Cord-Cutting, ride sharing and more. Learn more about 5 trends impacting consumer behavior.
Written by Avenue M team
(Image: Adobe Stock)
The biggest distinction between a trend and a fad is time. Fads fade over time whereas trends tend to solve problems or provide better solutions and often improve over time. Trends have the power to influence and change behavior. Organizations that ignore trends will just need to play catch up later. Avenue M identified five consumer trends associations shouldn’t ignore and raises some questions to consider as you plan for the future.
Trend #1: Cord-Cutting
Simply put, a cord-cutter is a person who cancels or forgoes a pay television subscription or landline phone in favor of an alternative Internet-based or wireless service. From Amazon to Sling, consumers can access what they want when they want it and only pay for the content they desire. Although there are many reasons why consumers cut the cord, lack of value and cost are the two most likely culprits. The Wall Street Journal predicts that by 2018, approximately one in five American households will be cord-cutters. This number is considerably higher among Millennials and Generation Z.
As more consumers cut the cord, it is likely that they will demand this type of flexibility, value and on-demand access in all other areas of their lives. As this trend continues to grow in popularity, new organizations will move into the entertainment space, capturing the attention and wallets of consumers.
A few questions to consider:
- Does your organization offer on-demand benefits that deliver what individuals want when they want it?
- Does your organization offer alternative pricing options and flexibility when it comes to joining or engaging with the association?
- Are members and prospects required to pay one flat fee for a list of benefits they may not use? Are there any alternatives for them to affiliate with your organization?
For the other 4 trends, download the full report:
Posted on January 5, 2017