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SAPVoice: Meet Your Consumer in 2015 [Infographic]
Photo Credit: Forbes Business

SAPVoice: Meet Your Consumer in 2015 [Infographic]

Apr 13 2014, 11:58am CDT | by

Harvard Professor Shoshana Zuboff said that every century or so, fundamental changes in the nature of consumption create new demand patterns that existing companies can’t meet unless they applied...

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15 weeks ago

SAPVoice: Meet Your Consumer in 2015 [Infographic]

Apr 13 2014, 11:58am CDT | by

Harvard Professor Shoshana Zuboff said that every century or so, fundamental changes in the nature of consumption create new demand patterns that existing companies can’t meet unless they applied imagination to see beyond what they’re selling today.  Indeed, consumers have never been savvier, well connected, and value conscious.

Meet Mike, your customer in 2015. Mike never loses sight of his iPhone.  He’s very opinionated and not afraid to share his opinion using his social media channels (whether good or bad).  He doesn’t trust advertising and only connects with brands that he feels are authentic and stand for higher purpose. He publicly admits to showrooming and has been conditioned to expect everything immediately and now.

Today’s consumers engage with your company in very different ways than they used to.

Always Connected

It goes without saying that we are in love with our devices.  50% of us check our phones before we go to sleep and as the first thing after we wake up.  On the extreme side, a recent study conducted by McCann Worldgroup found that a staggering 53 percent of young people would rather give up their sense of smell right now than give up the technology that they use in their lives everyday.  Nonetheless, we are leveraging our devices to support all sorts of decisions. From what movies to watch to what car to buy, the amount of information available at consumer’s fingertips today is unprecedented.  For companies of any size, having a strong online and social media presence that connects and engages with consumers is no longer an option.

Opinionated and not afraid to share it

Yesterday, I went to my bank where I had been a customer for 25 years. I was next in line when I could hear the bank teller trying to upsell the customer she was serving on a new credit card. She kept going with the sales pitch for a good 15 minutes while the line-up kept growing and customers became irate. Whereas in the past this is a situation that might have been unnoticed, people in line (myself included) were tweeting to the bank’s head office saying that it wasn’t acceptable to hold up customers for the sake of up-selling someone. Increasingly so, your connected customers are not hesitant to share their opinions with you and the rest of the world. The key is going to be to effectively listen, manage the conversation and take action where appropriate.  Never before have businesses had such an opportunity to leverage social sentiment to refine their business strategy, so if you’re not listening and connecting with your customers, you can bet your competitors are.

Value Conscious

Have you ever walked into a store to scope out a product or perhaps seek advice, then turned around and bought it elsewhere for a lower price?  If so, you (and 41% of consumers) have admitted to practicing “showrooming”.  Today’s retailers are facing a serious threat from both online and other brick & mortar competitors where value conscious consumers check multiple sources to find the best deal, despite the level of service or expertise they may receive.    To combat showrooming, retailers must do a better job of integrating their online and in-store offerings, with more stores showing the same prices and products across both platforms.  Companies such as Target and Wal-Mart have taken recent measures by pushing suppliers to offer exclusive products that can’t be found elsewhere.  In the future, companies will need take their initiatives even further to proactively protect customer interests, going as far as even warning them if they’re making a mistake, paying more than they need to pay, buying too much, or doing anything else they might regret later.  If your customer experience is fragmented across channels, you are not only missing opportunities, but you’re literally giving those opportunities away.

Seeks Authenticity

While companies are still investing tremendous amounts of money in advertising, customers are increasingly ignoring what ads say.   How many times have we seen a mouth-watering burger on television, only to be disappointed when we see it in reality?  While advertising is very good at putting ‘lipstick’ on a product and using lifestyle messaging to connect with buyers, customers are increasingly seeing through the façade.   This is where companies who are seen as authentic have a competitive advantage as people are instinctively drawn to brands that tell us what they believe.   Companies like Starbucks, Southwest Airlines, Apple and Whole Foods have created a cult-like following by simply telling people what they believe in and aligning to their visions to a higher purpose.

Requires Immediacy

We hear of Amazon, DHL and others testing drones and predictive methods to make homes deliveries faster, but why?  Giving consumers what they want is not a new development – what is new is the required speed.   Consumers today live in a very fluid present and demand instant gratification.   They want to get it now, see it now and get help now.  Connected consumers are being ingrained to demand instant gratification.  As a result, expect your company to have no choice but to finally mirror and join the ‘now’, in all its splendid chaos, realness and excitement.

Are you ready for Mike?

You can follow me on Twitter @reuvengorsht

Infographic Credit: Goutom Datta

 
Update
10

7 weeks ago

RM47mil KWSG contributions still unclaimed

Jun 9 2014 7:54am CDT | Source: Business Times Malaysia

KUALA LUMPUR: About RM47 million of contributions in the Teachers Provident Fund (KWSG) still remain unclaimed, the De ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
9

7 weeks ago

Gold shop lost almost RM1mil

Jun 9 2014 3:50am CDT | Source: Business Times Malaysia

KANGAR: A gold shop owner lost almost RM1 million after after the safe on in his shop was broken into by ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
8

7 weeks ago

Motion to debate MAS losses in Dewan Rakyat rejected

Jun 9 2014 3:39am CDT | Source: Business Times Malaysia

KUALA LUMPUR: AN emergency motion to debate the losses incurred by Malaysia Airlines last year, amounting to RM1.2 billion was rejected by the Dewan R ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
7

7 weeks ago

MH370 Tragedy: Hisham: RM27.6 mil spent on 1st phase of SAR

Jun 9 2014 2:11am CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia spent some RM27.6 million in its first phase of the search operations for missing Malaysia Airline flight MH370, said Acting Transport Minister, Datuk Seri Hishammuddin Hussei ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
6

7 weeks ago

9.1m litres of diesel seized in a month

Jun 8 2014 1:11am CDT | Source: Business Times Malaysia

PUTRAJAYA: The Domestic Trade, Cooperatives, and Consumerism ministry has seized some 9.1 million litres of diesel and property worth RM58 million since mounting ‘Operasi Diesel Selatan’ in the southern states last month. ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
5

7 weeks ago

Girl, 9, awarded RM2.78m compensation for medical negligence

Jun 6 2014 4:56am CDT | Source: Business Times Malaysia

KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over RM2.78 milli ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
4

7 weeks ago

Malaysia's total trade in April up 12pc

Jun 5 2014 11:52pm CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia's total trade in April 2014 rose by 12 per cent from a year ago to RM123.86 billion due to growing trading activities, International Trade and Industry Minister Datuk ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
3

7 weeks ago

Works Ministry to spend RM20m for upgrading works at 50 accident black spots

Jun 4 2014 11:35pm CDT | Source: Business Times Malaysia

JOHOR BARU: The Works Ministry will implement upgrading works at 50 accident prone locations in the country that have been identified this year involving an allocatio ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
2

7 weeks ago

Najib launches loan scheme for Ramadan traders

Jun 4 2014 10:24pm CDT | Source: Business Times Malaysia

PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramadan Bazaar Sche ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
1

8 weeks ago

Residents bring up objection against Kidex to Suhakam

Jun 4 2014 4:49am CDT | Source: Business Times Malaysia

PETALING JAYA: A group of 20 Petaling Jaya residents held a meeting with the Human Rights Commission of Malaysia (Suhakam) over their objection against the proposed RM2.2 billion Kinrara Damansara Skyway (K ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

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