Mass Markets Are Dead
October 21, 2013
By: Stuart Van Houten
Today’s consumer of goods and services is the most educated consumer in the history of commerce. They have more information about you and your competitor’s products, services, pricing and support than ever before – and they have more channels in which to express and communicate their feelings, good or bad, about their experiences with the brands they choose to do business with. Moreover, they expect to be heard and responded to, they expect more choice, more value and oh by the way, they have more options for alternative sources of goods than ever before.
Fundamentally, we are seeing a shift in power from companies that have historically grown successful serving the masses to an environment where companies focus on consumers at the individual level; mainly because one person can do tremendous harm or good to your brand and reputation in seconds. YouTube produces more video content in 60 days then the traditional broadcasters produced in 60 years.Twitter set a new record for the most amount of tweets in a second in August 2013, (143,000), and Facebook’s billion plus members will continue to be prolific in their average posted content per month into the conceivable future.
Mass markets are dead, successful companies have to understand their consumers at very granular levels.
So how do B2B and B2C enterprises survive and thrive in this new environment?
At Clarabridge we are seeing sea change patterns in how successful, customer focused organizations view their markets and the consumers of their goods: First, our customers are driving every day to understand individual consumer needs; not the needs of a marketplace – customer intimacy is crucial. Second, our customers are much more focused on developing long lasting relationships, not just tracking transactions – tracking and understanding transactional data is something our customer have done successfully via structured data for decades. Today, our customers are combining the structured data in their EDW with unstructured data to stimulate interest in their brands and create bonds with their customers.
So how do they do it? How do they fundamentally move from listening to their customer to acting on it? We believe it is the beauty of the intersection of transactional data with unstructured data to not only understand the who and where, but NOW, the what and the why – we believe it is listening broadly across all your channels of feedback (social, surveys, call center data, ratings and reviews, blogs etc) and centralizing the analysis of that holistic ear to the ground across a platform that can get the right insights, to the right folks so they can take the right ACTION, to create an enduring relationship with your customers on an individual level. So, what ROI are you driving by understanding your customers at the granular level?