The way people buy has changed, and the world of business along with it.
“The traditional approaches are now obsolete. One hundred years of marketing thoughts are gone. Alternative approaches aren’t novelty. They are all we’ve got left” – So said business and marketing writer Seth Godin in his call to business to change the way they view their relationships with their clients and customers.
The Old Purchasing Model
Dad is on the couch watching a game of footy when he sees an ad for a digital camera – thinks; I could use one of those
Goes to his local electronics store, sees a display and (hopefully) recognises the brand from the ad.
The packaging is well designed with the product benefits and brand’s proposition clearly communicated.
04. Retail Experience.
He talks to the shop assistant who (hopefully) is knowledgeable about the product and its features.
He buys the camera
When consumers hear about a product or brand today, their first reaction is to search for it online.
The New Purchasing Model
The new model has a critical new moment of truth between Stimulus and Store that works across every category, every industry, B2B and B2C.
Dad is still on the couch watching the game, but now when he sees the digital camera ad he reaches for his laptop, iPad or phone on the coffee table nearby. He searches for ‘digital camera reviews.’ He looks at comments on a few review sites. He goes to Twitter and posts:’Anybody have a great camera under $100?’. He hits You-Tube and searches ‘digital camera demos.’ Before the the match is over (and before he gets to the store) he’s compared prices and made a decision to purchase.
In 2011 consumers used 10.4 sources of information on average to help them make purchase decisions – up from 5.3 the year before. Most, if-not all those additional 5 sources were online.
This new reality removes several of the traditional layers of influence of brand owners and places them in the hands of your consumers. Impact online has jumped ahead of impact in-store/in-office on the customer journey. The perception of your brand in the minds of the consumers is even more important than ever before.
So the big question is; what have you done in your business to understand how your consumers have changed the way they shop your category?