The Boston Consulting Group (BCG) “The Future of Sales and Marketing is Here” report reveals that for buyers in the post-COVID-19 era, experience is everything. 80% of consumers are more willing to negotiate with a company if it offers personalized experiences.
Another buyer expectation is that businesses interact with them in real time (64%). These figures respond to a growing trend in recent years: consumers they demand connection to a community, hyper-personalization, ultra-convenience, augmented experiences, and sustainability.
These changes in consumer expectations require a response from the sales and marketing sector, especially regarding the role that traditional sales channels must assume. According to BCG, it should turn to more convenient formats; entertainment; sensory and exciting experiences, such as those offered by pop-up stores; and agile technology that facilitates the physical purchase.
There are other factors that have been driving changes in the sector: technological innovation, artificial intelligence, augmented reality and the development of the metaverse and have great potential to enhance marketing management. Today, we can already see some of these advances in tools such as chatbots and immersive narratives that the consumer can interact with when buying and being part of a community. These technologies also allow increasing trust in companies, through, for example, tracking systems of origin and product processes”, explained Andrés Giraldo, Managing Director & Partner of BCG.
It is estimated that by 2030, the platforms of the metaverse may become channels with a potential income of around US$1.3 billion, since different consumers are, more and more regularly, investing their money in exclusively digital articles, services and elements. . For example, 65% of Gen Z consumers have purchased a virtual item in a video game and 65% of US millennials have an active Amazon Prime membership (2019).
What can companies do to adapt their services and processes to the new demands? BCG proposes 3 points to take into account:
1. Put the consumer first: know the demographics, needs and context of your consumers to develop and prioritize impact spaces. Make sure that each interaction with them during the purchase process (including pre-purchase and post-purchase) is satisfactory and personalized.
2. Renew sales channels: review your channel strategy and focus on creating an integrated experience between them, both physical and digital. Do not hesitate to integrate new channels, in addition to the traditional ones.
3. Give rise to integrated operations: eliminates the barriers between marketing, sales and services in search of integrated changes. Combine the data with the technological capabilities at your fingertips for better work between teams.
“Additionally, it is necessary to redefine the way we understand and measure success. Practices such as establishing KPI’s focused on the consumer and attributing value to each touch point are the path to a more holistic measurement”, concluded Giraldo