Time to hold your hands up - digitally speaking that is.
"Skip The Ad" - Who can't wait for that few initial seconds to be over so you can get to see the content that sparked your interest in the first place - the short answer is circa 90% of us - and if that's true - why, oh why, do retail marketing teams think the consumer will behave any different than them to their ads?
Just lately we see a constant turnstile of leaders in multi-channel retailing (other sectors do apply) in particular CEO's and CMO's who leave one failed company with a chunky pay-off and not long after they end up in another struggling business repeating what they did before - we all know what comes next!
We’re now living in a state of “digital disruption.” This means technology and this pandemic has transformed work and business as we know it.
Consumer behavior and expectations have changed, and organisations are now in a crazy scramble to evolve the operating model to meet the changing needs of their customers.
Those that don't adjust the business mindset are now paying a hefty price for a 'business as usual' and 'good enough' mindset.
A major issue for me when talking to business leaders is that 'business transformation' is still perceived as a technology first driven initiative, when it's actually a people and process mindset thing.
Sure the tech can act as an enabler of efficiency, and sometimes even have huge impact on improving the bottom line, in particular where it streamlines outdated cost and manual processes, but for many those 'game changing' tech investments they were sold are simply sat on the balance sheet - as the saying goes 'a fool with a tool etc'.
For those retailers still stuck in the 'get them into the funnel website' mindset they're now operating with an outdated understanding around consumer behaviour.
Digital shopping refers to product discovery and the check-out process occurring all within a social media application - something that's a fundamental shift from your SEO strategy which is still predicated on getting people to your website and then learning how to navigate your funnel.
Although this represents a great opportunity for big companies, it represents substantial growth opportunities for small business owners as well.
To illustrate, 59% of the respondents indicated they are more likely to support small and medium-sized businesses via social commerce. Additionally, 63% said that they are more likely to purchase from the same business in the future. 'Accenture January 2022'
means different things to different stakeholders.
Simply put, it’s the pursuit of scale, efficiency, and innovation using data and technology to spur profits and growth. Marketing transformation is typically focused on using software to automate and enable streamlined processes.
For a business to truly transform it needs to account for key changes in the operating model. So, when I read stuff like this I wonder if the world is really transforming from outdated 20th Century retail thinking to a more consumer centric multi-channel socially savvy approach?
Today's socially savvy prospects and customers are checking out your 'social proof', not your website.
If your a company that spews out promotion after promotion messages, with 'paid advert' after another it seems that today's consumer is sending you a huge signal.
Today they've been empowered to switch you off with their own tactics such as ad skipping, ad blocking, and good old GDPR.
If you're currently one of those businesses in the market for a change in CEO or CMO in order to 'freshen up' and 'reinvigorate' the strategy, direction, and leadership of the company perhaps you want to try a litmus test to see if they're as good a fit as the CV says.
If it was me I would like to know if they really understand the strategic value of the medium they spend most of your marketing budget on.
With over 4bn+ people on one social platform or another around the world simply handing social media to the guy with the beard, or the girl with the tattoo in marketing doesn't really cut it today.
Social media requires a strategy that sits across the entire business enterprise - WHY?
Because that's how today's social savvy consumer 'experiences' what you say you do.
According to the report, the global social commerce industry sits at $492 million USD in value and is growing at a compound annual growth rate (CAGR) of 26%. The increasing figures are due to Gen Z and Millennial shoppers, who will account for 62 percent of global social commerce spending by 2025. “The pandemic showed how much people use social platforms as the entry point for everything they do online — news, entertainment and communication,” said Robin Murdoch, global Software & Platforms industry lead at Accenture in a release. “The steady rise in time spent on social media reflects how essential these platforms are in our daily life. They’re reshaping how people buy and sell, which provides platforms and brands with new opportunities for user experiences and revenue streams.”
https://hypebeast.com/2022/1/accenture-social-media-shopping-report-info
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