Engaging, influencing consumers at every stage of the purchasing process

Deloitte Consumer Products has released its 2017 Consumer Products Outlook, which examines four disruptors set to impact the consumer products industry in the year ahead: the economy, enabling technologies, platforms, and consumer mindset.

Here are some key takeaways from the report:

• Fundamentals are potentially strong for consumer spending into 2017 and consumer confidence is high, but policy uncertainty may create economic headwinds. Consumer packaged goods (CPG) companies need to be prepared to adjust their strategies should these economic headwinds arise.

• As consumer purchases become increasingly facilitated by enabling technologies, CPG companies need to engage and influence consumers at every stage of the process, from research to the final purchase decision. It’s imperative to target the right consumer with the right message in the right moment through whatever device they are using.

• CPG companies should develop solutions to support the latest trends in brand personalization. This has implications for the supply chain and the talent needed to manage the process in a more complex environment. For larger CPG companies that tend to be structured around traditional lines of business, this will likely mean a learning curve.

• CPG companies should modify their traditional marketing strategies and tactics, developing contemporary messages delivered through cutting-edge, digital platforms in light of the evolving drivers of consumer purchase and consumers’ continued immersion in the digital world.

• Due to the shifting composition of the U.S. consumer population and the growing influence of Asia Pacific consumers, CPG companies will need to develop strategies to both understand and optimize innovation and marketing communications that address these trends.

• Enabling technologies is a common thread in the evolving consumer mindset, making it imperative for CPG companies to leverage these advancements to form lasting bonds with younger, connected consumers in all aspects of marketing.