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New Consumer Decision Journey

December 1, 2012 Leave a comment

Consumers nowadays engage differently with brands. In a new view of the old Purchase Funnel, the terms Advocate and Bond were added in the structure of the “Consumer Decision Journey” in order to describe the power of influence that consumers have nowadays over the final purchasing decision process.

The journey starts with consumers getting to know a brand in the initial “Consider Phase”, flows through the “Evaluate Phase” where consumers become leads and start thinking in buying the products/services of a specific company, till the “Purchase Phase” where leads become costumers and effectively buy the products/services.

After the Purchase Phase comes the new Advocate Phase where satisfied customers will bond with the brand and advocate as loyal customers or create a hard time to companies if they have complains about the experience they had.

The important lesson to take here with the new consumer decision journey in this era of real-time accessible information is that consumers can quickly add or subtract brands of their consideration/evaluation process based on what they find in their online researches and also to promote/damage brands based on the way they connect with the companies.

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A New Communication Way for Consumers

December 1, 2012 Leave a comment

In this new era of social media, empowered consumers are disrupting marketing strategies that companies have used for long time to have their brands in consumers’ minds.

The traditional “one way” communication where companies had control of what consumers would see or hear is no longer effective. A new communication structure is now in place and consumers have the ability to express what they really think about companies and the image they have about them.

With social media, blogs, message boards and reviews, consumers are able to change the game and instantaneously make their “word-of-mouth” broadly known.

Within this new real-time feedback environment companies are concerned, and at some point really scared, with the reactions that customers can have about products and services they experienced and with the potential damages they can cause to brands by posting comments online about their feelings that will then influence other consumers all over the world.

So, if you liked or not the way a company/brand is treating you, use the power you have in your hands for free to change their behavior.

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Predict Customers’ Behavior with Analytics and Big Data

November 30, 2012 Leave a comment

In the age of Big Data, companies have now the ability of predicting purchasing behavior of their customers and even recommend them new products/services to buy that they even know they want.

Using the power of Analytics, composed of statistical algorithms, to crunch the huge volume of historical data generated by all the interactions done between the company and their customers, enterprises are able to create mathematical models describing exactly how different groups of customers will react to different marketing/promotions stimuli.

The more we consumers interact with companies, when we “surf” the web, use Social Media, make Online Shopping, use APPs in our smart-phones or even calling Customer Support, the more information we give them.

Then using statistical analysis our information is grouped in “clusters” of consumers with the same behavior and they can easily predict what we are going to do next based on what others like us have done.

So, next time you use Social Media to tell your friends what you have been doing, think better the value of this information that you are giving to companies for free.

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