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Note to self: Cancel Your Plans for Infomercial

03/15/2010

Looking to connect with your customers? Forget about direct mail or branded infomercials. Consumers have changed how they research products. According to new research from BIA/Kelsey Group 97% of consumers are now researching products and future purchases online.

97% penetration is significant – no matter how you slice it. But here’s the number that is stunning – on average consumers are looking at 7.9 different sources for product information. Personally I’d consider a 3 to 4 source search on a product as thorough. If the average is looking at twice the number I do – there’s a group out there spending significant time deciding what to buy, for how much, from whom and when.

Why? Right now consumers are smart and scared. Research from Alix Partners reveals:

  • Despite technical signs of recovery, consumers are unconvinced that the weak economy will recover its vitality soon
  • Consumers remain anxious but less so than they were at this time last year.
  • Unemployment is not the only factor holding back retail spending. Across the demographic spectrum, consumers are restraining their spending

For anyone in business today, myself included, these findings are a call to action.

Go where your customers are.

Give them confidence in your product or services.

Oh, and maybe stay away from infomercials.

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