Choice is now available locally and globally on and offline for pretty much any good or service a consumer could want. This is both an opportunity and a challenge for brands looking to reach customers across the device universe (mobile, desktop, tablet, gadget, etc.).
Marketers have better access to customers, but customers are better informed as they go into purchasing mode. Comparison shopping, product forums, social media, and other information sources have given the consumer the ability to make informed decisions before, as well as at the point of purchase.
As a result, brands can no longer solely dictate pricing and product delivery timetables – their customers are playing an active and real-time role. Social media, showroom price matching, and price comparison marketplaces such as eBay and Amazon make it difficult for any brand that’s not dictating MAP (minimized advertised price) to be undersold or commoditized.
Here are a few examples:
- In the B2C world, 66 percent of Moms say that the Internet has changed the way they get information about products, but this savvy comes with caveats. They want to initiate the conversation. Source
- In the B2B world, 70 percent of B2B tech buyers surveyed said that the amount of budget spent electronically would increase if it were easier and more convenient to browse and purchase items directly from suppliers and their websites. Source
- Then there are the Internet-born brands such as Warby Parker and others that are making costs and benefits more transparent, disrupting traditional retail margins. Eyewear was a market ripe for disruption. B2C lighting and plumbing supplies are markets currently being disrupted. Source
What does this mean for marketers? It means that brand narrative, data-aided personalization, rich product information, and access to company experts is more critical than ever before. It means that integrated marketing is here to stay.
The minute you accept that your brand or product is replaceable is the moment you start working on great things like positioning, merchandising, packaging, product development, measurement, and an integrated marketing approach. This is the time when you start thinking about how to surprise and delight customers and obsessing about how to remove friction from the buying process. This is when the product finds its voice, and you as the marketer find your power.