Did you know that over 50 percent of shoppers will go to a competitor if they don’t have a positive experience? Customers want tailored, personalized interactions from the brands they support—experiences that technology has caused them to anticipate in all their dealings. This constantly changing environment makes it challenging for brands to determine the best actions to take. A changeable consumer means that having a thorough understanding of your brand, your market, and your potential customers is crucial for success.
The good news is that the market research field has become more advanced, blending technology with the inquisitive nature of market researchers. This change helps us uncover accurate insights faster than ever. Recent studies have shown just how unique each shopper is—consumer paths to buying the same product can differ as much as fingerprints. We used to view the shopping journey as one single path, but now we understand there are many different journeys. This understanding can guide our next steps.
One way to come out on top in this new marketplace is by filtering out all the extraneous noise and really getting to “know yourself.” This is about finding ways to resonate with how consumers already view you. Brands won’t be successful if they simply try to fabricate a “personality.” The key is to have a realistic understanding of exactly how you fit in to the lives of your customers and potential customers, and to approach them with empathy and responsiveness.
What does this mean? One example that illustrates this understanding is the rebranding of Domino’s Pizza in response to customer complaints. The chain went so far as to incorporate the poor reputation of its product into ads, and promise that the company knew it needed to make something better. Domino’s executed on this advertised promise by rolling out new innovations and showing a dedication to its new brand identity on all fronts (including better tasting pizza). According to the Harvard Business Review, this worked. “Today, Domino’s is the second-largest pizza chain in the world, with more than 12,500 locations in more than 80 countries, and a share price approaching $160. It has moved from being the butt of late-night jokes to becoming a favorite of the stock pickers on CNBC.”
But where does a shift like this one begin? It can start with a few simple steps:
- Know Yourself: Understand not only where your brand lies in the marketplace, but also how consumers perceive your brand. As Socrates (we think) said “To know thyself is the beginning of wisdom.” This wisdom will end up paying off with your discerning and changeable consumer.
- Be Yourself: Don’t try to be something you’re not – even if you’re trying to change, you need to base that effort in your current position in the competitive/consumer landscape. Dominos had to completely reinvent themselves due to an extremely poor position with its consumer – and they had to come right out and say it to the world. They couldn’t re-position the brand without changing everything from the ground up – from operational functions to marketing. And they did so transparently.
- Ignore the Noise: There’s a lot going on out there. The constant pace of innovation is tempting, but it pays to be selective and only pursue the avenues that make sense for your brand and help you better connect with your customers. They are looking for those “magnetic moments” when your brand perfectly aligns with their needs and circumstances, so make sure that those moments are apparent to them.
As a brand, when you know yourself, you are able to make better choices about everything. From which products you will develop to how you will connect those products with your customers through marketing, self-understanding provides guidelines to help solve the varied issues that arise in a technology and consumer-driven marketplace.