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Human, Pernille Fruensgaard Øe, Strategic Planning, Why we buy

Invest where it provides value for the consumers

David Edelman, McKinsey, held a speech in New York in November on the challenges for the new consumer journey. Barry Silverstein has written a very good, short summary.

Here’s the short summary on key tasks in the new Consumer Decision Journey.

  1. Align – Marketing organizations will need to align their resources with “where consumers spend their time.” The “evaluate” and “advocate” stages will likely become more significant to consumers than the “consider” and “buy” stages, and marketers will have to respond accordingly. Edelman suggests this could result in shifting media dollars from traditional paid media to customer-created channels.
  2. Link – Marketers will face the considerable challenge of ensuring that every message about a product or service is consistent across every channel. With so many different online and offline outlets, maintaining that consistency will be harder than ever.
  3. Lock – Marketers must “lock in” a customer’s attention by providing direct, opt-in channels, such as email promotions, Facebook and Twitter feeds, and apps that truly benefit the customer. This means allocating resources to media that engages the customer at every stage of their journey.
  4. Loop – The journey is a loop — so marketers must accommodate that process with a continuous loop that mines data, uses it to create valuable, relevant content, and then analyzes the response to the content. Edelman uses Amazon as a classic example: The company provides the ability for customers to rate products and then shares the information with customers; it then analyzes that information and uses it to create personalized recommendations.

(With thanks to Barry Silverstein)

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