Consumers are more open to trying new brands and retailers than ever before. Fifty-four per cent of consumers globally say they are more likely to try new brands than they were five years ago, and 30-40% engage in recessionary behaviour (e.g., searching for deals and using coupons). These kinds of behaviour are being enabled by digital technologies, such as online price comparisons, mobile search and social buying, which give consumers easier access to choice and information. To retain consumer attention despite all these distractions, many brands seek to engage consumers (via relationship building, frequent interactions and attention-grabbing ads, etc.). However, evidence on the impact of engagement strategies is mixed. Drawing on more than 150 marketer interviews and over 7,000 consumer surveys (in the US, UK and Asia-Pacific), Corporate Executive Board (CEB) explored what brands can do to boost consumer “stickiness”: purchase intent for a brand, follow through on that intent, and repurchase/recommendation.
A Mint-CEB initiative on exploring management trends.
Also See | Building a line to consumers (PDF)
Illustrations by Shyamal Banerjee, graphics by Ahmed Raza Khan/Mint