Three Key Lessons for User Behavior Change and Evolution of Modern Buy Path:
Today’s consumer behavior changes and connected experiences across multiple channels and devices are determining how products and services evolve. The key difference between products and services is how they deliver the experience, rather than price. It is therefore essential for brands to adopt customer-centric approaches.
“You have to start with customer experience and then work your way back towards technology.
– Steve Jobs
Understanding and analysing user behavior is key to providing a relevant and personalized experience that increases conversion, retains users and builds brand loyalty.
Customers are now driving how, where and when they interact with brands in a digital-first world. This is thanks to social media networks. Customers are now the architects of their own experiences in the truest sense. They demand and expect service, which shapes the products they consume.
For more information about how customer engagement platforms can help you create the perfect modern buying path, check out our buyer’s guide in two volumes
See more products : Magento POS, BigCommerce POS, Shopify POS, Woocommerce POS, Restaurant POS, NetSuite POS, Thailand POS, South Africa POS and Commercetools POS, system integration services, workflow management software, enterprise integration platform,
See our services : Backbase
Customers have access to an ever-expanding array of products and services. They also have the opportunity to share their experiences through the digital revolution. No longer are brands expected to dictate and influence customer expectations.
|We are in a new era of skepticismBe carefulInspectionOfBrand promises.
While Option fatigueTheThe Tyranny of ChoiceHaveAffectedTheDecision-makingProcessprice comparison enginesCombined with the voices ofKey Opinion Leaders (KOLs),AndInfluencersThey help users to make better decisions.informed purchases.
What are the key lessons to be learned from the user behavior change that is driving the modern purchase pathway?
Modern marketers are trying to close the gap between customer expectations, and brand’s ability fulfill them. It is crucial to note changes in customer behavior and attitudes, as well as how they impact purchase decisions, to better understand customer expectations.
In the age of connected consumer experiences, user behavior and attitudes have changed
Source: Deloitte research for UK consumers
Customers are pulling information from reviews, ratings, and social media chatter, rather than having brands push it to their customers (advertising channels).
|This change in activity and attitude extends BeyondThePhase of purchaseAnd well into thePost-purchase stage.
The same customers ShareTheirExperiencesIn turn,influencing prospective buyers.
It is about time that Brands ShedTheirSiloed ApproachTo tackleDifferent touchpointsStartconsolidating user engagementAllAll channelsThroughConsistent communication.
How user behavior change transformed the selection funnel into a cycle: The modern purchase path
The traditional buying path has been redesigned by the shift in power dynamics between brands and customers. The traditional selection funnel has been transformed into a cycle in which customers can choose how they interact with brands at multiple touchpoints. Technology advancement and multiple information sources have made the modern purchase path seamless and intuitive.
Evolution in the consumer journey cycle
A paradigm shift has occurred that has transformed the relationship between customer and brand from being supply-driven to being demand-driven. The former is now in control.
User behavior change is the key to a new level of engagement and targeted marketing.
The omnichannel approach, which spans multiple devices and is driven by seamless customer experience, offers enormous potential to engage users. However it also comes with many challenges.
- Information gap: A customer profile often consists of an ID or a transaction that contains limited information about preferences and device types.
- Insufficient cohesion between offline and online avatars: It can be difficult to map the offline customer identity to an online one due to silos, insufficient data flow, loss of data, or leakage between vendors.
- Inconsistency among customer profilesIdentifying and mapping customer profiles across multiple channels can be difficult due to cross-channel interaction. This leads to loss of continuity.
- Operate guesswork-based campaignsCookies provide only basic information, such as the device type, but they don’t provide enough detail to create a targeted engagement campaign. This results in generic campaigns that fail to engage customers/prospects.
- Engagement loss due to platform or device changeThere is a possibility of losing engagement data that was stored on older platforms or devices as customer preferences change.
The Customer Engagement Platform, which provides 360-degree customer views, can help eliminate the above mentioned pain points.
Here is a look at the evolution of customer engagement and targeted advertising, which has been primarily driven in part by data analytics and segmentation.
Source: Martech Advisor
This is how the marketer evolves through customer identity management at different stages:
- Mass marketing that isn’t differentiatedGeneric marketing without clear customer identification. Generic marketing that is not specific to the user. This is evident in segments and brands that are not organized.
- Segmentation-based basic targeting: Demographics (viz. Segmentation at the socio-economic, sex and age levels.
- Loyalty-based targeting: Differentiated marketing that uses STP (Segmentation Targeting, Positioning) Reward based on logins to loyalty cards with no control beyond the brand.
- Segment-based targeting based on look-alikes: A look-alike buyer segment is based on device level tracking and cookie recognition.
- Targeting Probabilistic IdentityPersonalization based upon loyalty and niche. IP-based device matching (faces issues using shared IPs) reveals identities.
- Targeting a Deterministic Identity: Provides hyper-personalization. Targeting is based on cross-device identification matching.
- Identity Graph: Driven by cross-device/platform/channel match of individual users.