The Consumer Decision Journey

According to the McKinsey article, “The consumer decision journey,” consumers are moving outside the buying cycle / purchasing funnel.

What impact does this have on Internet marketing & e-commerce?

The main goal of marketing to the customers is to reach them at all times, in order to influence their buying decisions. Now, if consumers are moving outside the buying cycle/purchasing funnel, there would be a great impact to Internet marketing and e-commerce. Consumers are now better informed and there are many other distribution channels. These changes could result in a loss of sales and a decrease on the number of loyal customers if companies do not change their marketing approach.

To prevent these impacts, companies need to change the way they reach customers and start using the Consumer Decision Journey. Since the goal of marketing is to influence consumers at just the moment that buying decision is going to be made, there should be a consideration and evaluation of brands through the input of reviewers, peers and others; and a product should be bought and enjoyed. Through these, a bond will be created between consumer and the product. Internet marketing and e-commerce must learn how to "friend" their customer if a brand is going to be effective. Knowing how to "friend" a customer is something that marketer must learn to do for a customer buy their product. They need to change the conversation from the marketer-to-consumer to a two way conversation.

One think the article didn't put enough focus on was that consumers are trusting their family and friends more and more lately. I do it myself with technology. If my friend has the new iPhone, i'll ask them all about it and will value their opinion very heavily.

For a copy of the article, go to:

http://www.mckinseyquarterly.com/The_consumer_decision_journey_2373