Tapping into Consumer's New Year's Resolutions
New Year, New Me.
Sound familiar? The New Year has people all over the world setting resolutions. For many, 2020 means more than just the start of a new decade. It also signals change, new beginnings, and self-improvement.
But more often than not, people fail to keep up with their resolutions. After all, it’s easy to fall back into habits and lose motivation. That's why people look for help. In the New Year, people commit easily, seeking for change in their lives. For companies, this means a new flood of potential customers.
So as the New Year approaches, how should companies market themselves?
First, companies need to understand what kind of resolutions their consumers are making.
According to Time magazine, the top 10 commonly broken New Year’s resolutions are related to personal health, finances, travel, and hobbies. Simple, but ambitious goals. Some examples include:
1. Lose 20 pounds this year
2. Save money for a trip to Europe
3. Work out twice a week at the gym and diet
4. Spend more time with family
5. Learn something new
For 2020, a public opinion survey by Ipsos for Urban Plates found that 38 percent of Americans plan to have New Year’s resolutions in 2020. Of those resolutions, 51 percent reported that their goals were related to managing finances better and an equal number for eating healthier.
Companies can leverage this information to better target their products and services to their consumers.
For example, now would be a great time to advertise a discount or free trial to a gym membership. People want to get fit and pursue a healthier lifestyle. They want to work out, try yoga, lose weight, and maintain a nutritious diet. They make ambitious goals and fitness companies can reel in these extra-motivated consumers. Not only can fitness centers benefit, but so can many other companies. Dedicated individuals scramble to buy new gymwear and other gear to propel them in their new journey ahead. Companies like LuluLemon, Nike, Dick’s Sporting Goods, and the like also have potential in these markets.
ClassPass has taken advantage of this opportunity already with their free month-long trial period, specifically for the New Year. Their standard offer is typically two weeks. ClassPass offers access to a variety of fitness studios and classes for yoga, cycling, and boxing in their one-stop shop app.
Second, marketers can appeal to their target market by encouraging and helping them to meet their goals.
People jump on opportunities that will accelerate their plans and keep them on track for the new year. Resolutions are known to not last. How can we, as businesses, reverse this trend?
The answer is simple.
Encourage people to fulfill their revolutions with your products or services.
According to CEO of AudienceBloom, Jayson DeMers, “If you offer a product or service that can help people fulfill their dreams or begin a new adventure, let consumers know. Travel agencies, home improvement stores, art and craft businesses, and similar companies can all benefit from this approach.”
All in all, the New Year brings opportunities for both consumers and companies.
Ultimately, it's up to you, as a marketer, to take advantage of them.