or shun away from market leading brands in totality where they can avoid.
It is key for brand strategists to understand that the customer of today has trust deficit, such that a slight misinformation erodes this trust even further, hence for one to standout as the go-to-brand, you must cultivate a sense of belonging and brand ownership by the customers as well being in solidarity with customers to be trusted again.
Woke Customer
Brands need to understand that a modern customer has come from a woke generation where information is readily available for consumption and how that brand communicates or appeals to the modern customer need to be market targeting, deliberate, specific and even detailed. The brands need not to presume that a woke generation will find out on their own but to ensure that information is relayed periodically and in a timely manner.
It is also key to understand that the modern customer understands the mandate placed on the brands and aspects like that of customer service need to be personalized and tailored for the modern customer. Any unclear communication, hoarding critical details and continuing to advance information asymmetry to make a quick sale in the modern era is detrimental to the brands since sales retention is far better than mindless chase for new acquisitions.
Budget Constrained A modern customer is no longer just a
deal seeker out of interest but primarily due to increased cost of living arising from increased prices of goods and services in the market. On the same note, due to increased statutory deductions leading to shrunk pay slips, a modern customer does not enjoy the freedom of the traditional customer to become a happy buyer through subjective impulse purchases.
Due to reduced basket value, reduced household disposable incomes and more money chasing less goods, a modern customer has no choice but to refine and work within the budget to achieve utility subject to budget constrain. Regarding this, brands, despite the rising cost of production which need be passed to customers, must ensure proper pricing and quality that trigger consumption decisions even where the budget is constrained. Brands need to come through to the modern customers in the ways never imagined before.
Impatient
Unlike the traditional consumer who was not“ well informed” hence had the time to understand and seek to find out, the modern consumer’ s patience level is to the extreme to a level that a simple error from the brand team will see the customer at the exit door. Due to availability of other competing brands under one roof or next door in terms of pricing, quality, and customer service, the modern consumer does not have the luxury of folding arms to listen to the background music, to queue, to visit your chains in search of a resolution or to be an“ understanding consumer” in the market. Brands must understand that the modern consumer lives in the wake of social media where if brands do not step up then, strategists should wait to trend on media as the worst of all.
Convenience Seeker
Whilst the traditional customer may be seen as to have all the time to travel to the chains, get stuck in the traffic, wait behind a background music, queue behind a hundred people with ten counters open but only two operating and endure the misery of uncertainties, the impatience in the modern customer triggers convenience for time saving.
The modern customers want the opportunity to purchase goods and services at the comfort of their couch or remote workstations using a smartphones, the goods transported and delivered to their doorstep. Brands must understand this and evolve to ensure that their structures offer ready availability of goods at the convenience of the modern consumer and build this trust to become the top of the mind brand for the modern customers when it comes to convenience.
Conclusion
Whilst it is understood that this is not all about the modern customer, there could be other theories and statistics explaining consumer behavior, it is important for brand strategists, to deep dive into the traditional customers and compare or contrast with the modern customers to serve them better and prepare to handle the evolution of the modern customers into the future customers.
The template that worked magic, grew brands and drove sales revenue through the traditional customer may not work to drive growth through the modern customer- neither can this work out in the entirety for the future generation of customers. There is a need for strategic evolvement of brands with evolvement of customers in the market to remain the go-to brands for the households hence becoming generational brands.
Patrick Maninga is an Economist with experience in Project Management who advocates for Economics of Sustainability. He is currently working at Naivas Limited leading General Merchandise Section towards sustainability. You can reach him via mail at: Maningapatrick97 @ gmail. com.