New Year's Resolutions: a win-win for customers and brands?
The beginning of a new year provides a fine opportunity to retrospect and reflect on our lives. Each year, at the beginning of January, people around the world set resolutions: things they’d like to change, start doing, or stop doing in the new year to come.
While some vow to lose weight, others crave to become a die-hard foodie! Some look for extra savings while others look to spend all their money for what they’ve always desired.
But what if we told you that, for marketers, with each resolution comes an opportunity to earn snowballing revenues? Indeed, marketers can capitalize on the resolutions and match customer’s needs with their offerings. Let's think about it in another way: New Year is a festivity like many others and the resolutions are the products that people desire during that particular festivity. Now, who are these potential customers and what brands can benefit from them? Let’s find out!
THE FITNESS FREAK
On Google, fitness is most popular on Jan 1st than in most of the year. In particular, Google Trends shows the search for fitness related shopping products online, which is substantially higher in the first week of January than in most of the year.
This insight offers prospects for brands to up their game in the health and fitness segment. Decisions like introducing new product lines to meet particular demands, marketing the product ingredients to highlight the nutrition quotient or educating the customers on the mantra of fitness can help the brands break the advertising clutter. Even local businesses like yoga centres, health cafés and gyms can hunt for memberships or subscriptions via hyper local targeting. Considering that the fitness fever might not last longer, cult marketing strategies are required to persuade the customers to pay upfront for yearly subscription packages.
THE NEW-AGE MISER
The resolution of added savings would always be at par with being wholesome. Being guilty for the extravagant spending during the previous year, people look forward to rational savings and investments to ensure that they don’t end up shelling out more. According to Google, savings account searches peak 36% every year in the month of January and February.
To strike while the iron is hot, institutions like banks, mutual funds and other money management companies should kick-start their marketing campaign right before the new year kicks in. Caution! Surplus savings also infers spending cuts on lifestyle associated products and services and brands in that categories should strategically place their promotion activities and provide lucrative offers to make the customers believe that they’ve had some extra savings there
Over the years, travelling more has been a New Year resolution worth keeping! Travel requires one to plan ahead. This sights an opening for the whole travel ecosystem including the travel portals, tour management companies, airlines, resorts and complementing industries to attract the gallivants.
Lately, content and influencer marketing has been the key to attract the travellers and keep them engaged until they opt-in for services. Nowadays, the travellers are differed and everyone seeks out for unique experiences. Thus, increasing points of interactions via mapping the customer’s journey, customising the deals and providing spot-on information is how businesses can exploit travel resolutions.
Irrespective of the job or position, learning a new skill is always an added advantage. This though provokes one to start his New Year with gaining knowledge.
Whether it’s speaking a new language, learning how to code, or picking up an instrument, a desire to develop a new skill is always an exciting endeavour. MOOC (Massive Open Online Courses), digital tutorials, distant learning programs, online communities should catch hold of these initiates wanting to enrich their knowledge.
This one might sound unconventional, but a fair proportion of people pledge to make others’ lives better. These givers truly believe in supporting the needful who aren’t fortunate enough to make any great resolution in any capacity whatsoever. Charity institutions, blood and organ donation centres and NGO’s for an ample of causes won’t find any better occasion to reach out to the ones who want to help and are looking for the finest alternative
A BRIEF OPPORTUNITY
Though brands might find it easy to identify and target the prospects via suitable channels, it is not easy to win them at once, and -if won- to retain them. According to U.S. News, 80% of the New Year’s Resolution fail by the month of February. The ability of the brands to prepare well in advance and deploy their marketing campaigns on time with great force and targeting precision is the key to succeed over the resolution makers.
With an ever-increasing access to the personal lives of people, brands can tap early conversations related to resolutions and steer them towards a potential purchase. After all, brands too have to sustain their resolution: that of rising revenue.
Written by:Jay Bhuta
Edited by: Erica Blotto