Cash used to be king — now? As reported by the Federal Reserve Bank of San Francisco (FRBSF),in 2012,cash represented 40 percent of U.S. consumer spending. By 2016, this figure had fallen to 31 percent. Furthermore: “Most consumer payments are for small transactions. About 60 percent of in-person payments under $10 are made in cash, compared to 20 percent of in-person transactions for $25 or more.” As online and mobile shopping grow, cash use will drop even further.
Firms of all types and sizes need to aware of these trends. AND plan accordingly.
Cash Used to Be King — Now?
Consider these FRBSF infographics.
(1) Estimated aggregate volume and value shares of all payments (including bill payments and non-bill payments). Includes cash, check, credit cards, debit cards, other electronic payments made through bank accounts, and other payments
(2) Cash used most often for payments less than $25. Credit and debit cards used more often for amounts between $25 and $100. Checks and electronic payments used more often for amounts of $100 and over.
(3) Greater reliance on cash by households with an annual income of less than $50,000 per year.
(4) Those under 35 years-of-age less apt to use cash than those over 35.
We know that firms which act in an ethical manner often benefit financially from their actions. Examples?Purpose-Driven Brands’ Marketing Lessons.World’s Leading Ethical Companies 2017. But, what about us as individuals? Don’t we have obligations too? That’s why this post covers do the right thing: let’s support one another.
“2017, for a lot of reasons, was a tough year. Such as news headlines dominated by rising international tensions, natural disasters, and increased inequality. But if you take a closer look, you see 2017 was filled with stories to restore your faith in humanity. Stories like the Texans who used their fishing boats to scour flooded neighborhoods for people trapped in the aftermath of Hurricane Harvey. And the the motorcycle group in Indiana who escorted an 11-year-old bullying victim to his first day of middle school. Mass Mutual is giving a voice to these inspiring people who looked out for each other this year at TheUnsung.com. We believe they’re the embodiment of our Live Mutual philosophy and their stories deserve to be heard and shared widely.”
Click the image to access Mass Mass Mutual’s corporate responsibility site.
So, join in and see more below from Mass Mutual.
Do the Right Thing: Let’s Support One Another
First, take a look at this inspiring 2017 Mass Mutual recap of good deeds by people.
Now, appreciate some “unsung heroes,” as described by Mass Mutual.
“When motorcycle enthusiasts from Indiana rallied to support a sixth-grade boy who was being bullied, they did much more than help shine a spotlight on a pervasive problem in schools. They restored a child’s faith in human kindness.”
“He served his country during one of its most trying and crucial battles: D-Day. And now his Miami community is paying Charles Adderley, they city’s oldest World War II veteran, back.”
“Ginger Sprouse didn’t know that her decision to stop and talk to a homeless man on the corner would change the course of a young man’s life — or create a groundswell of community support. She only knew that someone needed to help.”
“Hurricane Harvey hit and devastating, dangerous flood waters rose … but so did people’s support for one another. And the strength that came from that support helped many weather the storm.”
“What happened after a purposely-set fire destroyed a mosque in a small Texas town? An outpouring of mutual support as churches and a synagogue opened their doors to displaced Muslim worshipers.”
“Four Florida teens started a lunch club that changed the world – or at least the world for dozens of students at Boca Raton High School who previously ate alone.”
At the end of 2017, we offer another post on influencer marketing. With the growth of social media, influencer marketing is vital. Today, we examine how influencer marketing keeps evolving.
To recap, these are some 2017 posts. And they appear from the earliest to most recent:
Within a short period, influencer marketing has made its mark. And the variety and number of influencers are both growing. In addition, social media stars may outdo big-name celebrities.
Consider these observations from Tom Hopkins. He is the Managing Director of One Productions. It is a video production firm based in Dublin, Ireland:
“Did you know that 94% of marketers find influencer marketing effective? Research shows it can generate 11 times the ROI of traditional ads. Micro influencers (non-celebrities) have great power. It may exceed macro influencers (celebrities). People seem to trust non-celebrity bloggers. And 60% consult blogs, vlogs, and social media posts prior to purchases. Thus, I have devised this infographic. And it looks at the impact of influencer marketing.”
First.The shift from affluence to influence rises from these factors. Demographic shifts. Changing values. Hyper-connectivity. That rewrites rules of global consumer purchases.Second.As a result, the future mass market will thrive on this. Influence. Customizing. Trust.Third.Last, brands will appeal to consumers. Why? Because they use technology to influence and sell. And the ability to engage people will be key.”
To conclude: Please, grasp your ability to influence. And your ability to be influenced.
Retailing: From A to Z 