Saturday, August 8, 2009

Optimizing your marketing spend to leverage the Empowered Consumer

The internet has forever changed consumer behavior and the resulting paradigm shift on marketing strategy is both daunting and liberating. There's an explosion of places consumers can assess your brand, compare products and pricing versus your competitors, rate responsiveness to your customer service or judge you by your company's values or actions. The internet also gives brands an incredible number of touch-points and tools to reach out and engage the consumer in very real and meaningful ways. The key for marketers today is to ensure the optimal investment is made at each of the four key touch-points along the consumer purchase decision cycle.
  1. Get your brand into the consideration set - building brand awareness
  2. Get "found" during the consumer research stage - SEO/SEM, product reviews, blogs, etc
  3. Close the sale at the purchase point - conversion online or in the store
  4. Post purchase management - customer service, product reviews, loyalty, Facebook page, etc
I came across this video on the Geary Interactive blog (produced by Twenty-two Squared). It's a great demonstration of the new purchase decision cycle and today's empowered consumer. The savvy marketer will ask: has my marketing mix changed to adapt to the new consumer purchase decision journey? Am I engaging current and potential customers at the right moments to influence their purchase decisions? Are all my customer facing activities integrated - marketing, PR, CRM? Do I know what drives loyalty and have I harnessed it with word of mouth programs? This shift in consumer behavior provides a great opportunity for marketers to be smarter about their investments by giving the consumer the information he or she needs to make a purchase decision, at the right place and at the right time.

1 comment:

  1. So how does a company establish that they've got a brand in the first place? Certainly just having a corporate website with the ability to splash 'n flash any assortment of widgets doesn't make that blank a brand.

    It's often hard to tell what product or service a company is offering [as a brand] when the greeting of "hey, thanks for stopping by - here's what we do and here's what we can offer you!" is absent in any meaningful way. Funny how some companies just don't know what they've got until their competitor defines that for themselves.