The evolution of the consumer journey - eBusiness Institute

The increasing complexity of the consumer decision journey will force virtually all companies to adopt new ways of measuring consumer attitudes, ... MeetUs HowWeHelp Consulting Capabilities Creative Resources Blog CaseStudies WhitePapers Webinars Careers ContactUs Menu MeetUs HowWeHelp Consulting Capabilities Creative Resources Blog CaseStudies WhitePapers Webinars Careers ContactUs Theevolutionoftheconsumerjourney 21stOctober2019 ReadingTime:7minutes eBusinessInstituteTeam Thisisthefirstofathree-partseriesofblogarticlesaboutthechangingretaillandscape.Theseriesisbasedonapresentationthatourexperts,MertBürianandYannisBoukas,deliveredatPRSINVIVO’s De-codingtheOmni-ChannelPath-to-Purchase’businessbreakfastinGeneva,attendedbysomeoftheworld’sbiggestbrands.Inthisfirstpart,weexplorehowtheconsumerjourneyhasevolved–andwillcontinuetoevolve.   MertBürianandYannisBoukasarebothmuchsought-afterasconsultantsandspeakersfortheirexpertiserelatedtobrandstrategy,eCommerceanddigitaltransformation.Ifyouwouldliketoseetheslidesthisarticleisbasedon,pleasedownloadthem here. Thingshavechanged Today’sconsumershavesomuchchoice.Somanywaysofhearingorlearningaboutbrandsorproducts–andofpurchasingthem.  Withasmartphoneintheirpocketorhandatalltimes,theyhavethemeansofbuyingprettymuchanyproductfromanywhereintheworldinamatterofseconds–potentiallyjustonawhim. We’reinafragmentedmedialandscapewheretheoldrulesaboutmarketingandthefunnelsmarketerscanleadconsumersthroughnolongerapply–Imagesource:https://www.slideshare.net/benuaggarwal/how-does-the-customer-journey-impact-your-conversion-funnel Theydemandconvenienceandspeed.Theyexpectbrandstoentertainandenticethemtobuyproducts.Theywanttofeelemotionallyconnected. Afragmentedmedialandscape Themedialandscape‘backintheolddays’was–withhindsightthatthefarmorecomplexdigitalagegivesus–relativelystraightforward.  Consumersaccepted,consciouslyorotherwise,thatmarketingwasaonewaything. Therewerefarfewerchannelstogetright(orwrong).Consumerbehavioursandoutcomesweremuchmorepredictable. Inthedigitalage,though,thosesafeoldreliableone-waymessagingchannelshavebeenseverelydisrupted. Therearesomanytouchpointsforbrandstoconsideralongtheconsumerjourney–Imagesource:Amazon Socialmedia,blogs,influencers,digitaladvertising,algorithms,theimportanceoftimingandthesheerglobalvarietythattheinternetgivesuswhenitcomestoselectingbrandsandwhichproductstobuyhavecreatedafragmentedlandscape.  Consumersarenolongersowillingtojustlisten.They’renotsotrustingaboutwhatthatTVad,posterormagazinefeatureistellingthem.Theywanttosearcharoundonlinetofindoutmoreaboutaproductorbrandbythemselves.  Today’sconsumersaresubjecttosomanyinfluences Inthedigitalage,consumerscancompareproductsorbrandcustomerserviceagainstoneanotherbasedonreviewsfrompeoplethatchoosetosharetheirexperienceofthemonline. ​Ifthey’relookingforsomethingtowatchonNetflix,theycaneitherreadablogonthelatesthitshowbyajournalist,ortheycanchoosetogettheirrecommendationsfrompeopletheytrust(despiteprobablyneverhavingmetthemintheflesh)onsocialmedia. Consumersareconstantlyalertedtoproductrecommendationsandreviews–whetherpositiveorotherwise.Andthesemightpromptthemtotakeaction–Imagesource:https://www.coredna.com/blogs/omnichannel-ecommerce-marketing-strategy Today’sconsumersdon’tneedtodragthemselvesaroundtowninbadweatherlookingforanunusualiteminpoorlystockedlocalshops.Theycanjustfinditintheglobalmarketplacefromthecomfortoftheirownsofa–onAmazonorsimilar–andpotentiallygetitdeliveredwithinthehour. ​Andthenthere’sthechoicethatGoogleand,increasingly,eCommerceRetailSearchthrowsup,wherelistingsorcontentappearinfrontofconsumersbasedontheironlinebehaviours. Consumerscanbuyproductsfromanywhereatanytimeonthespurofthemoment.Equally,brandscanplanaheadandmarkettothemonthebasisofanticipatedbehaviourbackedupbydata–Imagesource:GettyImages/JulieClopper Understandinghowconsumersmakedecisions Developingadeepknowledgeofhowtoday’sconsumersmakedecisionsisthefirststepmarketersmusttakeinordertofocusoneffectivestrategiesandproportioningmarketingspendonthemostrelevantandinfluentialtouchpoints. Brandsneedtounderstandhowtheirprospectivecustomersmaketheirdecisions–Imagesource:https://getvoip.com/uploads/customer-journey-map-example-700×351.png Theincreasingcomplexityoftheconsumerdecisionjourneywillforcevirtuallyallcompaniestoadoptnewwaysofmeasuringconsumerattitudes,brandperformance,andtheeffectivenessofmarketingexpendituresacrossthewholeprocess. Thedangersofnotdoingsoare:  1.Theycouldwastemoney:atatimewhenrevenuegrowthiscriticalandfundingtight,advertising–andotherinvestments–willbelesseffectivebecauseconsumersaren’tgettingtherightinformationattherighttime  2.Marketerscouldbeseentobeoutoftouch–forinstance,bytryingtopushproductsoncustomersratherthanprovidingthemwiththeinformation,supportandtheexperiencetheywantinordertoenablethemtoreachdecisionsthemselves.Remember,today’sconsumersexpecttofeelincharge. Thedecision-makingprocessisnowcircular Thedecision-makingprocessisnowacircularjourneywithfourphases:  initialconsideration activeevaluation,ortheprocessofresearchingpotentialpurchases closure,whenconsumersbuybrands post-purchase,whenconsumersexperiencethem Initialconsiderationisthestartingpoint,wheretheconsumerbeginstothinkaboutasetofbrandsbasedontouchpointsthey’vecomeacrossonlinethattriggerthemintothinkingaboutmakingapurchase. Atthisstage,theconsumermayalreadybeinfavourofsomebrandsandhavediscountedothersbecauseofhistoricbiasesorbrandperceptions.Inthisnewretaillandscape,therearelotsofways‘backin’fordiscountedbrandsbasedonProducteContent–likeproducttitle,highqualityproductimagesoptimisedformobile(MobileHeroImages),ratings,reviews,compellingproductdescriptionsand,increasingly,video.  Theconsumermayfind,inthenextstage,thatthebrandtheyinitiallypushedtoonesideactuallyoffersaproduct–acar,forinstance–whichfarmorecloselymatcheswhattheywerelookingforthanthebrandstheyinitiallyfavoured.  Activeevaluationisthestageinthecircularjourneywheretheconsumergathersinformationthatcanhelpinformapurchase,addingordiscardingbrandstheymightpotentiallybuyfromalongtheway. Thecircularconsumerjourney–Imagesource:McKinsey Researchhasshownthat‘two-thirdsofthetouchpointsduringtheactive-evaluationphaseinvolveconsumer-drivenmarketingactivities,suchas‘internetreviewsandword-of-mouthrecommendationsfromfriendsandfamily’[1]. Brandshavetobesmarthere,andrealisethatone-waymessagingisonlysoeffectivehere.Thewaythatconsumerdecision-makinghassodramaticallyalteredmeans‘thatmarketersmustmoveaggressivelybeyondpurelypush-stylecommunicationandlearntoinfluenceconsumer-driventouchpoints,suchasword-of-mouthandinternetinformationsites’.[2]Wewouldcertainlyaddsocialmediaintothismix,too. Closureiswheretheconsumerselectsabrandatthemomentofpurchase.Wheretheychoosetobuy,forexample,onebrand’sproductoveranotherbrand’s–becauseitmorecloselymatcheswhatitistheyarelookingfor.  Post-purchaseishugelyimportantbecauseiftheproductorservicemeets(ordoesn’tmeet)expectations,itwillinformthenextconsumerjourney.  Ifexpectationsaremetorexceeded,post-purchaseexperiencecouldcreatealoyaltyloopthatmakestheconsumermissouttheinitialconsiderationandactiveevaluationstepsandgostraighttotheclosurestagewhentheynextlooktobuythatproductorservicetype.Manyconsumerswillevenlookforreviewsonaproductthey’vejustpurchasedtohelpthemdecidewhethertobuyitthenexttime,oroptforanotherbrand’sequivalentproduct. Itwouldbewrongforlong-establishedbrandstojustassumeloyaltybasedontheirheritageandhistoricreputations.Theyhavetoworkmuchharderthanthat,andconstantlymeettheconsumersexpectations–orelselosethem. Inconclusion–understandthecircularconsumerjourneyandthewayconsumersbehave It’smoreimportantthanevertodeeplyunderstandhowyourtargetaudiencesbehave,andwhen. Thecircularconsumerjourneyisnotalong-windedone.Infact,today’sconsumersareoftenmakingtheirchoicesquickly,sothosebrandsthatareabletoconnectwithsegmentedtargetaudiencesusingtherightchannelatjusttherightmomentaretheonesthatwillwinonline.  Whicharethebestchannelstoreachkeytargetcustomersthrough?Whattimeofdaydotheyshoponline?Whatkindofshopperexperiencearetheylookingfor?Howlonguntilwelosetheirattention,andtheygoandbuyfromanothercompetitorinstead? Theinherentchallengeisthat,withthemedialandscapecontinuallyfragmentingandconsumerbehavioursfrequentlychanging,it’sdifficulttoconsistentlyhit–orgetyourtargetcustomerstohear–therightnotes.But,withtherightstrategy,yourbrandhasagreatchanceofsucceeding. Lookoutforthenextblogarticleinthisseriescomingsoon,wherewewillexploreChangesintheRetailerLandscape. ThisarticlewaswrittenandcreatedbytheeBusinessInstituteteam. WouldyouliketobenefitfromeBusinessInstitute’sexpertise? TheeBusinessInstitutefocusesontheintegrationbetweenmarketingandsalestodrivebusinessresultsonlineandoffline.Weprovidebusinessleaderswiththeknow-howandthetoolstheyneedtotransformbusinessandoperationalmodels,step-changingcapabilities,processesandintegratingtechnologiesinanenvironmentthathasbeenwell-preparedtochange. Wecanalso,aswehaveshowninthisarticle,helpyoutobetterunderstandconsumerjourneysandbehaviours,providingyouwitheffectiveanalysisandactionableinsights. PleasecontactusifyouwouldliketolearnmoreabouthowtheeBusinessInstitutecouldhelpyourorganisationwithitsexpertiseindigitaltransformation,eCommerceandharnessingdigitalconsumertrends. DownloadPart1ofthePRSINVIVOPresentationSlides Ifyouwanttodownloadtheslidesfromthepresentationthisarticleisbasedon,pleasefillouttheformbelow: FirstName LastName CompanyEmail CompanyName Yes,Iwouldliketoreceivecommunicationsrelatingtomyenquiry* Yes,Iwouldliketoreceiveoccasionalmarketingemails Download Sources: [1]https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/the-consumer-decision-journey [2]https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/the-consumer-decision-journey [3]https://www.thinkwithgoogle.com/intl/en-gb/marketing-resources/content-marketing/5-rules-building-consumer-journeys-connected-world/ [4]https://blog.hubspot.com/blog/tabid/6307/bid/20028/10-consumer-behavior-secrets-to-grow-your-sales.aspx [5]https://courses.lumenlearning.com/boundless-marketing/chapter/the-consumer-decision-process/ [6]https://www.brandwatch.com/blog/ways-to-improve-post-purchase-customer-experience/ Share Shareonlinkedin Shareontwitter Shareonfacebook Contactus AccelerateyoureBusinessandstayfuture-ready. 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