Data Driven Business

Today’s consumers interact with multiple channels. For example, the same customer may have touchpoints that include word-of-mouth, billboards, Facebook ads, in-app promotions, and call centers.

Today’s consumers can “replicate themselves,” meaning that they can use multiple devices and channels simultaneously. For example, a user may be shopping in a regular store while comparing prices at a competitor on their phone or tablet. They may be comparing prices and features using two browser windows.

It is almost impossible to maintain a captive audience. It takes competitors very little time to get to market, and there are competitors in almost every niche.

Switching costs for most products and services have been eliminated or drastically lowered, again making it harder to maintain a captive audience.

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