Ideas · Insights · Innovations · Impact – Selected stories for business and brands
Technology And The Consumer
Brand Value And A Smarter Audience
Consumers have become empowered by technology and now have access to more choices and information sources than ever before. They are less susceptible to marketing tactics and are making more informed choices. Mobile devices, in particular, have driven this empowerment by providing on-the-go connectivity and the internet has brought the world to our doorsteps.
20% - 25% of shoppers search for offers and only buy what they need, regardless of affluence or financial optimism.
It is estimated that over 70% of consumers in developed markets will read reviews and seek recommendations from friends and family before making a purchase decision. In fact, these days the process of making a purchase is no longer a single linear transaction but rather a series of brief touchpoints interspersed with diversions. Often, the time elapsed between a customer doing their initial product research and then making the final purchase can amount to days, even weeks. In the interim, the customer may be seeking advice from friends, looking at comparison websites or reading expert opinions. More than ever, there is profound pressure on brands and retailers to prove their value to the consumer.
15 years ago brands were considered market leaders if they were progressive, dynamic and innovative. Today we want our leading brands to be authentic, dependable and trustworthy with a vision for the future. They must not only be purveyors of our favourite products but active protagonists in the fight for a better, more responsible, world that engages communities and shows transparency of process. This change is evident as consumers increasingly adopt brands that express responsibility and accountability within their core proposition. Think Innocent Drinks or The Honest Company amongst others.
Consumers are still asking “What’s in it for me?” but now also want to know “What’s in it for society?” They demand responsive services, with offers and content tailored to their personal needs and they want to feel good about the origins of the products they buy. To succeed, brands and retailers will need to advocate for the consumer and find solutions to challenging issues to preserve their value within the market.
DISCLAIMER: The views and opinions expressed in this article are those of the author and do not reflect the official policy or position of our clients or any parties who may be referenced in the content.