7 Marketing Trends For 2021
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Based on a study by Deloitte Insights on Global Marketing Trends, 2020
Customers are rewarding businesses that “authentically - and holistically - meet their needs”. Successful marketers will be those who invest in agile marketing strategies, according to the latest study by Deloitte Insights.
Events of the past year have compelled businesses, institutions, and individuals to reflect on our values and question what it means to be human. Trust and brand loyalty are becoming more intertwined, as consumers have come to expect business to respond quickly in these turbulent times.
The Deloitte Global Marketing Trends 2021 report is based on discussions with subject matter experts and two recent surveys: The first, of almost 2,500 adult consumers from selected countries in Europe, North America, the Middle East and Asia; and the second, of over 400 “C-suite executives”- being those typically with “Chief” in their titles - from U.S. multinationals.
Different perspectives
At a time when the need for human connection has taken centre stage, the study aimed to gain a better understanding of how people and brands have coped with this historic period of uncertainty and predict what this may mean for the future of marketing.
Senior executives expressed a loss of confidence in their own ability to influence peers and make a strategic impact. Heads of marketing, in particular, reported a 40% drop in their confidence level to 3% this year, while CEOs, by comparison, saw a fall from 55% to 35%.
In contrast, consumers were relatively positive about how brands are responding to the changing environment: “Almost four in five people could cite a time a brand responded positively to the pandemic and one in five strongly agreed it led to increased brand loyalty on their part.”
The 7 top trends
The top trends shared a common theme of “breaking out of our often-defensive mindsets to more holistically - and authentically - meet human needs.”
1. Purpose
It was found unsurprisingly that businesses that have a clear understanding of why they exist and who they are built to serve are better positioned to navigate unprecedented change.
2 Agility
Successful marketers will be those who invest in agile marketing strategies. This helps leaders galvanise and adapt their existing tools efficiently in a fast-changing world. Such trends offer a path forward to help customers, workforces, and society at a time when, collectively, we need it the most.
3 Human Experience
Businesses must be and be seen to be more human. Making authentic connections is now more important than speed-to-market or efficiency. “It’s the choice between taking a cheaper flight or a safer one; buying clothing with the fastest delivery or from the supplier with the most ethically designed supply chain.”
4 Trust
In stressful times, any tolerance for discrepancies between promises and delivery wears thin. Marketers must ensure that messaging and delivery are congruent, reflecting true values. Trust is increasingly becoming a key focus.
5 Participation
Marketers need to embrace and work smartly with this trend, in which customers are increasingly becoming a crucial part of the marketing mix through their active engagement. Examples include writing online reviews, offering opinions, feedback and advice to fellow customers, joining conversations (be it directly with the brand or on social media), and creating content affecting the brand.
6 Fusion
This trend recognises the power of innovative business partnerships. Creativity can pave the way to get past a traditionally defensive mindset and help bring businesses together. A better result is achieved for all, by “fusing” complementary businesses, combining strengths and offerings to meet changing needs.
7 Talent
Marketing teams need to develop new talent streams to differentiate themselves in a rapidly evolving digital environment. The marketing team must comprise roles that define and reflect their competitive advantage. In-sourcing, and upskilling, from creative insights to dynamic content creation to AI and emerging technologies, can unite marketing talent into a competitive force.
All this makes sense. The Deloitte study brings into focus the trends that are easily recognised and clearly must change the face of marketing. This revolution is already underway and there is no stopping it. Agility is seen as the dominant framework moving forward, supported by a pool of creative and tech-minded talent that will drive the marketing transformation.
Based on a study by Deloitte Insights on Global Marketing Trends, 2021
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