Like a switch, it was back on. A miracle happened on Saturday morning.
The negative voices in my head were drowned out. They were overcome by:
A desire to find out what the hell was wrong with me so I could help others feeling the same or worse
The need to do more and be more–shaking myself from restless rumination and get back to living life
Although this newsletter has become many things, it shouldn’t be a rushed sob story. We’ve pivoted to focus on consumer behavior trends. The goal is to get ahead of the downpour of “what to focus on in 2022” content coming our way.
The revolution has begun!
Recent research points to rising levels of collective optimism, especially among well-off millennials. But the reality is there’s more to the story. All of our routines are shaken up, and we’re entering a new world. One that seems physically smaller, yet digitally infinite.
73% have changed how they engage in out-of-home activities as a result of the pandemic.
37% have started working from home more often, changed jobs, or went back to school
33% made changes to their homes–remodels, renovations, or dedicated WFH spaces
15% bought a pet (and even more are splurging on their pets)
The home is now a hub. For many, it’s the movie theater, library, and coffee shop, all in one. Meanwhile, the Metaverse begins to take shape across the globe–from “nation states” ranging from Meta (formerly FB) to China. Web 3.0 definitely deserves a plug here, but there’s more research to be done before sharing an informed perspective.
Buy whenever, wherever
We don’t just want to be able to buy online. We want options. Although e-commerce exploded before, during, and after the pandemic, people are still ordering curbside pickup or checking out at the register.
Why? 46% of Americans still want to try before they buy.
Yet online word-of-mouth is still the most influential factor. In fact, it’s scaled into what marketers now refer to as “dark social”. Basically, we make purchasing decisions based on channels that are hard to track, like a podcast or even this newsletter.
Shoppers are also “taking advantage of” buy now and pay later (BNPL), but they might actually be getting taken advantage of. Retailers and lenders generate more spend, but 7 in 10 users have been charged interest or fees for missed payments.
Everyone’s woke now
As the saying goes, customers vote with their dollars. This is more true than ever before, with almost two-thirds of us buying goods and services that align with personal values and beliefs.
When push comes to shove, altruism tends to go out the door. But now it can be seen in what we do and what we buy.
These buyers ain’t loyal
I call this one the Amazon effect. In a world of marketplaces and product reviews, brand affinity matters less. Good stuff (and experiences) that satisfy our jobs-to-be-done matter more.
40% are switching brands. 70% believe that a business is only as good as its customer service. 67% are willing to pay more for brands that offer better service.
What can I do with this?
Tweak your copy. Show people that you understand how they feel by speaking their language and teasing out nuances. It’s tough to find, but there’s always a sweet spot between your goals and the reader’s needs.
Launch a brand and don’t be afraid to target a small niche. We’re more brand-agnostic and willing to try new things. Whether it’s a newsletter, podcast, app, or physical product, you can test the waters before diving in. The learning itself is worth it.
Align your efforts and skills to a greater cause or mission. Not only is it good for business, but it’s also good for you. At least that’s what I’ve found. Volunteering and mentoring give me energy and purpose. Wonder if it’s the same for you?
Wood For The Fire, W(F)TF
(a weekly swipe file for life):
The book Tech-Powered Sales digs deep into the 4th Industrial Revolution, and how it’s changing the game for sales, marketing, and B2B SaaS forever
Give yourself permission to step back and see what’s working–by our friends at the Experience Institute
Quote of the Week:
“Good judgment comes from experience, and a lot of that comes from bad judgment.” - Will Rogers
Featured Builder:
Ryan Holiday, a bestselling author and host of the Daily Stoic podcast. His story and insights have changed the way I see the world. Come depressed, leave inspired.
The idea of "dark social" is very interesting. Makes me think of insider trading and political factions. I wonder if it's only a matter of time before "dark social" circles are more closely regulated?