Why Moments Matter for Consumers

Moments can be breathtaking … and fleeting. A baby’s first word, an extraordinary sunset shared with friends, a Super Bowl-winning catch.

These moments are exceedingly dramatic. And increasingly, consumers want the products they use to be involved in these moments, whether big or small.

For companies that have adapted business models and business processes to respond to these moments, customer loyalty is more likely to grow. For those that miss these consumer moments, the risk of lost business rises significantly.

Today’s consumers are more plugged in than ever before. They are connected via multiple devices, inexpensive wireless connections and active social media use.

These modern consumers are far less interested in just purchasing a product or service. They want outcomes related to those products and services.

Seizing the Moments with Successful Business Ideas
There is tremendous potential associated with the changing expectations. For companies, particularly those that make and sell consumer products, the opportunity requires better anticipation of these moments to develop successful business ideas. Companies need to be prepared, ready to respond and engage, ready to provide value and ready to adjust as the moment dictates.

Not all moments are, well, momentous either. They can, in many cases, be thought of as opportunities. Consider the power of smart shelves in retail stores. These shelves can have embedded sensors, software, and wireless connectivity. Consider a customer who has agreed to receive special deals via text or a downloaded store’s app. When that customer walks past the shelf, the sensor accesses her past purchases and immediately pushes out a special coupon to her, alerting her via text message.

The moment is small, indeed, but the aggregate effect of such moments can be considerable.

The demand for these moments is only likely to grow. A recent Deloitte study reported that 42 percent of consumers have a desire to leverage technology for personalized and customized products. Of those who are interested, 19 percent would be willing to pay an additional 10 percent for the opportunity.

When you think about the impact of technology on these moments, a clearer picture begins to emerge. Today the average United States consumer uses digital media 5.6 hours each day. The majority – 51 percent – of that time is spent using a mobile device.

Rethinking Everything With Unique Business Ideas
For companies to be ready to respond to these moments, they need to consider major disruptions to business models, business procedures, and the way work is done. Consider customer service, for example. Sending an email and waiting several days for a response is no longer acceptable for many consumers. Instead, they want to be able to Skype, tweet or text with someone who can resolve any problems … in the moment of need.

These unique business ideas are often about personalization. It’s about connecting with customers when the need (or opportunity) arises, providing value to the relationship that has been forged. These experiences are likely to become the norm, not the exception, soon. For companies that are ready and responsive, the gains are significant. For those companies that do not, the moment is likely to pass them by.