Business in the 21st century increasingly depends on the ability to market to consumers in the digital, mobile and social realms, and yet, marketing is barely keeping up. The old way of engaging consumers doesn't work any more, if it ever worked in the first place.
This old process is known as the funnel model, which involves a customer learning about a product and walking down a linear path from their to the cash register. Purchasing decisions simply don't happen that way any more. Customers can learn about products at any point. The good news for marketers is that customers can be engaged earlier than ever before. They can also be engaged at a much cheaper price than ever before.
In today's lesson, David Edelman, Partner at McKinsey and Company, argues for a new marketing model for the 21st century, which he calls the "consumer decision journey."