-19” has had a wide impact on the business sector. Causing social problems in the environment Human rights problems, etc. It also causes consumers to delay spending. However, consumers still see the importance of development and social responsibility.
Therefore, in order to stimulate the purchasing power of consumers Businesses need to adjust their marketing plans in 3 key solutions:
1. Create a campaign to help society and the environment. Seeing social problems Environment / problems near consumers Without focusing on selling products And the expression of generosity / power of giving From big brands that may not be affected as much to smaller ones. It reflects sincerity to trade partners and consumers. It is one way to get points and encourage consumers to want to get involved with the brand.
2. Make a branding stand clear. Meet the consumer’s needs The trend of new trends is emerging, businesses must be quick to highlight the brand’s stance. Be more direct than other competitors
3. Do not create a burden on consumers. Through strategy adjustments such as reducing production costs Adjust the price down to allow consumers to buy the products they like, but without creating additional burdens, etc.
side Mr. Weerasak SawatchanTR, Head of the Research Presentation Team WEvolution, a 5.0 era consumer decoding practice, and a graduate student. College of Management Mahidol University (CMMU) It said that from decoding of consumer insights, three new clusters of research (Cluster) that reflect the identity of Thai consumers in the Gen We era in this age range consist of
1. Dragon Who want stability and balance in life (Confucianism)
The distinctive characteristics of Cluster This group is
1) Simple, calm, not like competition.
2) express feelings honestly
3) stability and balance in life
Insights of Dragon
Be an introvert or an introvert There is a lifestyle that does not follow any celeb who focuses on sharing their own happiness. Share what you are interested in. To think and do things that you like Focus on the end of life purpose. Low risk investment, such as insurance, bonds, and value-based investing (VI) Often I use online media. Line, Facebook Messenger. Favorite places are at home, work, bookstore, temple. A goal and motivation are: Want a balance in life, happiness and peace to spend retirement age with family.
2. Fairy Group (Fairy) People who want to add happiness according to the trend (Hedonism)
The distinctive characteristics of Cluster This group is
1) Follow the social and environmental trends around you Because they want to be accepted, not against others
2) tend to act according to mood and feelings Based on happiness
3) is able to adapt to the situation The specific context in the window as well. Excellent ability in building and maintaining relationships
Insights of Fairy
Is an Ambivert or a match between Introvert and Extrovert, has a favorite lifestyle according to celebrities or people in the FOMO trend, Influencer. Focus on sharing, showing off or following trends. Share only what’s trending at the moment. Focusing on investments that follow different flows can accept high to medium risks. Such as Cryptocurrency, stocks, online media, Facebook Group & Page, IG. Favorite places are cafes, events, events, goals and motives. Want to be accepted in society Be happy in every stage of your life and live in a beautiful world.
3. Phoenix Group Who wants to move the world and society for the better (Pragmatism)
The distinctive characteristics of Cluster This group is
- Has a relatively high level of self
- Be energetic and ready to push the world and society for better
- Want to do something, do your best without causing trouble to others.
- Can manage their emotions well.
- Be a trendsetter
Insights of Phoenix
He is an Extrovert type of person. Lifestyle likes to follow only Professional.I share a real story. Share knowledge that is useful for both oneself and others. Start investing early Focus on risk diversification Such as Cryptocurrency, stocks and mutual funds, etc. Have a clear goal in life Using online media IG, Twitter, Facebook Page, Clubhouse, favorite places are Shopping malls, concerts, fitness venues The goals and motives are Contributing to a better society and the world Live a quality life
Does not stop improving himself
So the research team invented “A great strategy for consumers GEN We” or “GEN We Strategy” for marketers New entrepreneurs Manage the business according to the economic stimulus plan With details as follows
- (G) roup by Clustering grouping customers into Ready to search for new target groups Traditional customer grouping Segmentation using only gender, generation or income to divide the customer groups Rather, it uses clustering based on consumer attitudes and behaviors.
- (E) nvironment must create sustainable value for businesses / products. To build consumer acceptance Every business operation Must create sustainable value for their businesses and products Which will benefit society and the public Will make consumers accept and support the brand of that product Because there is a feeling of participation in social development
- (N) everending Development Always develop brands / products to keep up with the trend. To seize space in the minds of consumers Current consumers follow the trend Society and environment that are always emerging Developed business Brands or products to keep up with the trend quickly Create a unique brand image, easy to remember, and create a clear brand stance. Therefore often wins hearts and creates word of mouth
- (W) holeheartedness Straight marketing is required. To build consumer confidence and loyalty In the midst of today’s business competition, consumers can access information quickly. Businesses need to market straightforward, not deceitful, exaggerating the benefits of the product. Which consumers will be loyal to good quality products and providing accurate and complete information because “loyalty source Begins with sincerity “
- (E) merging Media, non-mainstream media Increased popularity to create accessibility – expand consumer base Businesses must adapt to the emergence of new technologies and media platforms. The media used by specific groups such as Spotify, Clubhouse, Blockdit, Podcast, TikTok are gaining more and more popularity with consumers today. Business must catch up with technology And select the appropriate media according to the target group to create a Top of Mind brand in the minds of consumers.
In addition, it has also conducted insights with a variety of questions to understand consumer behavior. Made discovering how to choose the brand of each group Useful to marketers And modern entrepreneurs
Dragon group They choose to buy products, measuring their weight based on necessity and suitability rather than their image. CSR is a group of consumers who do not particularly follow anyone. But if a brand uses an influencer or a celeb, it will consider how sincere that person is. Including to choose to see the truth that the quality of the product is suitable for us or not And intend to retire at the age of 60 and live with his family Therefore, buying a house or condo, car, takes into account the proportion that fits the family members. Financial planning Profitable investment By choosing to save 10-50% of income per month, including studying health insurance early
Fairy Group Willing and willing to pay 20-30% more for the product that suits you By choosing a brand that has an image of the environment or fights for society Like to follow famous people and read reviews from coffee shops, restaurants, travel, fashion, or check out bloggers with hundreds of thousands of followers, make makeup reviews on YouTube and buy on top of their favorite looks. I intend to retire 55 years after retirement will probably work but not very hard and have money from passive income that has been accumulated.
Phoenix group Be willing to pay 5-10% more to get the product you are interested in. By considering the product and price before that meets the needs or not If a brand has a CSR program or conducts a social and environmental campaign Will choose that brand because it is considered that it helps the society as well Which will search for information Always read reviews from Online Community sources such as comments in E-Marketplace, YouTube, IG, Facebook Fanpage first to help make a decision. And is often popular with modern products such as IT gadgets or update fashion trends such as clothing, dietary supplements, etc. and intend to retire before the age of 60 due to not wanting to have a family or children Therefore, we need to plan the savings well so that when retirement does not burden anyone or the country.
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