As the world has become more volatile, it’s more important than ever for brands to be able to react to changing consumer behaviour.
Companies with a high level of consumer consciousness are more aware and attuned to consumer needs and more agile to developing needs or market disruptions.
Consumer centricity is a term often used to describe a strategy to use consumer insights to drive the business. Companies are using different strategies to get closer to the consumer. However, these strategies will not result in a true consumer-centric organisation.
In this paper we outline a more holistic strategy, based on recent developments in neuroscience and data science/analytics to build a kind of consumer consciousness in an organisation. An integrated, learning system that puts the consumer at the heart of the business.
There are three elements of a consumer conscious company:
- The availability and connectivity of consumer data.
- The ability of a connected consumer data platform to create fresh, new consumer insights with appropriate analytical capabilities.
- The level of activation of these consumer insights and feedback of learnings to the consumer data platform.
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For companies looking to get consumer consciousness right, we identified five critical success factors. These are:
- First, we believe that insights generation is a specific skill and its responsibility and curation should be under a single command. This ensures consistency of quality and the ease in which insights can be activated in profitable marketing interventions.
- Second, the insights should be holistic and ‘de-siloed’ to make sure we build on the integration of various data sources. It is increasingly important that companies develop strong links between insight generation and digital analysts, computer scientists, and marketers.
- Thirdly, manual, qualitative, curation will always be a key skill in the creation of consumer insights. But in an automated data world, insights can also be generated through digital analytics and data science.
- Fourth, consumer data collection and insights generation are not ad-hoc activities. It should be an ‘always-on’ capability where data collection and insights generation is a 24-7 automated activity. What’s important is to consider a smart data strategy and architecture to be able to manage large amounts of consumer data from various sources in an integrated platform.
- And fifth, to reduce complexity, we believe that a conscious consumer data ecosystem should be built and maintained with a small number of external partners.