Understanding Consumers Creates Market Opportunities

At TMRE, Merritt will discuss macro and consumer trends as they are playing out across the broader consumer landscape, as well as the implications of digital innovation. The insight sector contends with a variety of trends including in how technology is shaping the professional environment and consumer markets, but that provides opportunities to make the most out of evolving circumstances. Brands need the full picture of any initiative in order to bring the voice of the consumer to the fore and refresh strategies that reflect up-to-date priorities and preferences.

In taking on macro and market trends as a subject, Merritt is turning the conversation to innovation in the digital sphere but with consumer trends also under consideration. The topic is expansive but it includes points of opportunity throughout.

“If you think about it, the story of the consumer is really a story of change,” she says.

Although no one could have predicted all the disruptions the marketplace has endured over the past several years nor the resulting shifts in consumer expectations, demand patterns and industry structures, in the aftermath, business will find that the turmoil created opportunity that can be seized with the application of knowledge and an appreciation of consumers.

“To capture the hearts, minds and spending of our consumers, it starts by deeply understanding who they are,” Merritt says. “And there are three drivers of change that I'm going to talk about at TMRE, changing consumers, hyper connectivity and the evolving marketplace.”

Basic perspective, building on the change and engaging the opportunities is a mix of observation and preparation.

“It’s a mix of both,” Merritt says. “I mean, it's about observing what consumers are doing in their day to day life. And then, two, it's about anticipating their future needs so that we can capitalize on that and increase market share.”

See the video for more on Seth Adler’s conversation with Erin Merritt as they discuss how insights and understanding can help organizations cope with change during periods of market transformation.