Consumers in Control
June 14, 2007 | By Raymond T. Hightower
Companies today operate in a consumer driven culture. Roughly 77% of Americans view themselves as “above average” in intelligence. This statistically improbable figure tells us something: Today’s customers believe themselves to be smarter and they expect to be treated as such. They research information independently, and they refuse to rely on experts.
Consumers Mean Business
A Wisdom client asked me to attend a presentation entitled “Consumers Are in Control… And They Mean Business” this morning. The presenter was J. Walker Smith, President of Yankelovich, a marketing advisory firm.
Current Trends
Smith believes that America’s current consumer culture has been driven by three major trends us since the end of World War II:
- Psychology of Affluence. People want to live “the good life”, whatever they perceive that to be. If your offering doesn’t fit, no matter what you do, you’re not going to get them to buy your product.
- Psychology of Difference. There are no social norms in America anymore. We’re not changing from one color to another, we’re changing from one color to a diversity of colors. On the 2000 US Census, younger respondents refuse to check a “race” designation because they’re “cablinasian” like Tiger Woods.
- Psychology of Influence. Consumers know they’re in control, and they love it. More than 3/4 know they’re of above average IQ (statistically improbable) and they want to be treated as such. Members of this group want to find their own information, and they refuse to rely on experts. They do their own research at WebMD and Zillow before meeting with their doctors and real estate agents, and they challenge these professionals with probing questions.
What Can a Business Do?
Consumer control is a tide whose time has come. I don’t know whether this is a continuous, perpetual trend or merely one blip on a pendulum. If it’s a pendulum, I’m sure the swing is longer than my lifetime!This is reality. According to Smith, the best companies have figured out how to make all of their customer contacts as interactive as possible. Get the feedback and respond rapidly and well. Better yet: Anticipate needs and respond proactively!