Consumers on Board: how to copilot the multichannel journey

Five recommendations for business

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If consumers are changing, businesses must change too. Old structures and inflexible cultures will fail to win over the well-informed shopper who hops easily from one channel to another.

Two complementary behavior patterns are driving the need for reinvention. Both price and quality are hugely significant to consumers, and often, are thoroughly researched online — even for purchases made via another channel.

Consumers make heavy use of price-comparison services, especially for commodity purchases. Moreover, positive or negative recommendation is becoming crucial to decisions on quality.

Are you thinking how you might use these levers to your advantage? How could behavioral insight help you maximize conversion rates?


 

Businesses must match consumers’ nimbleness with agility of their own, and innovation is essential.

Companies need to identify new trends and act quickly. Fresh ideas, which increasingly come from collaboration — that, for example, may embrace new platforms for bringing parties together, such as crowd-funding sites — must be used to develop solutions with genuine consumer appeal. Innovation extends to finding interesting ways of engaging with, and stimulating, consumers.

What’s your strategy for exploiting these opportunities?


 

Moreover, as these new enterprise-wide roles emerge, businesses will need to develop cross-functional training. Given the speed of change, it is essential employees are able to align around corporate objectives and share a common language in tune with a multichannel, increasingly digital model.

In future, dual action from government bodies and organizations will be needed to ensure the ongoing availability of appropriate skills and capabilities. The most important pillar supporting innovation and opportunity is education. Traditional practices must be reshaped and new paths created for learning.

Staying ahead of the curve requires awareness of which new roles and skills are needed now and in future.

How good is your organization at knowing what’s needed to make new thinking part of your day-to-day culture?


 

The rise of the chief analytics officer is unstoppable.

In this era of big data the ability to deliver true insight is far more than useful — it’s vital.

As smartphone wielding consumers spend ever more time using digital channels, analytics comes into its own. In order to really understand today’s digital consumers’ complex behavior, advanced analytics must be embedded across the company. This means new systems, new processes and new ways of working. Even though this may be expensive, the positive impact will be huge and the investment worthwhile.

To what extent have you started to factor change of this scale into your planning and budgets?

Consumers seek value for money, excellent service and memorable experiences. The challenge for businesses is to meet these needs. Our research also shows that, more than ever before, people want to get involved – a very different way of engaging with customers than businesses have known before.

And with customer loyalty as the prize, can you afford to overlook it?
 

Social media has provided consumers with a platform for their views and creativity, changing attitudes and opening doors. Passivity has been swept away by proactivity, presenting companies with both threats and opportunities.

Organizations must address consumer concerns about the security of their personal data by prioritizing cybersecurity and ensuring they monitor social media to prevent damaging comment from gaining traction. At the same time, the opportunities for collaboration and co-creation are almost limitless.

How much are you investing in cybersecurity?
 

 

In this atmosphere of heightened consumer power and rapid digital transformation, no one can afford to stand still. Ultimately, consumers decide what will fly and what won’t. Smart companies thrive by figuring out what consumers want and delivering it to them the way they want it. Contact us to find out how we can help.