The New Consumer

The most important trend that we see in marketing today is the change in the consumer to the “ME” consumer. The collapse of the financial world in 2008/9 has had a major impact on today’s consumer. No longer were world financial issues a world away or someone else’s problems. Now they are my problems, or my family’s problems or my neighbor’s problems.

The collapse of the real estate market, financial markets and the economy in general has had a direct effect on today’s consumer. It has made a substantial change in how they think, whom they choose to do business with and what services they expect.

The days of blind trust in financial institutions are over. Today consumers wants to know first and foremost what you are going to do for them, followed closely by concerns for their community and society as a whole.

Today’s consumer expects more from all those they choose to do business with. Banks today need to build trust through actions not just words. Today’s consumer wants to know what you’ll do for them today not what you did in the past. In June 2009, a KPMG study reported only 19% of Americans trusted the financial system.

How you communicate with this consumer…the perception this consumer has of your bank is at the core of your bank’s future success. Today’s consumer is more serious, has more savvy, and is not willing to put up with poor service. Don’t expect loyalty from them, especially the younger demographics. They will leave you after one bad experience. That experience will soon be communicated to the hundreds of friends they have on social networks. Viewing this with today’s technology that single negative experience is likely to be multiplied by the hundreds.

This consumer needs to know that they have a true friend in their bank. They need to be communicated with one on one. They need to know that they are your focus.