Pip Stocks' presentation at Mumbrella's Retail Marketing Summit 2017
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Pip Stocks, CEO and Founder at BrandHook, presents on How Consumer Behaviour is Changing and The Implications for Brands at Mumbrella's Retail Marketing Summit.
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Pip Stocks' presentation at Mumbrella's Retail Marketing Summit 2017
- 1. HOW CONSUMER BEHAVIOUR IS CHANGING AND WHAT BRANDS CAN DO TO CAPITALISE ON IT @PipStocks @BrandHook
- 2. THREE THINGS TO TAKE AWAY FROM TODAY 1 2 3 Understand the seven ways consumer behaviour has changed Identify the key consumer needs for today’s brand experiences Demonstrate how other brands have adapted & innovated to this new world
- 3. THE CHAOS OF THE CUSTOMER JOURNEY
- 4. The PWC CEO 2015 report states that 9/10 Australian CEOs listed digital innovation and its impact on customer behaviour as the number one disruptive trend they face.
- 6. WE HAVE IDENTIFIED SEVEN WAYS THAT CUSTOMER BEHAVIOUR HAS CHANGED 1. CONSUMERS ARE NOW IN CONTROL 2. RESEARCHING DIFFERENTLY 3. CONSUMER TO CONSUMER 4. BUILDING THEIR OWN SOLUTIONS 5. EVALUATING ACROSS CATEGORY 6. THE REDEFINED NEGOTIATION 7. CONSUMERS ARE LESS LOYAL
- 7. THE EMERGENCE OF THE ENTREPRENIUAL CONSUMER 1. CONSUMERS ARE NOW IN CONTROL 2. RESEARCHING DIFFERENTLY 3. CONSUMER TO CONSUMER 4. BUILDING THEIR OWN SOLUTIONS 5. EVALUATING ACROSS CATEGORY 6. THE REDEFINED NEGOTIATION 7. CONSUMERS ARE LESS LOYAL
- 8. They are relying on their own network to make decisions.
- 9. And they are negotiating to get their version of a better deal.
- 10. So they are solving their own problems.
- 11. WHICH OF THESE CONSUMER BEHAVIOUR CHANGES ARE AFFECTING YOUR BRAND EXPERIENCE THE MOST?
- 12. WHAT DO CONSUMERS WANT FROM THEIR BRAND EXPERIENCES?
- 13. AN INTUITIVE BOND 46% of what we do everyday is the same. A brands goal should be to build that intuitive bond. (BrandHook Habit Study 2013) There are two key ways to build an Intuitive Bond with your customers. Provide meaning through your brand purpose – it adds depth to the relationship - and deliver an effortless experience so there are no moments of friction to disrupt their bond to you.
- 14. REAL TIME INTERACTIONS 40% of people abandon a website that takes more than 3 seconds to load (kissmetrics.com 2016) A new type of convenience is expected from today’s consumer and when our ’Uber’ can turn up in 4 minutes why can’t everything else. The success of crowdsourcing delivery methods, new distribution channels and utilising excess capacity are businesses that have capitalised on this trend.
- 15. PERSONALISATION AND USE MY DATA PROPERLY According to Econsultancy, only 19% use personalisation in their marketing despite the fact that 74% of marketers know it improves customer engagement. With the gathering and manipulation of big data by business, customers are demanding proper personalisation. Wasting their time with irrelevant offers, products and not tailoring the brand experience to the needs will alienate them.
- 16. 25% of everyday customers will deflect after just one bad brand experience. McKinsey’s Customer Experience Study 2016
- 17. WHICH BRANDS ARE DOING IT WELL
- 18. SEE, SNAP & BUY
- 19. VERY PERSONALISED Over 3 million iterations of the website homepage are possible.
- 20. TAILORED BEAUTY PACKS BY COUNTRY
- 21. IKEA’S SLADDA
- 22. AI MIXING UP LEMONADE
- 23. THE PEOPLE DRIVING THE SUCCESS OF LA CROIX
- 24. HOW TO ADAPT TO THIS CHANGING CONSUMER BEHAVIOUR 1 2 3 Define what role your brand plays in your consumers lives Get intimate with your consumers and understand the granularity of their lives Map your customer experience and innovate to solve pain points
- 25. QUESTIONS
Notas do Editor
- How Consumer Behaviour is Changing and What Brands can do to Capitalise on It We all know that the digital revolution has completely transformed the way consumers are interacting with brands, yet the real problem is that most businesses are still struggling to keep up. In this session, Pip Stocks, founder of brand insights agency BrandHook, will: Identify the seven changes in consumer behaviour, from how consumers are researching differently and negotiating a better deal, to how they’re building their own solutions Look into what consumers want from their brand experiences, including an intuitive bond, real-time interaction and proper personalisation Demonstrate how successful FMCG and retail brands are adapting to their needs from new ways to buy, such as through Slyce, or tailoring with Aesop
- The success of subscription models, crowdsourcing delivery methods, new distribution channels are delivering convenience and a better experience for this tribe. They love the new and shiny especially if it makes their lives easier. Customer experience mapping was de rigor in the late 90’s. In fact, you would see them plastered on the walls of any decent marketing department. It meant that the whole company had visibility to the customer journey which reduced silo thinking and encouraged collaboration. Why has such an important process been dropped from marketing workflows? The success of subscription models, crowdsourcing delivery methods, new distribution channels are delivering convenience and a better experience for this tribe. They love the new and shiny especially if it makes their lives easier. Agreed, it is a much harder concept to map a customer journey as their behaviour is more complex. But with the customer wanting delivery of their products and services in real time, brands must work through the myriad of channels, to build a picture of how the consumer gets to choose your brand. Only then can you unearth the unmet needs and interrogate the pain points to deliver an effortless customer experience. 46% of what we do every day is the same and that also applies to how we are using digital and purchasing product. When asked to recall the influences and touchpoints Australian women had during their last clothing purchase, the following were nominated as where they habitually wander during their path to purchase As you enhance your firm's digital maturity, you'll find that there are new technologies you need to implement, like personalisation, integration, real-time analytics
- EXAMPLE
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- This is the hardest to crack and yet very very important. Marketers need a deep connection with both data and your customer to get this one right. 13. In-house marketers who are personalizing their Web experiences and who are able to quantify the improvement see, on average, a 19% uplift in sales. CMO.com
- Slyce, a Canadian-based company, provides consumers with a convenient way to purchase. Just take a picture of a product in a store, and its visual product search technology will allow you to immediately purchase that item from your smartphone.
- Sladda was launched late 2016 in Australia and has just been introduced to the US market and Supporting IKEA’s purpose of smart affordable pieces for the urban dweller Automatic gears
- If only Megan lived in New York where she would be insured by Lemonade, an insurance company that changes the whole model. The company treats your premiums like your money and pays claims in seconds. Unlike other insurance companies, that benefit from holding onto your money, Lemonade takes a flat fee and even gives back to a number of charities. Lemonade is online only and powered by a number of Bots – Maya will sign you up with a personalised product and Jim will help with a claim. It is this Artificial Intelligence (AI) and machine learning that makes the business cost a fifth of the bigger companies and why it can pay premiums in seconds.
- https://www.fastcodesign.com/3067745/the-story-behind-the-cult-hit-la-croix-label
- Talk about Clayton Christenson’s philosophy Martin Lindstrom Small Data