The current political, social, and economic environment has weakened consumer confidence rather than increasing it. As a result, consumption, which started declining towards the end of 2016, has not shown a positive reaction.
This situation of uncertainty also presents opportunities for companies that are willing to move beyond excessive caution and instead focus on conquering consumers with new business models, value propositions, and compelling narratives.
This situation is not exclusive to Colombia; many parts of the world and developed countries the same thing is happening, this is why I would like to share some recommendations to take advantage of this moment taken from the article changing de economic game by Will Novosedlik from Idea Couture.
1) Change the discourse: Many people mistakenly believe that repeating the same message loudly will have an impact on consumers. However, the opposite is true as it often leads to empty words. Revisiting basic concepts that may have been overlooked due to trends and giving them a fresh perspective could be a way to connect with the market.
2) Moving from ownership to access: Technological platforms have changed the concepts of ownership; more and more consumers internalize and prioritize the concept of access over ownership. Sharing is becoming more important than "selling" or lending.
3) Trust vs. money: Today it is stronger and more relevant for consumers to feel that they belong to "something" than to be successful alone. But in order to be accepted and to be able to achieve greater collaboration between different people, groups or companies, trust becomes indispensable, not so much capital.
When we carefully analyze the trends, we see that human beings and their interactions are once again at the center of society. This time, they are empowered by the internet (mobile social networks + the Internet of Things). In Colombia, approximately 70% of the population already has a smartphone with access to social networks.
Companies, brands, or leaders that have established trust with consumers and are willing to adapt their business models to provide access and sustainability will be the winners in this current climate.
RAFAEL LOPEZ LLAMAS