Marketing is an old profession. It’s been around for hundreds of years in one form or another. If you’d like to see more about its complete history, then I highly recommend this Hubspot infographic.
With the advent of digital marketing in the early 80’s, many companies began to take a serious look at their marketing. They realised that their primarily outbound strategy had to change. Consumers didn’t appreciate being interrupted in their daily lives. However, with the creation of inbound marketing, they still irritated consumers with spammy emails, pop-up ads and subtle cookies for following their every move online.
Consumers didn’t appreciate being interrupted in their daily lives. However, with the creation of inbound marketing, they still irritated consumers with spammy emails, pop-up ads and subtle cookies for following their every move online.
Many large consumer goods (CPG) companies such as P&G and Nestle changed the name of their Marketing departments to Brand Builders, in the hope of adapting to this new world. But they failed miserably because they continued to run their marketing in the same old way. With few exceptions, it’s still all about them and their brands and not much about their consumer.
Luckily some other CPG companies realised that to satisfy the consumer they had to do things differently. They were the ones that moved to consumer centricity. Or to be exact they started on their journey towards putting the consumer at the heart of their business. Consumer centricity is not a destination because consumers are constantly changing and their satisfaction never lasts for long.
I think we have taught our consumers far too well! They understand a lot more about “marketing” than they used to. They know that companies have marketing plans which often include regular promotions, so they wait for the next price-off.
They realise that in today’s world, products have become more and more similar. Their format, colour or perfume might be different, but there are strong similarities in their performance.
Our consumers recognise that in today’s world, they have increased choices. But products and services they are offered have also become more and more similar. Their formats, colours or perfumes may be different, but there are strong similarities in the way they perform.
That’s why our consumers often have a portfolio of brands from which they choose in many categories. They are far less likely to be loyal to only one brand than they used to be.
We have taught our consumers to expect constant innovation from us. They quickly adapt to the once novel idea we present to them and are soon off searching for the next big thing.
According to Accenture’s “Customer 2020: Are You Future-Ready or Reliving the Past?” almost a half of consumers believe that they are more likely to switch brands today compared to just ten years ago.
Catalina, a leading digital and consumer loyalty firm, showed in their 2015 study that 90% of the leading household goods brands in the US are losing market share!