“It is very hard to stay ahead of the game but it is essential,” was the message from David Lewis, as he warned that companies need to earn the loyalty of modern consumers to survive.
He said there was a huge amount of churn among consumers and that loyalty flows to the companies which offer the best service and the most rewarding innovations.
Consumers were influenced in their choice of product by what he called the new scarcities. “What we don't have a lot of is time and attention and we certainly don't have a lot of trust,” he said.
New consumer purchasing patterns were also shaped by an abundance of products, plenty of choice, competitive global markets and access to vast amounts of information.
“To be a success, there needs to be a buzz about your product, as people can easily see through hype and are very cynical about any commercial messages being put out by the company.” Lewis said.