Consumers lack trust in social media advertising: Marigold survey

 Marigold, a global martech leader focused on delivering relationship marketing solutions that help brands and organizations acquire, grow and retain customers, announced the release of the 2024 Marigold Global Consumer Trends Index Report, which offers valuable insights into relationship marketing for the year ahead. Based on surveys conducted by Econsultancy across nearly 10,400 consumers worldwide, the report examines consumer attitudes and generational differences in personalization, privacy, messaging, advertising and brand loyalty.

Today’s marketers continue to face challenges on multiple fronts, including building customer trust, delivering value, navigating economic uncertainty, all while balancing data privacy and personalization as third-party cookies crumble. The 2024 Marigold Global Consumer Trends Index Report provides insights into consumer preferences that drive marketing decisions and explores the influence of brand relationships. In this year’s report, consumers indicated that they value relationship marketing strategies, personalization and loyalty programs, while third-party tracking tools and social media advertisements continued to rank among the most unpopular.

“Consumers reward brands they love with a larger share of their wallet and repeat business. The 2024 Marigold Global Consumer Trends Index Report shows that brands earn that love by delivering personalized interactions, in the moments that matter, and demonstrating that they really know their customers,” said Wendy Werve, CMO of Marigold. “In addition to underscoring that email continues to be a critical marketing channel for building loyal customers, this year’s report provides actionable insights that can help brands turn their customers into superfans for the long term.”

Heading into 2024, savvy brands can harness these top report takeaways to build better campaigns:

• Email Tops Marketing Channels in Purchase Frequency
  Email is the most popular marketing channel when it comes to consumer purchases, with half of consumers surveyed stating they have purchased an email offer in the last year, surpassing social media ads (48%), social posts (43%), SMS/MMS messages (24%) and banner advertisements (21%).
• Convenience and Quality Outrank Economic Concerns
  Despite half of consumers reporting economic pessimism, 59% consider convenience more important than price when making purchase decisions, while 69% place greater emphasis on product and service quality.
• Personalization and Relationship-Building Matter
  An overwhelming majority of consumers say their favorite brand treats them like an individual (85%), and strives to develop a relationship with them (82%).
• Non-Monetary Messages Resonate Better with Younger Consumers
  Roughly two-thirds of Gen Z (64%) and Millennial consumers (66%) cite they’re likely to engage with messages about brand purpose-related activities, compared to 46% of Baby Boomers. Younger consumers also find more value in community and unlocking exclusive content than older consumers.
• Brand Loyalty Proves Immensely Valuable
  63% of consumers will pay more to shop with the brands they’re loyal to. Brands need to satisfy consumers’ desires in key areas like customer service/support and data privacy to maintain this loyalty.
• Consumers Lean Into Loyalty Programs
  This year, compared to last, 43% of consumers will be relying more often on loyalty program benefits before making purchases. Overall participation is also up with 39% of consumers more likely to engage with a loyalty program this year, vs. just 8% who reported being less likely to engage.
• Creating Value Exchange Remains Key
  When it comes to sharing their data in exchange for something, a majority of consumers find value in discounts/coupons (91%), loyalty points/rewards (89%), early/exclusive access to offers (83%), a chance to win something (81%), unlocking content (60%) and brand community (55%).
• Social Media Pessimism Signals Concerns
  Notably, 63% of consumers don’t trust the advertising they see on social media and 55% of consumers are engaging with social media less for the sake of their mental health.

“Loyalty is an all-encompassing strategy, not simply a product. This report underscores the significance of messaging-driven loyalty and trust-building through personalization in every interaction. Brands must go beyond generic incentives to establish meaningful relationships with savvy consumers who have become frustrated with irrelevant content and offers,” stated Werve.

The Marigold Global Consumer Trends Index Report unlocks secrets to consumer preferences and serves as a guide for brands to strategize their approach to relationship marketing. For more information, download the full report here.

Methodology
For the 2024 Global study, Marigold and Econsultancy conducted an extensive survey involving 10,394 consumers from September-November 2023 across several markets, including Australia and New Zealand, the Benelux Region, Denmark, France, Germany, Japan, Spain, Sweden, the United Kingdom and the United States. The breakdown by generation is as follows:

• Gen Z (18-26): 15.4% (1,602 respondents)
• Millennials (27-42): 40.2% (4,174 respondents)
• Gen X (43-58): 22.7% (2,362 respondents)
• Boomers (59+): 21.7% (2,256 respondents)

The 2024 Global Consumer Trends Index provides brands with invaluable insights to navigate the evolving marketing landscape and develop effective relationship marketing strategies that resonate with today’s consumers.

Image seen is used from Unsplash.com