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Trust and the consumer decision journey

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The Consumer Decision Journey (CDJ) helps businesses and marketers focus on the four key battlegrounds to develop critical insights that inform marketing and MROI objectives. In this presentation, McKinsey's Dave Elzinga explores how the CDJ has evolved, and how the digital revolution has made "initial consideration" the must-win battleground for marketers and businesses alike.

Publicado en: Empresariales

Trust and the consumer decision journey

  1. 1. 1Copyright or confidentiality statement.
  2. 2. Trust and the Consumer Decision Journey Dave Elzinga
  3. 3. 3McKinsey & Company The continuously changing Consumer Decision Journey: keep up with your customers 1
  4. 4. 4McKinsey & Company 4McKinsey & Company McKinsey first introduced the Consumer Decision Journey (CDJ) in 2009 to address changing consumer behaviors in a digital age MOMENT OF PURCHASE INITIAL CONSIDERATION SET TRIGGER What the Consumer Decision Journey (CDJ) did differently ▪ …introduced the trigger concept… consumers are not always in a decision-making mode ▪ …introduced the concept of an Initial Consideration Set (ICS) of brands in the mind of the consumer at the point of trigger ▪ …accounted for a more iterative vs. narrowing consideration set – Brands move in and out of consideration ▪ …analyzed online and offline touchpoints on a level playing field (e.g., word-of-mouth, in- store experiences, social media, traditional advertising, etc.)
  5. 5. 5McKinsey & Company The CDJ framework is focused on four key battlegrounds and provides critical insights to inform marketing and MROI objectives Consumer considers an initial set of brands Consider Ultimately the consumer selects a brand at the moment of purchase Decide After purchase, a formative experience that builds biases to inform their next decision journey Experience Brands enter and exit consideration set at any point up to purchase Evaluate MOMENT OF PURCHASE INITIAL CONSIDERATION SET TRIGGER
  6. 6. 6McKinsey & Company CDJ provides deep insights that lead to tangible actions T H E R I G H T E X P E R I E N C E 4 Great customer service Personalization Integrated digital and offline experience T H E R I G H T M O M E N T S 1 Initial Consideration Active Evaluation Loyalty Loop T H E R I G H T M E S S A G E S 2 Emotional dimensions: Trust, confidence, smart decision Rational dimensions: Price, convenience, taste T H E R I G H T T O U C H P O I N T S 3 TV advertising Direct mail Banner ad Social media Mobile T H E R I G H T C A PA B I L I T I E S 5 Teams work together to drive growth: Marketing, Finance, E-Commerce, Sales, Agencies
  7. 7. 7McKinsey & Company We live in a shopping world where every purchase is up for grabs 2
  8. 8. 8McKinsey & Company Since 2009, the Consumer Decision Journey has covered over 125,000 consumers across 350+ brands in 30 different industries SOURCE: McKinsey CDJ data 2008-2017 Financial and insurance companies (e.g., core banking, wealth management, insurance) Geographies studied Consumer electronics and telecom companies AutomotiveConsumer goods Retailers Travel
  9. 9. 9McKinsey & Company CDJ has unlocked key insights on the consumer’s changing behavior Every purchase is up for grabs We live in a shopping world, where loyalty is elusive Getting in early matters most Across categories, 58% of consumers switch brands from one purchase cycle to the next Almost 70% of brand winners come from the initial consideration set27 of 30 categories are shopping driven (i.e., consumers repurchase without considering other brands)
  10. 10. 10McKinsey & Company We live in a shopping world Shopping driven Loyalty driven VS Financial services: new funds Auto insurance Mobile carriers Personal care retail CerealBath accesssories TabletsCruise lines LaptopsFinancial services: new products Personal computers AutosShoe retail Cosmetics Telecom handsets Women’s clothing Printers Small kitchen Tabletop retail Share of purchases
  11. 11. 11McKinsey & Company Increase in shopping has been driven by the availability of digital information … people may even feel obligated to shop The digital world provides consumers with access to nearly unlimited information Digital apps Social media Evolving technologies Expanding number of buying options 54% of online and 39% of in-store purchasers read online reviews 46% of global shoppers purchased via mobile 77% online shoppers use their smartphone as part of the process
  12. 12. 12McKinsey & Company With 87% of consumers shopping, every purchase is up for grabs 13% LOYALISTS (REPURCHASE THE BRAND WITHOUT SHOPPING) 87% SHOPPED AROUND IN TOTAL, 42% STUCK WITH INCUMBENT BRAND 58% WERE TEMPTED AWAY: SWITCHERS 29% VULNERABLE REPURCHASERS (SHOPPED BUT WENT BACK TO THEIR PREVIOUS BRAND) Consumers1 100% SOURCE: CDJ data 2008-2016; Shopping Categories 1 Excludes consumers in categories characterized by loyalty: auto insurance, investments, and mobile carriers
  13. 13. 13McKinsey & Company 13McKinsey & Company It is critical to be among the brands considered in the earliest part of the journey MOMENT OF PURCHASE INITIAL CONSIDERATION SET TRIGGER of winning brands are chosen at the beginning of the journey (ICS) – when a consumer is first triggered to shop 69%
  14. 14. 14McKinsey & Company Know your Customer Growth Indicator and manage it to drive growth 3
  15. 15. 15McKinsey & Company Introducing the Customer Growth Indicator (CGI), a simple, forward-looking, and highly predictive measure of a brand’s ability to grow % of respondents including the brand in Initial Consideration Set Customer Growth Indicator (CGI) 100 Market share of the brand
  16. 16. 16McKinsey & Company The CGI provides a view of likely future performance relative to competitive set 10 35 15 30 10 250 200 70 180 110 7 39 27 60 25Company A Company C Company B Company D Company E Positioned for stronger relative growth Higher risk for impending market share loss CGI dynamics, Illustrative industry example Market share % of current brand owners ICS Score % of respondents Customer Growth Indicator Ratio of ICS to Market Share ILLUSTRATIVE
  17. 17. 17McKinsey & Company Category distribution of r2 values, number of industries1 Lower correlation Higher correlation CGI and growth are highly correlated SOURCE: McKinsey CDJ studies across categories and countries from 2008-2016 1 r2 is the proportion or percentage of variance explained by a regression; analyses are based on survey results. Excludes loyalty categories (Mobile Carriers and Auto Insurance) 2. Calculated as growth to ICS/market-share ratio; includes 17 shopping-driven categories; excludes 3 loyalty-driven categories and 10 shopping driven categories for which data were unavailable 0 150 0 -50 2.5 ICS/Market Share, Ratio Growth rate2 Percent R2 = 93% R2 = 80% 40 -20 2.50 2.5 -20 0 0 40 R2 = 68% Auto Personal Computers Cosmetics The CGI explains more than 60% of the variance in growth for most categories
  18. 18. 18McKinsey & Company There are three ways marketers can use the insights from CGI to drive growth Expand view of potential customers Create innovative product / service, customer experience, and brand communication Re-allocate marketing spend to drive initial consideration
  19. 19. 19McKinsey & Company Trust is foundational to success throughout the Consumer Decision Journey 4
  20. 20. 20McKinsey & Company A BRAND THAT… connects me with others // has a good website // has a low price // has good advertising // has good functional features // has great customer experience // has high energy // has superior technology // has the best partnerships // I have a relationship with // inspires discovery / adventure / spontaneity // is a great value for money // is a smart choice // is a status symbol // is aesthetically pleasing / is stylish // is approachable // is classic / has tradition / heritage // is craft / authentic // is cutting edge / innovative // is easy to shop // is easy to use // is fair // is flexible // is fun // is high quality // is hip / cool / trendy // is involved In the community // is reliable / dependable // is reputable / recommended // is sophisticated // is straightforward / transparent // is versatile // is widely used // meets my needs // personalizes / tailors product or service // provides choice / optionality // provides emotional security / peace of mind // provides pleasure / enjoyment / satisfaction // provides rewards / incentives / perks // reflects my personality // that stands out // values its customers Tested 43 equity themes as potential drivers of inclusion at Initial Consideration
  21. 21. 21McKinsey & Company Trust is critical to gaining entry into the ICS NOTE: Indexed importance of brand equity theme based on correlation with inclusion at ICS SOURCE: McKinsey CDJ studies across categories and countries 2008-2016 Trust-related dimensions A brand that… Trust-related dimensions consistently rise to the top #2 #3 #4 #5 #6 #7 #8 #9 #10 #1 #21 #28 #31 #43 is reliable/ dependable meets my needs is high quality I have a relationship with connects me with others values its customers personalizes / tailors product or service is easy to use is sophisticated is a great value for money is easy to shop has a low price has good functional features has a good website Below average correlation at ICS 100 92 78 77 71 65 60 59 59 58 #13 #16 is approachable is fair 56 53 48 43 42 23 ////
  22. 22. 22McKinsey & Company Maintain trust throughout the Consumer Decision Journey Nurture trust in active evaluation Reinforce trust at moment of purchase $$$MOMENT OF PURCHASE INITIAL CONSIDERATION SET TRIGGER Deliver on trust with a great post purchase experience
  23. 23. 23McKinsey & Company So what can we do as marketers to win in this digital world? Keep up with the consumer by understanding the changing Consumer Decision Journey 1 Get into the Initial Consideration Set with the right message, the right touchpoints and the right experience 2 Know our Customer Growth Indicator (CGI) and manage it for growth 3 Establish, nurture, and deliver on Trust throughout the Consumer Decision Journey 4
  24. 24. 24McKinsey & Company Stay connected Dave Elzinga Partner, Chicago David_Elzinga@mckinsey.com linkedin.com/in/daveelzinga/ @McK_MktgSales

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