Three Important Characteristics of the Maturing Online Market
Marketers can learn a lot from President Barack Obama’s first year in office. While setting an ambitious agenda he’s discovered that governing is more difficult than getting elected. For online marketers, the lesson learned is that developing an ongoing strategy to achieve profitable revenues in a maturing marketplace is harder than in a dynamic, growing one.
Since buyers are at the core of every marketing strategy, it’s important to understand how the maturing online marketplace affects your prospects and customers. Here are three critical traits to consider:
- Consumer segments have evolved online at different rates and in different ways. For example, while text messaging is the dominant way that teens communicate, it’s not too popular with seniors. Further, customers have multidimensional needs that change over time. For example, not all mommy bloggers need diapers.
- Consumers are device indifferent. They expect to be able to access and use the Internet, their communications, and their information regardless of where they are, what tool they’re using, and/or what function they’re performing. Among these devices are computers, netbooks, Kindles/e-readers, smartphones, BlackBerries, iPhones, game consoles, and GPS systems. Smartphones were 25 percent of Q3 2009 U.S. mobile devices sold according to Nielsen. In 2009, 21 percent of U.S. households only had cellphones, but no landline based on Nielsen tracking. This means consumers must be able to read your content and complete transactions on their device of choice.
- Consumers are more security and privacy conscious. With increased public concern following the underpants bomber and the healthcare debate, Americans are more focused on personal security and protecting their privacy. This will translate to challenges for behavioral tracking and targeting used by publishers, advertisers, and retailers.
As President Obama has shown us, while the future will always present unexpected events, it’s critical to stay focused on your main goals. To this end, listen to your customers and react proactively and quickly to unforeseen developments.
By Heidi Cohen