The health and wellness market is booming. Once valued at $4.3 trillion in 2020, it’s projected to double to a staggering $8.5 trillion by 2027.
This phenomenal growth is fueled by a new wave of health-conscious consumers. With 44% of shoppers now actively seeking products promoting a healthy lifestyle, it’s no surprise competition is becoming intense.
The consumer shift towards proactive health and wellness has opened unexplored avenues for brands to connect with and grow their customer bases.
The golden opportunity? In a market with many products and services that customers only require one of, such as a go-to gym, specific supplement, or pharmacy, you can position yourself as “the one brand.” This means a higher customer lifetime value (CLTV) and growing customer loyalty for sustainable growth in your business.
But how can you stand out in such a competitive market and become “the one” for consumers? The answer lies in leveraging customer insights to create truly personalized customer experiences that resonate with your audience.
Developing an in-depth knowledge of these new shoppers is crucial for boosting conversions and generating leads. So, what’s driving their decisions?
Today’s health and wellness consumers are on a mission. Their journey towards better health is self-driven, influenced heavily by a hybrid working era, influencer marketing, and post-pandemic awareness.
During the pandemic, consumers became more health-conscious than ever, but they were mostly restricted to shopping on digital platforms. This promoted tech-resistant demographics to move onto digital channels; even 88% of Baby Boomers now own smartphones.
These health-conscious consumers often exhibit high purchase intent, but they tread cautiously, weighing their choices. They’re not looking for surprises. Instead, they simply want to be served in the way they expect. That’s why they choose to return to one brand that gives them a predictably high-quality service and products every time.
The health and wellness market is not just growing; it’s evolving. Keeping up with shifting consumer expectations is essential as the market rapidly develops. Here are the key trends shaping the industry:
The emphasis is on creating an environment where customers can gradually build relationships with your brand. The trick is providing an outstanding CX that spans across various touchpoints, ensuring a seamless and satisfying customer journey.
It’s not just about selling products; it’s about connecting with consumers on their journeys, understanding their needs, and providing solutions that align with their wellness goals. To become “the one” for consumers, brands must learn about their customers, use this to deliver a compelling CX, and quickly adapt to the shifts in customer behavior.
How can you achieve this complex goal?
Data unification is the source that is key to insight-led marketing. This gives you the power and intelligence to tailor compelling campaigns that resonate with consumers. Leveraging Customer Data Platforms to combine data from all your touchpoints creates a necessary 360-degree view of your customers.
This single source of truth will provide actionable insights that eliminate the guesswork or gut feel from your marketing strategy. You’ll be fuelled by unified data from existing sources and systems, zero-party data voluntarily collected from customers, and a wealth of first-party data collected with consent.
These actionable insights will give you a competitive edge as you become able to spot pitfalls in the customer journey and finetune your marketing on every channel.
The role of marketing technology in reshaping your customer experiences cannot be overstated. AI, automation, data analytics, and mobile platforms are just some ways of revolutionizing how brands interact with customers. From providing real-time personalized suggestions to optimizing marketing strategies based on data-driven insights, technology is the tool that can elevate your brand to meet the modern consumer’s expectations in a faster and more strategic way.
How would this transformation look for your brand? Let’s investigate an example of how integrating technology can enhance CX and engagement, boosting revenue.
You’re a retailer selling over-the-counter medicines and supplements. You notice an uptick in website traffic to your allergy medicine product pages, including allergy tablets, eye drops, and nasal sprays. However, your conversion rates are low. Your intuition tells you the earlier onset of warmer weather this spring has contributed to increased pollen levels, marking the arrival of hayfever season. To gain a deeper understanding of this traffic spike and make informed decisions, you decide to leverage your Customer Data Platform (CDP) + Marketing Automation + Customer Intelligence to give you clear insights into your customers’ behaviors and act accordingly.
1. Looking into the data: Review the onsite category behavior of your website to understand how your identified customers navigated or filtered through your website. Consider reviewing the search term queries being used and enrich your insights with pop-up surveys to capture data about exactly what they’re looking for. Unknown customers can provide more demographic details to help you grow your customer base.
2. Reflecting on your Insights: The insights suggest that hayfever symptoms like itchy eyes, runny nose, and sneezing are the top concerns driving traffic to your website. Now, you’re ready to shape your campaign!
3. Segmenting with a CDP: Segmenting customers using a CDP enables you to form targeted communication strategies with the most effective channels, timing, and messaging to reach customers. Tailored messaging fosters stronger customer relationships and enhances loyalty. Use recency, frequency, and monetary (RFM) data to segment customers based on their value to your brand. Score engagement based on recent interactions, frequency of purchases, and total spending.
4. Implementing Automation: Automation is essential for sending personalized, cross-channel communications. Integrating a standalone tool is possible, but it can create friction. A CDP with built-in automation will combine your MarTech stack and activate your data seamlessly without any hassle. Here, you can decide what channels will help generate the best engagement, such as email, SMS, and web.
5. Launching Automated Workflows to Target Key Segments: Armed with insights and key performance indicators (KPIs), you’re ready to develop your targeted email, SMS, and web content. You define your campaign’s who, what, where, when, and how to create a personalized cross-channel communications strategy. You develop three key workflows:
6. Continued Campaign Optimization: You’re repeating the benefits of high engagement, but that doesn’t mean it’s time to relax! Keep refining and adjusting your strategies based on ongoing insights from your CDP and customer analytics to drive long-term success.
While every business requires a bespoke approach, this is an excellent example of how insight-led marketing through CDP + Marketing Automation + Customer Intelligence will turn your data into gold dust and revolutionize your marketing.
At Mapp, we brought together our top marketing experts to produce the ultimate Health and Wellness Marketing Ecommerce Guide for 2024. Get your copy by filling out the form below!