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In a world dictated by technology and social media, consumer brand loyalty is more relevant than ever before. That’s right, 43% of consumers are spending more money at brands that they are loyal to, which means hoping for returning customers is certainly not out of the equation. With the available data and analytics that come through the tech sites we are using today, there is no reason why marketers can’t help businesses provide consumers with exactly what they want, when they want it. Unfortunately, many brands are missing out on this opportunity, don’t know how to turn it into actionable insight, or simply don’t realise they have it.
In order for this pairing of supply and demand to flourish, we need to shift our mindset and consider a new kind of economy.
What if there was an economy in which both the supply and demand side of the equation could know what the other side was “thinking” before they went ahead and did it? What if the accurate usage data generated by consumers could be instantly accessed by marketers?
Then, in essence, the market would never have to suffer from spikes in either side, making it better for both the marketers and the consumers simultaneously.
Let’s explore this a little further.
The Balanced Economy
The supply side of the equation, product developers and marketers, are tasked with a lot of research, predictions, and hopeful foresight when they make a product. They have to consider:
• Who will use my product? How big is the market?
• What is my ideal consumer? Does the product fix a pain-point for them?
• Will my product go out of popularity in just a few seasons?
• Have we created a product that is in-line with today’s trends?
• Know your customer: does the consumer have the money to spend on this product?
In order to find the answers to these questions, marketing teams will sink millions into prototypes, test studies, research, A&B testing, and the list goes on. Then, when the company thinks they have finally arrived at the solution, they have to cross their fingers and hope that they build a loyal following with their consumers.
It can be a lot of wasted money, time, and mental stability. It’s what puts so many businesses “out of business” today.
And what about the consumer side?
Consumers want to be able to talk to these companies and tell them about what they need. Consumerism is about making our lives easier at the end of the day, right? In an age of social media, more than two-thirds of companies compete on the basis of customer service alone, which means opening up a channel of dialogue with consumers is so important.
The good news is: both of these parties can be satisfied simultaneously – it’s called the balanced economy.
Using cutting-edge technology, in the balanced economy, companies can watch and measure the usage of their products after they are purchased. Marketers can measure the success of their advertisements, videos, and other imagery, without throwing money at the wall. They can track consumer habits so they don’t have to wonder anymore.
On the flip side, consumers can answer surveys and communicate with companies to ensure they are receiving the products they desire. They can finally receive that one-way communication. channel they have been craving.
That middle “guesswork” is no longer necessary.
The good news is: we’ve already arrived at the balanced economy. It’s in full-swing, and accessible to you if you are interested.
This blog was written and contributed by:
Founder & CEO