Do you know your consumer as well as you think you do?
In a world spoiled yet overwhelmed by choice, having an in-depth, all-encompassing understanding of your customer is no longer a benefit or an advantage – it’s a necessity. Gaining insight on the most granular level of details is key to shaping experiences that connect, differentiate and resonate. “The information we have available to us now makes the decision making process simpler and the outcome better. In fact, there’s so much data, we’re not sure what to do with it all yet,” said Solstice COO Rick Talmage during a panel discussion about how data & analytics can be used to make a distinct connection with the consumer.
During this 90 minute session hosted for students enrolled in the Global Management Graduate program at the Fashion Institute of Technology, Monica C. Smith, CEO at Marketsmith and Founder of I.Predictus explained that in order for brands to thrive and compete in today’s marketplace, they must be aggressively innovative with product development and smarter about making decisions that impact what their customer wants. “The first step is to start with end in mind. Define where you ultimately want to be with your consumer and identify the action steps to get there. Then build a strong, comprehensive database that tracks performance and consumer behavior – that’s a good start,” explained Smith. This Forbes article illustrates some of the many ways in which companies are utilizing detailed consumer data.
Concluding the conversation was a question from a student inquiring if the significant divide in generation has both uncovered exposure of “BIG DATA” and contributed to the absolute need for brands to engage with their consumers on an informed, personal level. Wendee Lunt, Founder and President of TLx Partners responded with a smile, “I’m a believer in listening to the consumer – that’s how we build meaningful relationships. That said, we’re living in a conversational world where everyone, at some level, wants to be heard.”
The big picture is this – you have to be in it to win it.
VP Strategic Initiatives