Consumers’ demands are getting louder, bolder, and more specific. Digitally, they share knowledge and self-organize, seizing more collective power than ever. They have become the innovators, trendsetters, and advocates that companies cannot succeed without. Says Don Tapscott, author and consultant, “This is not an information economy – it’s a connected economy. This is a time of collaboration where people can now participate like never before.”
This is the connected economy, where consumers rule. Download Thriving in the connected economy: 2013 trends report to get predictions and advice from forward-thinkers like Don Tapscott and John Battelle, and leaders from Walmart, Samsung, Johnson & Johnson, Nationwide, and more around these four market-defining trends.
- The four P’s of marketing are rewritten. The connected economy is boundless, transparent, and democratic. The classic pillars of marketing – price, place, promotion, and product – take on new meanings, and with them come new strategies.
- Data-literate companies thrive in the face of consumer change. Every consumer action is becoming quantifiable, leaving a massive trail of data containing everything needed to deliver exactly what consumers want. Brands that boil data into these insights the quickest will win.
- Paid, owned, and earned media drive each other’s success. Social lets consumers discuss and share all brand-created content. Smart brands encourage this conversation, and work it back into paid and owned content – a combination of media more powerful than any single medium.
- Consumers require relationships, not transactions. Brands’ dealings with consumers’ can’t begin and end with purchase. Consumers look for brands that share their passions, create conversations, and – most importantly – prove their feedback is valued.