Here’s some fascinating news and insights about today’s modern consumer in part 1 of a two-part series.
Today’s consumers operate in a much more complex way, and McKinsey has identified four primary phases in which marketers can focus their time and money:
- Initial Consideration: — the consumer considers an initial set of brands, based on brand perceptions and exposure to recent touch points.
- Active Evaluation — consumers add or subtract brands as they evaluate what they want.
- Moment of Purchase — the consumer selects a brand at the moment of purchase.
- Post-Purchase Experience — after purchasing a product or service, the consumer builds expectations based on experience to inform the next decision journey.
So here is what marketers and brands need to know:
- Consumers today have taken control of the purchasing process, actively searching out information that will help them make the right decision, whether it be the highest-quality product, the cheapest widget, or the most pleasing subscription service.
- According to McKinsey, two-thirds of touch points in the active evaluation phase of the sales process involve consumer-driven marketing activities. These include internet reviews, word-of-mouth recommendations from friends and family, in-store interactions and recollections of past experiences. Just one-third of touch points involve company-driven marketing, such as print advertising, billboards, television commercials and owned media online. “Marketers must move aggressively beyond purely push-style communications and learn to influence consumer-driven touch points such as word-of-mouth and Internet information sites.”
- Consumers are demanding two-way conversations with brands, as opposed to the one-way conversation traditional marketing has offered. So brands marketing to the modern buyer will require efficient yet authentic ways to satisfy customers’ demands while managing word-of-mouth about their brands.
Consider this process to enhance this important report.
So how are you and your brand capitalizing on these new modern behaviors?
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