Consumer Decision Journey: Decline of the Funnel

Internet.It’s not about e- commerce or websites or technology. It’s about changed behavior.

Change in our way to locate a place

1990 2000 2010

Change in our way to find information

Suppose you have to buy a Refrigerator and you knew nothing about them..

This is how you would come to a decision.

Supplier

Problem

Solution

Product

1995

Went to a retailer nearby

I explained my problem to the sales guy

He suggested 3 brands of Refrigerators that fitted my needs

I choose the brand that best fitted my needs and feelings.

Problem

Solution

Product

Supplier

2015

I read reviews, descriptions, social info by experts and people

like me

I started with Googling my

problem

I chose the brand that best fitted my needs and

feelings based on that information

Then I decided where to buy it,

based on a mix of price, convenience

and service

New decision funnel

Decision journey for consumers has changed and this change is global

R.I.P

The Marketing Funnel

is Dead

•The traditional marketing funnel is losing its relevance•Consumers no longer follow the linear path to achieve their moment of purchase.•Technology is influencing each stage of the consumer decision journey like never before•The rise of social, mobility and analytics has created new avenues / multiple touch points for brands to connect with consumers

According to a survey byThe Economist

Customers now are also often actively engaged with the brand — and their friends and peers — after they’ve bought the product or service using social media and the Web.

Shoppers are shopping in a different way that requires companies to change how they think about and interact with their customers

Percentage companies admit they have limited to no understanding on how their customers interact with them digitally

You are spending your money in all the wrong places

Up to 90% of spend goes to advertising and retail promotions. Yet the single mostpowerful impetus to buy is often someone else’s advocacy.

In 2009 a new journey was indentifiedby

The four distinct phases of the

CONSUMER DECISION JOURNEY•Consider•Evaluate•BuyAnd the post-purchase phase,•Enjoy, Advocate, BondOffer a vast array of touch points at which consumers can be influenced

1.

4.

3.

2.

More than 60%of consumers of facial skin care products,McKinsey colleagues found, conduct onlineresearch about the products after purchase—A touch point entirely missing from the funnel.

Most points of influence are outside the

control of the brand, such as tweets, product reviews, personal recommendations, blogs, and so on.

The coolest banner ads, best searchbuys, and hottest viral videos may win consideration for a

brand, but if the product gets weak reviews—or, worse, isn’t even discussed online—it’s unlikely to survive the winnowing process.

Companies, therefore, must be prepared to

identify which touch points they can continue to affect if they want to win and retain customers.

What is a consumer touch point?

Customer Touch points are your brand's points of customer contact, from start to finish.

For example, customers may find your business online or in an ad, see ratings and reviews, visit your website, shop at your retail store, or contact your customer service.

Insights into The Indian Market

leveragesSocial media as a

Touch point

Personalized Names on cups triggers consumers to click pictures of them and post them on Social media such as Instagram

Yebhi.com, has

launched Virtual Stores across Café Coffee Days where customers can buy products from a virtual wall using QR bar codes.They have started with 30 Virtual Stores across two cities – Delhi and BangaloreThis can emerge as anew consumer touch point.

So don’t just build a Great product

Build triggers in your product…

Thank you Sir,

For the wonderfulInternship experience