Reflections On "The Consumer Decision Journey" - Part 1
McKinsey Quarterly recently published an article titled, "The Consumer Decision Journey." The next few blog postings for "Under The Magnifying Glass" will relect on the research findings discussed in the article.
Since the article is only available through a premium membership, we encourage our blog readers to review the video summary from David Court, Director, Global Marketing Practice at McKinsey, which provides a great summary of the research and highlights the change in consumer buying behavior.
http://www.mckinseyquarterly.com/The_consumer_decision_journey_2373?pagenum=1#interactive
At the core of the research finding is the need to understand the various trigger events of consumers in the buying process, and having an ability to initiate marketing action on the trigger event. The article focuses on how the consumer buying process has changed.
"Consumers are moving outside the [traditional] purchasing funnel - changing the way they research and buy your products. If your marketing hasn't changed in response, it should."
The Internet has changed the way we purchase, since product information is now readily available, search engines determine how we find it, and we buy products and services globally. The consumer involved in the purchasing process is now in control. Those companies that choose to recognize this change and adapt the way they market to their consumers are the ones that will ultimately be successful.
"A more sophisticated approach is required to help marketers navigate this environment, which is less linear and more complicated than the funnel suggests."
So, a fundamental question that comes to mind is this: Why do some companies fail to respond effectively to this change in the consumer decision journey? It is it due to lack of financial and human resources that companies are facing in the current recessionary economy? Is it a lack of marketing savvy within these firms? Or is there some other reason that provides some understanding regarding why some firms have not altered their marketing efforts? We welcome your thoughts.
Next time we will comment on What Marketers Should Know from "The Consumer Decision Journey."