The new buyer interacts with businesses in new ways. Updating marketing practices for this audience requires companies to mix old methods with new practices.
- Influenced by rapid changes in technology, the new buyer interacts with products and services in new ways, demanding companies redefine their marketing strategies. These are not trends, but evolutions necessary for marketing success.
- Social media allows anyone to amplify his or her own voice, clogging social networks with noise and making it impossible for businesses to rise above. Direct communication must supplement social media strategies in order to drive engagement with buyers. Focusing on Influencers and activation with this media is much more useful than simply using as PR.
- While recommendations from fellow buyers have always been important to consumers, the internet has allowed certain influencers to gain enormous power over consumer markets. Businesses need to target these influencers effectively.
- Online interactivity is merging with offline store experiences. Buyers demand digital interaction in both retail spaces, and there are a variety of ways companies can oblige these demands.
- Buyers no longer want to own expensive things. Make sure to account for this ‘on-demand’ impulse when evaluating partners and competitors.
- Frugal innovation started with corporate social responsibility programs in developing countries, but this mindset has spread to buyers’ mindsets in general. Expand Frugal Innovation across a company in order to capture these buyers.
Today’s buyer is living in a world disrupted by rapid changes everywhere – in technology, healthcare, politics, society, education, the economy, the climate, and culture. The introduction of new technologies — from mobile phones to smart grids — has altered the way we act, the way we interact, and the way we perceive and understand our world in a very short amount of time.
In this changing landscape, businesses have to change their tactics. Consumers are mesmerized by social media, hyper-networked with friends and peers, and empowered with 24/7 access to information on smart devices, kiosks, and showroom information screens. Companies need to reconsider their marketing and sales approaches to attract and retain this new buyer.
Many go-to-market fundamentals are still essential to success. But to stay competitive, companies need to re-evaluate certain areas such as targeting, product/service portfolios, marketing mix, and customer experiences. This re-evaluation is not just a B2C phenomenon. All types of companies are ‘upping their game’ to identify and understand who the new buyer is and what he or she wants. Successful marketing today requires a healthy combination of the old and the new.
This is the first of several articles to explore marketing practices in a changing world. This is a basic overview on understanding and selling to the new buyer. Look for further pieces from Alinea Partners for detailed explorations of each point below.
- Social is Great! Direct Communication is Better!!
- Who is Recommending?
- The Moving Buying Experience – It’s Crossing Over
- Access is the New Ownership
- Frugal Innovation to Become Business as Usual
If you are interested in reading the whole article please get in contact with us at Customer.Experience@Alinea-Partners.com!