Micro-Moments: New Consumer Behavior and Changing the Business Game

Posted by on 10:01 PM in 2016 | No Comments

Illsutration Article 08 Final-01

As brands around the world are shaken by the changing consumer behavior—purchase decisions literally in their hands with the help of smartphones that deliver information quickly, the up-to-date speed now doesn’t seem to be fast enough to catch up with the consumers. The emergence of “micro-moments,” or the split seconds of decision-making that lead to huge impacts, compels businesses to promptly adapt themselves. In the end, the brands that can cater to the consumers more quickly and accurately are the ones that have more opportunities.

Having always served as a link between brands and consumers, Google has coined the term “Micro-Moments” to describe the new consumer behavior. These comprise three main elements: reflexive action, immediate needs, and loyalty to needs. Reflexive action is when consumers act on reflex to consult their smartphones for what they want because smartphones can spontaneously respond to the needs, whether it’s the need to discover, to learn, or to buy. Closely connected to this is the second element of micro-moments, immediate needs. This refers to when consumers’ desire is triggered, and instead of being confined by traditional limitations, consumers now have other options that can respond to their needs in a better and more convenient fashion. Since the consumers of today have high expectations and little patience, businesses need to develop marketing with better quality and efficiency than before. The last element of micro-moments is loyalty. When consumer satisfaction and purchasing power are the origin of micro-moments, brands need to strive to anticipate and respond to these needs in such a way that impresses them enough to make the brands their number one choice.

One business that demonstrates these micro-moments when a business can perfectly and distinctly satisfy consumers is Airbnb. Today’s travelers want experiences that are more than a check-in photo taken at a destination’s landmark, but ones that allow them to access the local feels as much as possible. Often, they search for restaurants, cafés, or galleries frequented by the locals and check the directions on Google Maps before setting foot out of the hostel. For this, local businesses need to design their marketing schemes to attract visitors as quickly as possible and influence and their Google-based decisions or in-the-moment perspectives. Another example is Coca Cola and their focus on the millennials (Gen M), who grew up with technology, like self-expression, and love social media presence. Coca Cola devised a campaign allowing customers to write their names on the bottle labels, which speaks directly to this generation’s needs and renders every ‘share’ more meaningful than ever.

In Thailand, Google has revealed that over 70% of Thai people’s access to the online and multiscreen world is done via smartphones. The searches for specific products on the Internet make up for 35%. Of this, price searches come in first at 51%, followed by promotions and remaining stocks at second and third places. In light of this, brands can then create strategies that give their potential customers the exact information they search for right away.

Consumers’ online navigation today has changed tremendously from before. Their shared information, thoughts, QAs, feedback, reviews, and spontaneous experience are the driving force for a change in the creation of content, commercials, promotions, and marketing schemes. How can a business outshine others among a multitude of players? In what way must brands direct themselves in order to survive? Join us and discover the answer at CU 2016: EXIT this October.

Sources:
“Micro-Moments“ from thinkwithgoogle.com
“Google’s Micro-Moment: Why It’s A Game Changer For CMOs” from forbes.com
“In-depth Consumer Data (Thailand)” from consumerbarometer.com