June 30, 2009

The purchase funnel is no more

McKinsey have conducted a study examining the purchase decisions of almost 20,000 consumers across five industries and three continents, and come up with what they call the consumer decision journey.

The funnel concept fails to capture all the touch points and key buying factors resulting from the explosion of product choices and digital channels, coupled with the emergence of an increasingly discerning, well-informed consumer. A more sophisticated approach is required to help marketers navigate this environment, which is less linear and more complicated than the funnel suggests. We call this approach the consumer decision journey.

Because of the shift away from one-way communication - from marketers to consumers - toward a two-way conversation, marketers need a more systematic way to satisfy customer demands and manage word-of-mouth.

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