Consumer decision journey HBR
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Consumer Decision Journey: Decline of the Funnel
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Internet.It’s not about e- commerce or websites or technology. It’s about changed behavior.
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Change in our way to locate a place
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1990 2000 2010
Change in our way to find information
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Suppose you have to buy a Refrigerator and you knew nothing about them..
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This is how you would come to a decision.
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Supplier
Problem
Solution
Product
1995
Went to a retailer nearby
I explained my problem to the sales guy
He suggested 3 brands of Refrigerators that fitted my needs
I choose the brand that best fitted my needs and feelings.
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Problem
Solution
Product
Supplier
2015
I read reviews, descriptions, social info by experts and people
like me
I started with Googling my
problem
I chose the brand that best fitted my needs and
feelings based on that information
Then I decided where to buy it,
based on a mix of price, convenience
and service
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New decision funnel
Decision journey for consumers has changed and this change is global
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R.I.P
The Marketing Funnel
is Dead
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•The traditional marketing funnel is losing its relevance•Consumers no longer follow the linear path to achieve their moment of purchase.•Technology is influencing each stage of the consumer decision journey like never before•The rise of social, mobility and analytics has created new avenues / multiple touch points for brands to connect with consumers
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According to a survey byThe Economist
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Customers now are also often actively engaged with the brand — and their friends and peers — after they’ve bought the product or service using social media and the Web.
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Shoppers are shopping in a different way that requires companies to change how they think about and interact with their customers
Percentage companies admit they have limited to no understanding on how their customers interact with them digitally
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You are spending your money in all the wrong places
Up to 90% of spend goes to advertising and retail promotions. Yet the single mostpowerful impetus to buy is often someone else’s advocacy.
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In 2009 a new journey was indentifiedby
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The four distinct phases of the
CONSUMER DECISION JOURNEY•Consider•Evaluate•BuyAnd the post-purchase phase,•Enjoy, Advocate, BondOffer a vast array of touch points at which consumers can be influenced
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1.
4.
3.
2.
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More than 60%of consumers of facial skin care products,McKinsey colleagues found, conduct onlineresearch about the products after purchase—A touch point entirely missing from the funnel.
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Most points of influence are outside the
control of the brand, such as tweets, product reviews, personal recommendations, blogs, and so on.
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The coolest banner ads, best searchbuys, and hottest viral videos may win consideration for a
brand, but if the product gets weak reviews—or, worse, isn’t even discussed online—it’s unlikely to survive the winnowing process.
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Companies, therefore, must be prepared to
identify which touch points they can continue to affect if they want to win and retain customers.
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What is a consumer touch point?
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Customer Touch points are your brand's points of customer contact, from start to finish.
For example, customers may find your business online or in an ad, see ratings and reviews, visit your website, shop at your retail store, or contact your customer service.
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Insights into The Indian Market
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leveragesSocial media as a
Touch point
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Personalized Names on cups triggers consumers to click pictures of them and post them on Social media such as Instagram
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Yebhi.com, has
launched Virtual Stores across Café Coffee Days where customers can buy products from a virtual wall using QR bar codes.They have started with 30 Virtual Stores across two cities – Delhi and BangaloreThis can emerge as anew consumer touch point.
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So don’t just build a Great product
Build triggers in your product…
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Thank you Sir,
For the wonderfulInternship experience