McKinsey adds Consumer Decision Insights Linked to Growth
Growth! What CEO isn’t looking for that today? Well, hot off the presses is more excellent insight from McKinsey as they extend their great work on the Consumer Decision Journey. This latest article (The new Battleground for Marketing-led Growth) focuses more on the key ‘acquisition’ part of the journey, and how you get your Brand into prospects’ “Initial Consideration Set” .
McKinsey found that only 3 of 30 product categories were ‘loyalty’ driven. The other 27 had prospects (or existing customers) ‘shopping’ to one degree or other. They also found that while 42% of purchases are still made by consumers returning to their incumbent brands, fully 87% of consumers ‘shopped around’.
Whether consumers/customers already know your brand, and especially if they don’t, it’s critical to ensure you create the awareness and engagement that puts your brand into that critical Initial Consideration Set!
Read the whole article here.