Treasury modelling that was released as part of the Australian Government budget announcement on Tuesday 6th October projected there to be one million fewer residents in Australia by 2022 than was originally forecast as a result of the COVID-19 pandemic. This expectation would represent the slowest rate of population growth in 100 years.
So what does this mean for brands? Well, one million less potential consumers in the Australian market!
This means that brands that experience heavy customer churn and rely on constant new customer acquisition may need to rethink their models, with customer loyalty and retention emerging as a priority. In achieving this, it is vital to focus on understanding customer data and the customer journey to ensure the customer experience is at its finest. This is where gaining feedback and insights from customers comes in – connecting with them at different stages of their customer journey is crucial to understand their key decision making triggers and the strength of their brand loyalty. Those that do can drive greater personalisation of the individual customer journey by delivering the right message, at the right time, in the right place and driving repeat purchases.
Understanding and utilising this customer data and insights will create the opportunity for brands to drive loyalty and take an unfair share in a more competitive market with less Australians to sell to.
Stable Research is an operational solutions-focused market and social research company that listens, recommends and delivers both the people and the data needed to produce rapid insights and actionable results. With a 110,000+ engaged respondent panel, they are committed to providing enriching client decision-making, planning and strategy with delivery capability across multiple methodologies: Traditional Qual, Quant and Qual via Online Communities and everything in between.
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