Skip Microtrends and Go Straight to Macrotrends

CU360
February 18, 2009 | COMMENTS

Trends have the power to sway consumer attitudes, causing marketers to respond quickly and tap consumer preferences. One problem, notes Brandweek magazine, is too many small and transient trends that clutter the environment and create confusion. Marketers need to sort out the "micro" from the "macro" trends.

A macrotrend is a societal shift that influences consumer attitudes over a long period of time. Take, for example, the current "green" marketing trend. Environmental marketing is a microtrend that falls under the umbrella of the larger, more strategic macrotrend of conscience. And conscience includes consumers creating their own belief systems, expressing personal advocacy via purchases, and cultivating respect for others.

A related trend is the movement toward buying goods and services locally. Higher fuel costs drive this trend, but so does a desire to purchase healthy food from sustainable agricultural markets and support local businesses. Credit unions can readily tap this trend, in ways larger institutions cannot.

Chasing microtrends condemns marketers to a perpetual game of catch-up. Macrotrends, however, can put your credit union ahead of the competition for the long haul.

Marketing strategies

Many big-name brands are embracing new technologies and adjusting their budgets in surprising ways. But size isn't a limit on using some of the same tactics to reach your audience, according to Entrepreneur.com. Marketing-specific trends in play include:

A shift from traditional to alternative media. Advertising in newspapers, magazines, radio, and television will continue to be marketing staples, but spending in new media will show the biggest growth as advertisers move money into online, mobile, and alternative out-of-home advertising. Many marketers are finding alternative media the best way to reach audiences and to yield a measurable return on investment (ROI). One communications industry forecast predicts alternative advertising spending will increase more than 23% during a five year period ending in 2011, while traditional advertising will have an annual growth rate of just over 1%.

A growth spurt for interactive marketing. Spending on interactive marketing will more than triple over the next five years, reaching $61 billion by 2012, according to Forrester Research. Put in context, interactive marketing, which currently accounts for only 8% of all ad spending, will increase to 18% of marketers' total ad budgets in five years.

Interactive encompasses new marketing channels such as e-mail, search marketing, online video ads, and social media. Mobile marketing, also a form of interactive media, is getting hotter as consumers become increasingly comfortable using personal computing handsets. Other emerging channels, including game marketing, podcasts, and RSS feeds, will claim increasingly larger shares of marketers' budgets.

More off-line support for online campaigns. Here's where the value of advertising synergy hits home. The trend toward using off-line media to drive customers to the Web will pick up speed. Firms rely on traditional media to support new interactive campaigns. Display advertising, in particular, will be the workhorse that Forrester Research predicts will reach $14 billion by 2012.

TV is another traditional ad medium that will increasingly be used to pique consumer interest and point prospects to a Web site where they can find more in-depth information. Once there, entertaining online video ads will be used to tell a more involved story.

Take advantage of new methods. Major marketers who set certain trends will help consumers adopt new media consumption methods. And they'll pave the way for smaller businesses to follow suit without the risk or heavy financial outlay.

Here are four ways to increase traffic and advertising ROI by capitalizing on trends:

1. Engage the member. Emerging technologies now enable a one-on-one dialogue with members. For example, follow the trend of social media by posting your products on sites that encourage consumer or peer reviews. Social media add an element of impartiality and are increasingly looked to as reliable sources of information.

2. Integrate off-line and online campaigns. Look for ways to use off-line media to drive traffic to a Web site with specialized landing pages that tell a deeper story. Use print and TV ads to direct potential members online to learn more and take the next steps in joining your credit union. And direct an e-mail campaign to your current member database to offset the cost of direct mail.

3. Move some off-line dollars online. Online advertising now offers a strong alternative to some traditional media, such as print yellow pages. Consider moving some of your traditional advertising dollars into online directories and search engines. Most consumers research their products online before making purchases, so a paid search campaign is one way to make sure you turn up at the top of search results.

4. Follow your members. Alternative advertising opportunities let you place your message wherever members or potential members go. Put your name and logo on the umbrellas used in community events, or name hiking trails in wilderness areas. The key to using these new opportunities effectively is to place your message where it will appear in the proper context and reach your audience when they're in the right frame of mind.

By spotting and acting on significant trends, you can make smart choices that let you step ahead of your slower-moving competitors.