'04-24 The Evolution of Buyer Psychology

Over the last two decades, I've seen people's attention shift from traditional media with basic cable and broadcast to streaming those airwaves over the 'computer'. You remember those days, when Netflix used to mail CDs to your house and you'd return them. The days when we all had a favorite radio station(s) and a few channels that we always watched on TV?

Fast forward to 2014, when social media grew outside of its college-town beginnings and was on full-scale global domination and business, people, and politicians started seeing the power of social media and how it could help reach masses of people. Sure there was creative, but now there were ways to use data to find the 'who' in the audience. We quickly moved from statistical sample sets in media to logged-in user data.

A decade later, our technology allows us to effectively do much more than we ever thought possible, with even better, more effective technologies coming in our near future. It's an exciting time to grasp new technologies, to start new ventures, and to see where people's attention will shift next. This shift, like others before it, will cause businesses to lose market share and eventually go out of business. Those who continue learning about the shift of attention, what tech can do for their business, and how to manage it all will gain market share.

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2004 Traditional Media's Dominance and the Age of Brand Trust

In 2004, traditional media—TV, radio, and print—dominated the marketing landscape. These channels were seen as highly credible sources of information, and brands that invested heavily in advertising here were often perceived as trustworthy, reliable, and of high quality.

Consumers trusted brands that could afford prime-time TV spots or full-page magazine spreads. There was a direct correlation between a brand's visibility and its perceived value.

Without the internet's vast array of choices, buyers often felt a sense of urgency and scarcity, spurring quicker purchasing decisions.

Despite traditional media's dominance, word-of-mouth (which often happened in offline settings) was still a powerful influence. People turned to friends, family, and colleagues for recommendations.

What It Meant for Marketers

• Brand loyalty was high, and creating a consistent brand message across a few controlled channels was easier.
• Campaigns were less data-driven and more focused on creativity, storytelling, and wide-reach strategies.

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2014 The Digital Disruption and the Birth of the Social Media Consumer

By 2014, social media had established itself as a formidable marketing channel. Platforms like Facebook, Twitter, and Instagram were in full swing, reshaping how brands and consumers interacted. This decade marked the beginning of two-way communication, where consumers had a voice and brands were expected to listen.

Social media gave rise to a new form of validation—‘likes,’ ‘shares,’ and ‘comments.’ People began making purchasing decisions based on what their social circles were engaging with, leading to the rise of influencer marketing.

Consumers had more access to information, making them more discerning. They read reviews, compared products online, and became adept at identifying marketing “fluff.”

Social media platforms nurtured online communities, where consumers sought to connect with brands that resonated with their values, fostering a sense of belonging.

What It Meant for Marketers

• Campaigns became more data-driven, with social listening tools offering insights into consumer sentiment.
• Brands needed to focus on engagement and building relationships rather than just pushing out messages.
• The rise of micro-targeting allowed for hyper-personalized content, shifting the focus from broad reach to relevance.

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2024 Data-Driven Decisions, AI, and the Power of Authenticity

Today, the digital ecosystem is fragmented, and consumers are bombarded with content from every direction. AI is playing a significant role in shaping marketing strategies, while issues like data privacy, misinformation, and “digital burnout” are at the forefront of consumer concerns.

Consumers are more skeptical of advertising and brand messages. With the rise of fake news, deepfakes, and data breaches, trust is a fragile commodity. Authenticity and transparency are more critical than ever.

While consumers appreciate personalized experiences powered by AI, they’re also wary of how their data is being used. This creates a tension between wanting tailored experiences and protecting their privacy.

Buyers are now prioritizing the experience of engaging with a brand over the product itself. They seek brands that are purpose-driven, create meaningful interactions, and align with their values.

What It Means for Marketers

• Marketers must strike a balance between leveraging data for personalization and maintaining ethical boundaries. Transparency about data use is paramount.
• Engagement must go beyond the transactional; it’s about creating memorable experiences and emotional connections.
• There’s a renewed emphasis on storytelling, but now with a focus on genuine, relatable narratives that address the consumer’s journey and pain points.

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The Takeaway, What 20 Years of Buyer Psychology Tells Us

In my experience, the common denominator is consistency. By consistently aligning your ads, your story, and your products/services on the channel(s) that best align with your target audience, marketers and business owners can continue growing market share while learning what performs better.

Not changing anything, not 'believing the technology' or where things are headed (quickly), is not a good strategy. Start thinking about your marketing and business strategy.

Are you operating like it's still 2014, or are you preparing for 2030?