Understanding The Modern Digital Consumer for growth

For thousands of years, people have interacted and communicated with one another. The only thing that changes over time are the routes of communication. It's crucial to pay attention to these quickly changing communication channels when it comes to digital marketing.

People no longer seek out information because of the expansion of social networks; instead, information now comes to us. This gave rise to new decision-making techniques and a brand-new consumer: the digital consumer.

Smartphones, technical advancements, and the expanding internet helped create this new digital consumer. Twenty million new digital consumers emerged in Southeast Asia in the first six months of 2021. This demonstrates the number of people who have browsed online and taken the leap to adopt a digital lifestyle fully.

In the modern world, consumers can always stay several steps ahead of the giant corporations trying to sell their goods and services because of technology and open information exchange. Information is pervasive, and businesses must adjust to this new reality to prosper.

Growth Jockey helps businesses thrive in this new world of modern digital consumers. We make this digital transformation a breeze for businesses looking to expand their reach by developing customer behavior models that offer audience-specific data.

This article will discuss this new modern customer journey and what companies can do to understand the modern digital consumer better.

What is The Digital Consumer Journey?

Digital transformation is forcing businesses to adapt their business models to new market dynamics.

According to research, 35% of business leaders believe that digital transformation has improved their ability to satisfy customer expectations by 40%. Furthermore, 38% of CEOs expect to increase their technology spending to strengthen their competitive edge through technology.

The remarkable thing about this is that businesses are not responsible for this transformation. Instead, the consumer is driving this transition.

Customers now need timely information about what they do whenever, in the format, and on their chosen devices. Customer journey is what guides every business's strategy toward digital growth.

The path an internet user takes from the awareness stage up to the purchase stage is known as the ‘digital consumer journey.’

It includes every online encounter between a buyer and a company during the purchasing process —what devices they use, what websites they visit, what adverts they interact with, what pages they travel to, when and how they leave, and so on. Every time a consumer clicks on something, and occasionally even when they don't, it is recorded.

We know that while these technological innovations have given consumers more freedom to shop, they have also given retailers new options. Growth Jockey assists businesses in understanding consumer behavior. We provide retailers with a way to communicate with customers more consciously and uniquely with a modern technique for growth.

Growth Jockey also assists businesses in gaining an understanding of customers' actual needs, as well as their shopping and decision-making patterns. We have identified the following research methodologies as most effective for producing insights that result in new growth possibilities. These approaches are based on our work with leading organizations, creative insights vendors, and research.

1. New Channels

Traditionally, PR or commercials distributed through television and magazines were how consumers first learned about a product. They could then inquire with friends, relatives, or store employees before making in-store purchases.

The introduction of the internet radically altered how consumers learned about, investigated, and purchased things. India was the world's second-largest Internet market, with over 900 million internet users after China. There are other ways to find and learn about things, including review websites, social media, and search engines, to mention a few. Additionally, there are additional ways to make purchases online.

With the internet being widely available, people are increasingly starting to investigate things before making purchases, according to the phrase Zero Moment of Truth [ZMOT] that Google came up with. It is based on research that revealed that 50% of consumers used search engines to investigate the product, 38% to compare prices and reviews, and 31% to read online reviews.

Therefore, you must make it simple for customers to find the products associated with your brand because the consumer journey starts with the awareness stage.

2. Know Your Audience

Consumers know the best ways to achieve what they want and use available resources to their advantage. For marketers, this implies that you can only start choosing the platforms and technologies you should be concentrating on, and optimizing for, if you understand your audience's behavior well.

Consider the kinds of activities your audience may want to engage in and whether to prioritize mobile websites or applications.

Although it is nothing new, understanding your customers and how they operate is still difficult for many brands.

Growth Jockey can aid in this situation. We assist businesses in selecting cutting-edge growth strategies. We do this by assisting them in comprehend the target demographic they are attempting to connect with using a digital strategy and a modern technique.

3. Create a Flexible IT Environment

The appropriate technology to support digital strategy is essential in today's company environment. Agile systems must be used, and 86% of firms agree that cloud computing is essential for the digital transition. According to a McKinsey survey, businesses that invest in digital technologies to increase information availability throughout their organization have a 2.1X greater chance of succeeding with their digital transformation.

The cloud enables businesses to be quick, adaptable, and dynamic. This lets your business swiftly and economically test new ideas, enabling you to use technology to meet customer demands more quickly.

You can quickly digitize all client touchpoints to build a 360-degree view of your customer by linking SaaS applications like Big Data analytics. You can give a better, more enhanced customer experience by using this data to learn how, when, and why digital customers are conducting business with you.

4. Focus on Omnichannel Marketing

86% of consumers frequently switch between two channels. When they shop, they don't only hop from one store to another; they also jump between different channels. The modern consumer journey now depends on many channels of marketing.

Because of this, 87% of retailers consider an omnichannel marketing strategy essential for their company. Companies are aware that in order to succeed, they must offer customers a consistent experience throughout all of their touchpoints.

To do this, Growth Jockey helps businesses adopt an omnichannel strategy that prioritizes each stage of the customer journey equally.

To create a consistent brand experience, omnichannel marketing integrates and works with the numerous channels businesses use to communicate with customers. This includes physical (like stores) and digital channels (e.g., websites). Giving customers a straightforward, seamless experience that offers several opportunities for satisfaction is the goal of an omnichannel marketing strategy.

5. Use Advanced Analytics

The abundance of consumer behavior data enables marketers to look beyond general, frequently misleading averages and into more specific levels of insight that may reveal previously untapped opportunities.

With so much data available, marketers need to be able to drill down into campaign trends, audiences, demographics, and much more to determine the effectiveness of their marketing tactics and discover ways to improve campaigns in the future.

Predictive modeling, machine learning, and process automation are advanced analytics techniques beyond conventional business intelligence (BI) and data analytics methods. Using these techniques, data scientists and organizations can forecast future trends and the likelihood of specific events.

According to Gartner, "Advanced Analytics is the autonomous or semi-autonomous analysis of data or content utilizing sophisticated methodologies and tools, usually beyond those of traditional business intelligence (BI), to uncover deeper insights, anticipate the future, or produce recommendations."

Big data and advanced analytics investments frequently result in up to 10% increases in revenue, up to 5% increases in return on sales, and an increase of 1% to 2% in margins.

To Sum Up

It's understandable why so many believe that the internet world will play a significant role in marketing in the future, given that individuals spend hours each day either actively or passively linked to it. It has a wealth of data that marketers could only have dreamed of ten years ago. Its technological position, however, makes implementation more accessible than ever.

Brands must adjust to the new digital customer, decision-making processes, and purchase possibilities to discover the optimal selling channels since the digital world has transformed consumer behavior.

Iteratively creating insights is also a crucial process. Core insights disciplines now include practicing and learning, incorporating cutting-edge strategies into your toolkit, and eliminating techniques that are no longer useful.

Reengineering how businesses gather insights is essential for generating new growth, but how successful it depends on a strategy that is as flexible as the market.

At Growth Jockey, we are committed to helping businesses achieve organic growth through tailor-made strategies that address the specific challenges they face across diverse industries. Regardless of the scale of your company, whether it's a small-scale enterprise or a large corporation, we can provide you with the expertise and insights needed to drive sustainable growth.

Take a proactive step towards unlocking new opportunities for your brand by reaching out to us today!