As a brand, it is important to keep up to speed with your consumer. We have discussed this concept as it relates to social media on The Fresh before. Our blog, The Millennials’ Most Significant Relationship: Social Media, covered what millennial women are looking for when they engage with social media. This is just one facet of the increasing speed of marketing.
Consumers are plugged in. They are continually connected and constantly influenced. Social networks have evolved to be more interactive and multi directional. Online networking can now mimic real time communication. As a brand you must operate at this level.
All channels have increased speed. Results are expected faster, judgements are made more quickly and demands for growth have increased. The online community can build up or kill a new product over night. New knowledge is expanding. In the mid-20th Century knowledge doubled every 50 years and in 2010 new knowledge doubled every 11 hours. Today, new knowledge most likely doubled since you woke up this morning. New information is churning out at a volume and speed that makes it difficult for brands to secure themselves in the market place. Operating at the speed of your consumer can help you stay at the forefront of this tidal wave of new knowledge.
There are several things brands can do to keep up with the consumer:
Leverage big data and analytics. Research and know what your customers are engaging with. Applying this data leads to faster and better responses to overall business challenges.
Aim for immediate satisfaction. This includes offers such as same day delivery, and instant downloads.
Respond. Customers need attention throughout the customer journey, no matter what stage they are in.
Utilize the cloud. The infinite space and flexible structure will be useful as the volume of data increases.
Brands need to launch, learn, and improve faster. By staying up to speed with the consumer, brands will eventually be able to predict what the consumer wants even before they know they want it.