Depending on who you ask, the “Age of the Consumer” was conceived anywhere between three to five years ago. That’s about the time technology became available at consumers’ fingertips, allowing them to be “always on.”
Mobile has completely empowered consumers. They’ve become research obsessed. They want every decision they make to be an informed one. They have higher expectations on their interaction with brands. They want control, and they want the brand experience to be tailored just for them.
In order to align with consumer expectations, we need to level up with a precision that tells us exactly who the consumer is, what they want, and where they are going, based on data-driven analytics. Precision Marketing reaches consumers on their path to purchase. Yet, this cannot occur until brands recognize the need to execute integrated marketing at the local level.
“Based on these new consumer expectations, marketers are starting to realize that it’s not a question, or one form of advertising or another,” said Paul Elliott, our President, Consumer Brands in a recent Franchising USA Magazine article. “Reaching today’s consumer requires a multi-channel, multi-touch approach to influence consumers throughout their purchase journey.”
What are the consequences of ignoring the inevitable collision of consumer demand and precision marketing? A report by Salesforce found that 70 percent of consumers now report that technology has made it easier than ever before to take their business elsewhere – meaning they’re not hesitant to bounce around from brand to brand to find an experience that matches their expectations.
On top of that, companies who are focused on the consumer are 60 percent more profitable than those who aren’t. If you’re not precisely tailoring your offers to the right consumer with the right message, your brand is missing out on sales and falling behind the competition.
As marketers, we can become frustrated with the “Age of the Consumer,” but the truth is consumers are taking their dollars to the brands that give them what they want.