Is it any wonder that most executives feel that marketers are disconnected from accountability? All you have to do is read the posts on social media from the ad industry megaphones like Ad Age and Adweek to see how the industry is patting themselves on the back for ads that ran during the Superbowl while not talking about the objective of advertising to actually sell the product.
Customers are buying less from current providers, always keeping one eye open for something new. Out of the downturn, consumer spending across most major industries and key markets has been growing in the past six years. Yet during that time, the proportion of consumers in our study who expressed their intention to buy less from their current providers has increased, indicating that most companies have failed to tap into this spending growth.
Five years ago, 78 percent of consumers used at least one online channel when prospecting. Today, 88 percent do—and four in 10 want even more digital interactions than what companies are providing. Two-thirds said the number of companies or brands they consider for purchase has increased significantly compared with 10 years ago. Digital has become more important to consumers across the board. Some consumers have completely “gone digital”—they prefer to interact with their providers via online channels at every opportunity and are loathe to be forced into conversations with humans.
Post Summary: OK, I understand that we all have opinions on marketing bit nobody should write a BLOG post that says “marketers must do this or that they have to be on social media”. That’s bull probably coming from people who love to pontificate and don’t work for a consumer products company. You can’t tell people that they should do this or use this tactic unless you have a resume of successful brand marketing marketing. Leave the cute drawings of a man in a pit helmet and don’t use a picture of yourself on your BLOG because it’s not about you.
Millennials want brands to engage with them on social media and to be part of their product development team; 62% of Millennials say that if a brand engages with them on social networks, they are more likely to become a loyal customer; 43% say that Facebook is the social network that most influences their spending habits, followed by Instagram (22%) and Pinterest (12%). Brands should start, if they have not already, reaching out to Millennial consumers to assist them with development of future product or service; 42% of Millennials said they are interested in helping companies develop future products and services.