With signs of life finally emerging from our once dormant economy, firms are looking ahead to the new year with renewed optimism.
Levels of unemployment are moving steadily towards the 7% mark, resulting in more spend power across the country as the economy moves back into a more active state. Research by the British Chambers of Commerce (BCC) has revealed Britain’s economy will expand at its fastest rate in seven years in 2014 thanks to strengthening household consumption. Economic growth is expected to hit 2.7% over the year, an upgrade from the 2.2% projected in August.
But this breath of fresh air comes at a time when consumer habits are diverse and varied. The market of 2014 is almost incomparable to that of 2007, yet new signs of economic life means comprehending the new landscape is vitally important.
At Atomik Research we are seeing an increasing number of brands using our tracker surveys to gauge consumer appetite. This is an evolutionary tool which feeds back data over a defined period, allowing for more in-depth analysis of how the market is changing.
There are primarily two forms of tracker studies available; consumer trackers and brand trackers. The former is concerned with monitoring changes in behaviours over a period of time, targeting specific demographics to gauge habits of your target audience. The latter deals with how the brand is perceived, which can be particularly useful if a company is re-branding or considering evolving their current brand.
Trackers have also grown to have different uses other than just tracking consumer habits and brand perception. Measuring the impact of marketing campaigns, for example, is an increasingly popular use of tracker studies, as they offer long-term analysis of how consumers react over a period of time, rather than just at one point.
In an age where ecommerce, social media and physical presence are weighed in equal measures, tracking the ways in which your consumers act is vitally important. Consumer spend is likely to rise in 2014 as the economy improves, but the way in which people choose to splash their cash is varied and diverse.
Building a comprehensive view of your clientele will form the basis of what could potentially be a very happy and prosperous new year.