Survey research is not getting easier

Observation:  Today’s Research Brief provided a summary of findings from the Pew Research Center about the challenges involved with building truly unbiased public opinion research.  On the list of challenges:  Greater difficulty contacting prospective survey participants, and lower participation rates, overall.  Click here to see the Research Brief, or to see the Pew Research Center report, click here.

Implications:   Granted, this story focuses on public opinion research, but the findings here serve as a canary in the coal mine of consumer research.  One of the reasons survey respondent rates are going down, in my opinion:  Everyone seems to be doing a survey, and many consumers are suffering from research fatigue.  It seems that every time I buy anything or dine anywhere, the cashier circles a website on the receipt where I can take a survey for the chance to win a gift card or the like.

This is important, because it is critical for companies to acquire the input and feedback of the customers they serve.  But as the Research Brief story indicates, it might be more important than ever to have a back-up source (or several) for information, beyond the simple survey.  Shopper intercepts (both in-store and online)?  Simple observation?  Focus groups?  Interviews?  More refined analysis of your sales data?  Secondary (subscription) research?

In what ways might you gain—or retain—the accurate input of your customers, with regard to their preferences, priorities and purchasing motives?  Certainly, this much is true:  When the right chance to conduct research is available to you, do not ask one gratuitous, unimportant question.  Every response matters, so make every question count!

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

UPDATE: The implications of higher debt without completing higher education

Observation:  Two weeks ago, I posted a story about the higher debt load required of people who pursue higher education (click here to see “An Educated Risk.”)   Today’s Washington Post considers that issue from another perspective:  People who pursue but do not complete their higher education; ultimately, the problem of having huge debt is compounded by the fact that they do not have the degree that could lead to a higher-paying job.  Click here to see the Post story.

Implications:   One must wonder whether we are approaching a tipping point, of sorts; one that imposes adjustments to the way college educations are sought, delivered, and paid for. 

This may not seem like a consumer-trend issue, at first glance, but I think it definitely is one.  For decades (perhaps centuries), there has been a close correlation between education and future earning power.  If an economy is such that less educated people are likely to earn less money, a fundamental shift in consumption is likely to occur if large numbers of people decide college is either financially out-of-reach, or not worth the risk.   

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Vacations, re-defined (or just re-labeled)

Observation:  Two stories from today’s Marketing Daily suggest that family vacations look different than tradition might suggest.   The first article focuses on the now-cliché stay-cation, caused by higher gas prices and airfares.  The second story gives us a new term to consider, the near-cay. 

Implications:   Whether you call them stay-cations, day-cations, or near-cays, the point is essentially the same; consumers would rather spend money on experiences than on getting to those experiences.  They’d rather find attractions that are close-to-home, and then put their money into activities and entertainment instead of gas pumps and airlines.

No new terminology needed, as the old word works well:  Value.  And this is a great example of where the word “Value” doesn’t necessarily mean “lower cost,” it just means more enjoyment received.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

In select cities, real estate turns a corner

Observation:  According to a story from today’s Dallas Morning News, housing prices have shown a year-over-year increase in seven cities, including Charlotte, Dallas, Denver, Detroit, Miami, Minneapolis and Phoenix.  Click here to see the full story.

Implications:   The number of cities listed is not long… but the importance of this segment is huge.  Confidence in home prices is a strong anchor for consumer sentiment.  It’s good to see that, even if only in several major markets, prices are starting to find their way back up.  Here’s to more cities following soon.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Role reversal: Men pursuing jobs once thought of as belonging to women

Observation:  This morning, the New York Times published an interesting article on gender role-reversals in the workplace.  But also important, the story suggested a shift toward a more modest “American dream” since the 2007-2009 recession; one that is focused on simply staying ahead of financial commitments, and having enough left over to go out for some dinner and entertainment once-in-a-while, take a modest vacation once a year, or otherwise enjoy occasional “small indulgences.”    (Not necessarily a big house and fancy cars.)  Click here to see the story.

Implications:   “Inverted expectations” is how this Times story refers to what we’ve called, “Reconciliation.”  Worth noting, as we’re seeing more and more evidence of this shift that we called out several years ago.

If men are opting into more roles that were traditionally held by women, what does that mean to the family dynamic?  Are women more likely to bring home the “breadwinner” paycheck, and men more likely to provide the “additional income?”  If she carries a greater income burden, is he assuming a greater role in such household responsibilities as childcare, housekeeping, and laundry?  If these kinds of changes are happening in the workplace or household… what do they look like by the time those changes walk into your store, dealership, or lobby?

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Record numbers of people working after age 65

Observation:  The great recession of 2007-2009 left many casualties in its wake, not least of which were battered investment accounts and many peoples’ retirement aspirations.  With that in mind—and with so much uncertainty about the future of Social Security and other programs—it was not so surprising to see an article in the New York Times this weekend that explained how many older folks remain in the workforce.  Click here to see the story.

Implications:   Baby boomers have re-defined every life stage as they moved through it.  Why should retirement (or, re-hirement) be any different?

As you think of targeting “career workers,” does the image that comes to mind include people who have gray hare or hassles with arthritis?  As older Americans earn a share of available income that is larger than earlier generations, their needs and preferences could become more and more important to more and more companies.

Does opportunity knock for your business in serving an older workforce?

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Millennials as the “unbanked” generation. (Could your category face the same fate?)

Observation:  A story from USA Today this morning builds on the body of opinion that banks are losing significant market share to check-cashing services, payday loan operations and other alternatives to traditional banking.  Click here to see the story.

Implications:   As one reviews the stories we’ve posted about banking at this site, this issue has become a frequent topic and an important focal point as the banking industry evolves.

What kinds of tools or services could banks offer to become more relevant to young adults?  While direct payroll deposit and online bill-pay services have become an important service to young adults… they’ve also reduced the face-time bankers used to get with these customers and prospects.  How could banks begin to re-build a personal relationship with their young customers?

By the way, the impact of this issue is not limited to banking.  More and more life tasks are either automated or performed online as time goes by (consider the way people research, shop and buy things like cars, plane tickets, music, personal electronics, etc.)  Is the product or service you sell subject to this same frustration within the next few years?  How will you respond?

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Abandoning the in-store shopping cart: Smartphones intercepting retail purchases

Observation:  Fifty-three percent of mobile commerce users say they have halted an in-store purchase because of an offer or information they found online, while in the store.  That’s according to research from the Internet Advertising Bureau as published today at MobileCommerceDaily.com.   Among mobile device owners, 73% have used their smartphone in-store.  Click here to see the full story.

Implications:   We’ve written about “Showrooming” in this space before (see the series by clicking here), but it seems new data is constantly arriving to illustrate just how pervasive the practice might be.

If you have a physical location—and I’ve suggested this before—wouldn’t it be smart to have a strategy where small business-card-sized brochures could be placed near the price on each shelf, containing the URL to your store’s website (and perhaps an offer that would incentivize the use of your site)?  If consumers are going to take the shopping experience online, at least they stand a better chance of continuing to do that shopping with you.  

[Note:  Thanks to friend and colleague Matt Sunshine for passing along the MobileCommerceDaily.com story along!]

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Whites represent less than half of births in U.S.

Observation:  It’s official… non-Hispanic white births accounted for less than fifty percent of babies born during the twelve months that ended last July, according to the Census bureau.  The headline was published by the New York Times this morning, and you can click here to see the full story.

Implications:   Multiculturalism is here to stay, a demographic tipping point that has been long-expected in the melting pot known as US.   50.4% of babies born in the most recent recorded year were of Hispanic, Black, Asian, or mixed-race heritage.  Whites still represent a majority of the population as a whole (at 63.4%, according to the story), but an aging Caucasian population means it is only a matter of time until that is no longer the case.

Much coverage will focus on this moment in the coming years.   

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Can’t decide? Furniture store lets you sleep on it.

Observation:  The Springwise.com newsletter that was published this morning features a story about a New York City furniture store that lets you try the bedroom before you buy.  Click here to see the full story.

Implications:   This week, I’ll be in New Orleans speaking to a conference of home furnishings and interior design professionals (known as ART), so this idea was particularly timely.  It might inspire us to ask, “In what ways might I demonstrate my unique value proposition, instead of just making claims about it?” 

Not everyone can invite customers in for a sleepover, but there are other ways to help the customer take a test drive, such as testimonials from past clients, written success stories, and photographs and/or videos of your product or service in action.  

Consumer confidence is not just about the economic outlook.  You can influence the customer’s confidence by the way you help them discover the benefits of your product or service.  Don’t just say, “Believe me.”  Satisfy the customer’s preference of, “Show me.”

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Home improvement spending increases

Observation:  Today’s Marketing Daily cites a report from NPD indicating the home improvement category enjoyed an 11% increase in spending over the past 12 months.  The story also mentions that online spending in the category is up dramatically.  Click here to see the story.

Implications:   The increase in spending in the category makes a lot of sense.  With so many folks upside-down (in terms of home equity) and unable to move into their next dream home… they’re doing what it takes to make their current house the home of their dreams.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

An educated risk: Higher ed requires higher debt

Observation:  Last weekend, the New York Times published an in-depth story about the rising costs—and tremendous loans—many students are having to consider when pursuing a college degree.  Click here to see it.

Implications:   Deep in the story, these writers compare the current student loan crisis to the mortgage bubble… not because it holds the same potential to harm our greater economy, but because of the “education at any price” mentality that has prevailed in recent years, and because many students fail to realize the long-term consequences of tuition debt.

As I finished this story, I was left with several questions.  Is the U.S. at risk of a downgrade, in terms of its leadership position in education?  What kinds of jobs (indeed, what kind of an economy) await the less educated working population?  Will the academic world correct itself, creating more schools that focus on a specialty and fewer that offer deep programs in all subject categories?

This is a category that seems to be poised for a shake-up.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Are dads the new moms?

Observation:  An essay from the Wall Street Journal explores the evolution of fatherhood in American life, as the dynamics of family continue to change.  It was a fascinating read, and you can see it by clicking here.

Implications:   If you sell to parents, it’s important to understand how the roles of moms and dads have changed over time.  After you read this WSJ piece, you must ask yourself whether you’re seeing some of these changes in your own business.  Is mom necessarily the one buying (or using) traditional products like laundry detergent, housecleaning supplies, or children’s medicine?  Who’s sending the kids off to the bus stop… and who’s greeting them when they come home?

Household composition and family dynamics are important considerations when you’re thinking about your most important customers, regardless of the business you’re in. 

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Why automotive seems to be trending toward an even more robust recovery

Observation:  A story from Bloomberg explains the three fundamental reasons that automotive seems to be on very solid ground right now, and moving even stronger.  Stated simply, it’s an improving economy, pent-up demand, and loosening consumer credit.  But if you like, you can click here to see the full story.

Implications:   I’m not sure this list is any different than a company in any big-ticket category might share. 

When headed into a recession, it’s important to know when to pull back on expenses.  But it might be even more important, in terms of timing, to know when to get more aggressive when it comes to marketing.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

For now, the laws of supply and demand rule in favor of lower oil prices

Observation:  A story in yesterday’s Wall Street Journal explains that OPEC is operating at greater than their usual production, which should have the effect of continuing our recently stabilized gasoline prices.  The production was increased in response to geo-political issues such as the uneasy situation in Iran.  Click here to see the story.

Implications:   This winter, I think many consumers had braced themselves for higher gas prices in the foreseeable future.  The recently stabilized situation with petroleum raises an interesting question:  What if you prepare for the worst and hope for the best… and the better outcome turns out to happen? 

Does your company, product or service stand to benefit from the “dividend effect” of households that will spend less on their daily commute?  Again, if the consumer is spending less than anticipated on fuel, they have more to spend on…

Whatever.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Searching for simplicity: Consumers want technology to make life easier

Observation:  Citing a study by Ketchum, a story in today’s Marketing Daily suggests that consumers want technology make their lives easier.  Click here to see the story.

Implications:   It might sound like this report is stating the obvious, but the fact of the matter is many companies have completely overlooked this one simple request of the consumer.  We tend to think of innovation as adding another feature, or more bells and whistles… when the reality is that the best innovation can occur when we take something away.  Think iPod (reducing the many buttons and controls of previous music players to a single button and a dial).  Think Jiffy Lube (reducing the previously complex process of taking your car in for service to a ten-minute, oil-change-only experience).

Is your website filled with bells and whistles?  Or does it simplify the relationship between you and your consumer?  How about the in-store experience?  Would the best innovations mean adding some elements, or taking some away?

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Moms using smartphones on the go. (Literally.)

Observation:  Research from Meredith’s Parents Network indicates that one in five moms consume media while in the bathroom.  The study was cited in a story by Online Media Daily, and you can click here to see the full story.

Implications:   If you still don’t believe we live in a multi-tasking world after reading the OMD story, I don’t know what to say.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Food price inflation begins to moderate

Observation:  A recent newsletter from Phil Lempert cites a Food Institute report that food inflation has begun to moderate slightly, and that this trend should continue as we move through most of 2012.  Click here to read the story.

Implications:   This is the second story I’ve written today about the prospect of stabilizing or falling prices (the other was about Used Vehicles). 

The past couple of years had seen steadily rising prices at the gas pump, grocery store, and car lot; the consumer had learned to expect prices that seemed higher with every visit.  Because price increases have slowed or stopped in a couple of these key categories, is it possible that the consumer will feel like they’re paying less than they expected?  And could this create a “windfall” or “dividend” mentality that causes the consumer to splurge on an extra restaurant visit, a night-on-the-town, a little nicer vacation, or some other indulgence? 

Are you ready to invite them to enjoy your product or service as a smart place to spend some of those recently freed-up dollars?   

I’ve been warning of price inflation for a couple of years now, related to an inevitable rise in fossil fuel.  (Anything that is made with or shipped by using gasoline or diesel is going to become more expensive as the cost of that energy rises.)  But nobody is happier than me to see that—at least for now—my fears are unfounded.  That having been said, the logic of inflation has only been deferred; it has not been deleted.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Prices for used vehicles fell slightly in April

Observation:  Whether it was caused by a tectonic shift in pre-owned inventory after the 2010 Cash for Clunkers stimulus—or because people were holding on to their old vehicles during and after the recession—supply-and-demand has kept used car prices high for quite some time.  But this week, Automotive News reports that prices finally fell for the month of April.  Click here to see the story.

Implications:   Pent-up demand brought buyers back to the showroom last year, and year-over-year sales for new vehicles has been strong.  That helps alleviate a shortage of pre-owned vehicles (buyers brought older cars and trucks to trade in). 

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Consumers giving the recovery some credit

Observation:  A recent story from the Associated Press indicates that consumers are making greater use of credit.  In fact, the jump in use of credit in March was the biggest climb in a decade.  Click here to see the story as published by the Atlanta Journal Constitution.

Implications:   This is an important example of progress in our ongoing economic recovery, as consumers had such a dramatic aversion to credit during the recession itself. 

Credit is generally used when people feel confident that their employment situation and other household income factors will allow them to pay the money back.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Small business sentiment seems to be getting stronger

Observation:  A recent story in USA Today suggests that small business owners and operators are feeling a bit more confident.  The article was written based on a study from the National Federation of Independent Business; click here to read the USA Today story, or to access the full report, click here.

Implications:   Clearly, small business confidence rises or falls in response to the confidence of consumers.  While the degree of optimism could still be labeled as “cautious,” it is worth noting that the “Great Recession” lasted for 19 months (December 2007 to June 2009).  While it began in July 2009, nobody refers to the subsequent growth pattern as the “Great Recovery,” because it has not been as fast or robust as recoveries in past recessions. 

That having been said, the recovery has been underway for a full 34 months… which is why we refer to this period as a time of “Reconciliation,” as families continue to manage their household differently, financially, that they might have in the period leading-up to the meltdown.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

UPDATE: Bigger vehicles selling well (used, too)

In this morning's New York Times, there is a story that compliments our post from yesterday about how bigger vehicles are moving better since gasoline prices have stabilized (see immediately below).  The Times story suggests that, generally, this short-term trend is resulting in nice trade-in values for owners that are moving from SUVs to more fuel-efficient cars.  Click here to see that story.

The Fuel Economy: How quickly we forget

Observation:  The Detroit Bureau reports that demand for vehicles of higher fuel consumption has regained some ground, as prices at the pump have stabilized.  Click here to see the story.

Implications:   Are you seeing folks a little less bummed-out about gas prices at your place of business?  If consumers "fear" a little less, are you seeing them spend a little more?  If so, good for you!

But it might not be a great idea to bank on low gas prices over the long haul.  The Middle East has never been a terribly stable place… and you never know when conflict might push prices higher without notice.  And with emerging middle-class economies in China, India and elsewhere, we can expect energy prices to climb based simply on supply and demand.

If you’re a business owner, manager or marketer, how are you exploiting lower (or at least more stable) gas prices right now?  What is your strategy for if (when) prices head the other way?

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Austerity is voted out in France

Observation:  We seldom devote space to the Euro Zone at this site; there are plenty of global economic pundits covering that topic.  But it is worth noting that Francoix Hollande defeated Nicolas Sarkozy in the French presidential election.  Sarkozy generally favored cuts in public spending to solve the economic woes of the country and region; Hollande is a socialist who believes spending will stimulate the economy and people with higher incomes should fund that spending.  Click here to see the Wall Street Journal’s full story on the matter.

Implications:   I’m just watching this story wondering how many of the 17 countries in the European Union might follow suit… and how these shifts in policy might affect companies who export to Europe, or import products and services from Europe.

Also, I’m wondering whether the mood of the U.S. can be expected to shift in similar ways between now and November.  What do you think?

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Showrooming strikes again. But this time, Target strikes back.

Observation:  Target has decided to stop selling Kindle e-readers, according to a story from USA Today.  The article suggests that part of the reason might be what is called showrooming; when people take a hands-on look at a product in store, but then go online (either at home or from their phone) to buy the item at a cheaper price from an Internet vendor.  The story indicates that another motive might be the Apple mini-stores that are scheduled for launch in a number of Target locations (Apple’s iPad would be considered a direct competitor to Amazon’s Kindle).   Click here to see the story.

Implications:   One way to beat “showrooming” is to offer a product enhancement, service, or sales experience that online vendors can’t deliver.  It seems to me that Target has decided to do just that… but just not with Kindles.

[To see our prior stories on Showrooming, click here.]

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Men hit the grocery store in greater numbers

Observation:  A story out of the Northwest indicates that men are taking over a greater share of the household food shopping.  According to the report, men now represent about 31% of supermarket visitors; in 1985, that number was 14%.  Click here to see the NWCN.com.

Implications:   The story suggests that this shift in gender balance at the grocery store is due to “the erosion of the traditional family.”  While the composition of the American family is much different than it used to be, I’m not sure I’d refer to it as “erosion,” but simply, “changing.”  Further, changes in simple economics and the employment landscape are a contributor; with more women in the workforce than there were in 1985, it should not shock us that evidence is finally beginning to accumulate that men are taking over (or at least contributing more) in other areas of the household operation.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Today, 60% of food shopping is intended to satisfy an immediate need

Observation:  According to a report from the International Dairy, Deli and Bakery Association, the majority of trips will involve purchasing food for instant consumption or an immediate need.  Further, consumers are spending more on food and gasoline because of rising prices in both categories, and placing more emphasis on health as something that contributes to the value proposition.  A summary of the findings were published in an article from Convenience Store Decisions, and you can click here to read it.

Implications:   Time Sensitivity remains an important—and increasing—driver of consumer behavior today.  Grocery stores that waste consumer’s time risk being displaced by companies that offer quicker meal solutions, faster checkout alternatives, or entirely different channels… such as convenience stores, restaurants or home delivery meal options.

But certainly, this need for speed isn’t confined to food consumption.  Is your company, product or service subject to the rule of Time Sensitivity law?  Is there anything you can do to accelerate your offering?  Or—and this is a very real possibility—is your category immune to the issue, satisfying customers who are so time-stressed that they’re eager to slow down, relax, and have a nice candle-light dinner?  Could you have different customers who expect different things… or the same customers who want speed on a weekday but leisure on the weekend?

Staying in-touch with consumers has never been more important, as the benefits they seek within the products they buy continue to evolve.  [By the way, for more stories on the issue of Time Sensitivity, click here.]

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

The trend of “Power to the People” continues

Observation:  One mega-trend we’ve been talking about for years is something we refer to as “Consumer Control.”  Essentially, it is the acceptance that consumers dictate the terms of the relationship, whether you work in products, services, retail or wholesale.  Pervasive Technology has empowered the consumer to make decisions that they once left to a vendor or service provider.  This, combined with increased competition in the wake of the Great Recession, has contributed to a power shift, in which the consumer wields tremendous control.

This trend was reinforced by an article in this week’s Iconoculture newsletter.  Click here to see it. 

Implications:   Do you serve customers?  Or collaborate with them?  Do your customers want to be call the shots, or do they hope to receive full service... or both?

[Note: For more stories about Consumer Control dating back to April 2008, click here.  For stories from the Elm Street Economics consumer trends blog that are related to Pervasive Technology, a contributor to the trend of Consumer Control, click here.]

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Grocery business likely to be staffed by Boomers

Observation:  We’ve offered a variety of posts at this site that point to how Baby Boomers are likely to redefine retirement, just as they have reshaped virtually other life stage they’ve lived through.  Yesterday’s newsletter from Phil Lempert chimed-in on the topic by suggesting that Boomers will not only continue to be great customers at grocery, they could be an important part of operations behind the checkout and in customer service.  Click here to see his post.

Implications:   As Boomers do everything they can to stretch their nest egg, expect to see them take modified roles in the labor market for years to come. 

[Note: To see one of our earlier stories about Baby Boomer “Rehirement,” click here (it was offered in September, 2009.  For more on Generational Economics, click here.]

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Insights into the (r)etail (r)evolution

Observation:  The May newsletter from Trendwatcher.com focuses on how the consumer is finding value in their online (and often mobile) shopping and spending.  The series is broken into four distinct segments (click on any of them to see the corresponding material):  E is for everywhere,  (M)Etail, E(asy) Commerce, and Oh What a Wonderful Web.

Implications:   There is no shortage of innovation on the web, and it sometimes seems we’re drowning in new digital tools and ways we could be using the web and mobile devices to reach and serve consumers.  Trendwatcher.com is a great source for ideas like these… but it can start to feel overwhelming.

My advice is to keep it simple.  It would be virtually impossible to know everything there is to know about all of your digital options.  So focus, instead, on your customers, and how they’re using their online and mobile devices.  Don’t aspire to serve technology.  Let technology serve you and your most important customers and prospects.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Speaking of catering to the un-banked: Walmart.com has found a way to accept cash for online purchases

Observation:  As a follow-up to our story about banking earlier today (see immediately below), we were intrigued by this nugget from TechCrunch.  It explains that customers can “buy” items online at Walmart’s website, but then pay for that cart full of goods in-person at a Walmart store.  Click here to see the story.

Implications:   The TechCrunch story indicates that only around 15% of transactions in a Walmart store are paid for with a credit card.  If such a significant majority of purchases are paid with cash, it makes all the sense in the world to accept cash in the online channel of that store, too. 

Undoubtedly, there are folks reading this who are thinking, “This is nuts!  They’re forcing the consumer to physically visit a store to complete their online purchase!”  But undoubtedly, there are folks at Walmart who would answer, “That’s right.  And the problem is…?”

[Note:  Thanks to friend and colleague Matt Sunshine for tipping me off to the TechCrunch story.]

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Financial: Banking on lower-income customers

Observation:  A recent story from the New York Times explains how some major banks are offering check cashing services, short-term loans and other services.  In addition to steep fees that allow the banks recapture revenue that was lost during post-recession banking reform, the services are often designed to help banks re-capture low-income consumers they had previously overlooked.   Click here to see the story.

Implications:   This blog has often referred to a cohort of consumers called, “the un-banked.”  Often, the people who fit into this group are simply younger consumers; those who might have an account or two with a bank, but who do not have a substantial relationship with their bank due to automatic deposit, automated or online bill paying services, etc.  (Perhaps it would be more accurate to say they have a bank, but not a bankER.) 

Another segment of the un-banked cohort was simply composed of lower-income consumers; those people who might not have the funds to invest in an IRA, money market or other investment account, those without the dollars to deposit in a significant savings instrument, and without the impressive credit history that stringent lending rules might require.  For years, banks were courting more affluent customers, and the un-banked were left to fend for their financial needs with check-cashing services and payday lenders.

It is worthwhile to note how times change.

Are there prospects and customers in your business that are being taken for granted as “secondary?”  Don’t get me wrong:  There is no rule against that, and I can make several arguments in favor of that.  But one might ask whether there is any scenario or shift that might alter the profile of your ideal target customer.  Are you continually talking with customers and monitoring industry trends so you can better anticipate such shifts?    

[Editor’s note:  For more on the un-banked, see these postings from July 2010, and April 2010.]

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Study compares generational differences in online behaviors

Observation:  Time, Inc. has released a report about how digital natives (people who’ve never known a world without the web) and digital immigrants (those of us who grew up without but have adopted online technology) differ in their approach to web and device usage.  Click here to see the full release.

Implications:  Not all computer, smartphone, or web users are created equally.  It’s important to grasp how your customers (and those consumers you aspire to serve) are embracing the technology that surrounds them.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Is “Like” a measure of engagement?

Observation:  Today’s Research Brief inspires us to ask a worthwhile question.  Just because you have lots of “Likes,” is your Facebook page successful?  Click here to see the story.

Implications:   I don’t know about you, but I’ve looked over the shoulder at several folks surfing Facebook and I’ve asked the same question.  And I confess to some of the behaviors myself.  Maybe someone sees a page because on of their friends has liked it, so they land on the page, are amused for a moment, and then click “Like” on the way out.  Was the campaign that elicited this response viral?  Absolutely.  But so is a quickly passing cold sore.  That doesn’t mean it will have a long-term effect on the user’s life, nor on the company involved.

It’s just as important with social and other forms of digital that you measure the right things.  Are you customers truly engaged?  How do you know? Are sales (or other desired responses) increasing in response to your messaging effort?  How do you know?  Where have you placed the thermostat?  You can get “re-pins” on Pinterest or “likes” on Facebook simply by sharing a picture of a horse with a hoof coming out of its head that you created with Photoshop.  That doesn’t make it effective social marketing.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.