How Companies Have Failed The Changing Consumer

Conclusion – and where the future is brightest

The world has changed and the consumer has changed along with it. Consumers have become more cautious. They want more control because they’ve been conditioned to expect it from technology and things have gone wrong when it hasn’t been on their watch.

But there is reason for optimism because consumers are, no matter how you cut it, open to new ideas. What’s even more encouraging for brands is that the youth of America is even more optimistic, wise to the changes developing in our world and still savvy enough to know when things are going wrong.

Consider this: When asked whether they agree with this statement – “I think kids are more poorly educated today than in years past” – 59.5% of those under the age of 29 agreed.

That, of course, doesn’t speak well for the U.S. educational system, but combined with other attitudes you can see that younger consumers are grounded in the new reality.

In other words, if the economic downturn is a correction of sorts, then Generation Y has already adapted and will for the long term.

What does this mean for brands? It’s simple really. They have to fight harder in order to compete and become more meaningful in order to survive. We have all seen that most marketers waste their money. Pick just about any category and the marketing is nearly identical from brand to brand. How many of us have seen a commercial and either gotten it wrong about whom it was for minutes later or simply got it wrong?

Do you, for example, see a difference between Staples and Office Depot? Quick, which one uses the “easy button” motif?

The effect of the economy has certainly crippled companies, often negatively. But they haven’t done themselves any favors by failing to differentiate themselves emotionally or in tone from their competitors and they haven’t responded correctly to the changing consumer.

We are different consumers than we used to be; in effect, taking back control of the issue by spending less, staying home more, paying more attention while remaining optimistic, open to new technologies and understanding that change happens.

It’s the ones who should know better who haven’t caught up.

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