With the tendency of buyers to expect, almost demand, instant gratification (thanks to the cell phone industry for the technology boost), companies are having to look at their buyers differently. Digital buyers have a few key differences associated to their habits than a traditional buyer would.
1. Digital buyers are more knowledgeable.
Due to having unlimited information at our fingertips (literally) today’s buyers can access details about any given product anytime from anywhere, making the buying and selling process different. Because of the knowledge level of today’s buyers, most have researched a product and their buying decision is mostly made by the time the buyer gets to your website or box store. Pushy sales people are old school, active listeners are the new persuaders, guiding the buyer to what they ‘think’ they want with their product knowledge.
2. Today’s buyers have higher expectations.
Along with knowledge comes power, or so today’s buyer thinks. And their brand loyalty shows the power they have to demand more from companies. Today’s digital buyer wants you to remember them, their preferences and their shopping habits/histories. They want, almost demand, a personalized experience across your brand, including social media and email marketing. They also expect you to be where they are (going back to instant gratification), so your platform needs to incorporate all applicable medium. Because if you don’t …
3. Digital buyers aren’t as loyal as you’d think.
With consumers ‘opt-out’ laws in place, more and more people are choosing this option when they feel they are no longer getting what they want from their brands. Whether they are opting out completely or passively (just ignoring your emails by never opening them), companies have to stay on top of what is working and what is underperforming. Your company should be monitoring each campaign for any alarming changes. Industry standards are different for each genre, but sound the alarm if you get over 0.50% opt-out on a campaign.
4. Statistics are not enough.
Digital buyers no longer want to be force fed statistics about what your product can do, the number of items sold, etc. Today’s consumers want to know what it can do for them specifically. This wraps around with the personalization of your marketing message. Buyers want to feel like individuals, not like part of a herd that you are spam emailing. Today’s buyers are choosing how to spend their money based on a perception brought about by your marketing efforts. Good luck.
5. Today’s buyers are looking for the next trend.
With all of the technology available today, buyers are not only seeking out product information, they are also looking to social media for insights. They are posting on their social sites asking for opinions on products, looking up your company’s twitter feed, and looking for the companies that match their level of perceived trendiness. Peer review and peer pressure comes in a very different form than when I was young.
Today’s digital consumer has more access to information, making them savvier on product reviews and trends. With social media marketing making a large impact on how millennials buy, it is important to have a presence on the relevant channels for your company. Pay attention to the opt-out rate of your email campaigns, and to the open rates because if they aren’t being opened it’s almost the same as an opt-out, just more passive aggressive. This will all change again next year, so keep your running shoes on.