McKinsey Quarterly: The consumer decision journey
The focus of this blog is B2B, so why a post on ‘The consumer decision journey‘ from McKinsey Quarterly?
Bottom line – relevance! At the core of the research finding is the need to understand the Trigger Events of your buyers, and having an ability to initiate action on the event. Trigger Events are a very familiar and key concept within Marketing Automation and we recently co-hosted a webinar on with Craig Elias, Creator of ShiftSelling on the subject and its importance to the online Marketer.
As much as the referenced McKinsey Quarterly article focuses on how the consumer buying process has changed the underlying premise of what’s driving the change is applicable in B2B as well. After all, the process by which we buy as individuals is arguably carried into the workplace when we’re representing and buying for the companies we work for
[Businesses] are moving outside the [traditional] purchasing funnel – changing the way they research and buy your products. If your marketing hasn’t changed in response, it should.
In summary, the web has changed the way we purchase – product information is readily available, search determines how we find it, and we buy globally – the Buyer is in the drivers seat. Those that chose to recognize this change and adapt the way they market to their buyer are the ones that will ultimately win in the end.
A more sophisticated approach is required to help marketers navigate this environment, which is less linear and more complicated than the funnel suggests.
If you do nothing else, grab 5 minutes and watch the video from David Court, Director, Global Marketing Practice at McKinsey, which provides a great summary of their research and illustrates this change in buying behavior.
Interested to get your thoughts on the article/video.
Mckinsey is confusing the psychology of buying with a marketer’s approach to intervening in the process.
The linear progression that McKinsey challenges is based on AIDA – Awareness, Interest, Desire & Action.
To my knowledge, nobody has ever maintained that this is how people buy. We have understood since Maslow was a boy that human actions are based on fulfilling needs. When we have a need, we set about fulfilling it at a speed dictated by the urgency of the requirement and the degree of risk in the decision.
AIDA remains valid and has its place for those that understand it. To claim insight from the revelation that purchases are needs and desires driven is like proclaiming the Earth orbits the Sun.
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The Marketing Eye
23 Jul 09 at 5:28 am