Disruption within business is ruthless in its endless pursuit of new innovation; it continues to change the way in which consumers are evolving in terms of how they communicate and connect with businesses and each other. Companies are continuously faced with a dilemma: should they continue with what they are already doing, try and react and adapt to the changes, or try to get ahead of the oncoming disruptions.
In my personal opinion, no company should try and stick with their original game plan. Technology is moving so fast and affecting society in such a way that no matter how successful a plan was before, it will no longer be relevant to the change in consumer behavior. Keeping up with consumer interests and behavior is now a must for companies in this Darwinistic keep up or fall behind era.
A company that has capitalized on the current interest in consumer insights is Quester who spoke to us at TMRE 2014. They spotted that the internet would change consumer behaviors and being able to provide clients with the changes in these behaviors would give them a competitive edge. The company has created a way of utilizing artificial intelligence in order to interview consumers. The outcomes would be analyzed and used to explain abstract data and give more in depth market research.
The interviews are kept as simple as possible and are sent out to a huge selection of consumers. The answers are analyzed for trends and subtle nuances that can give insights into deeper behavioral traits of the participants. What customers say and how they say it is vitally important in getting ahead in terms of understanding the market and consumer insights. In a social media driven age where 75% of the world’s population are using social media, consumers are taking to these platforms to express their opinions. These opinions often can be influential for other consumers when making future purchases.
Real time technologies in an age where people are more interconnected means that tracking up to date trends will be the key to consumer insights. Facebook recently announced its plan to make its messenger service a platform to let consumers interact in a more seamless way with businesses, thus creating real time interaction and a more personalized experience for customers.
Customers today expect far more from businesses than a decade ago. The companies that understand the expectations and behavior of their target groups will be able to engage with them in a more personalized fashion. By getting ahead of disruptions and keeping up to date with the different platforms and influences of consumers will ultimately keep customer loyalty and interest. The rewards for businesses that can evolve and adapt to the constant barrage of disruptive technology will ultimately overshadow their competitors who may fall into the graveyard of those who have stuck by traditional approaches.
Want more on disruptive new technologies and methodologies that are collecting deeper insights? Attend InsighTech taking place this May in San Francisco. Learn more about the event here: http://bit.ly/1bQLzIT
About the Author: Harry Kempe, a marketing intern at IIR USA, who works on various aspects of the industry including social media, marketing analysis and media. He is a recent graduate of Newcastle University who previously worked for EMAP Ltd. and WGSN as a marketing assistant on events such as the World Architecture Festival, World Retail Congress and Global Fashion Awards. He can be reached at hkempe@IIRUSA.com.