Posted on: Wednesday 28th of April 2010
Two more articles explore the on-going control shift.
The first article comes from McKinsey and discusses the effects of word-of-mouth on marketing. The article starts off thus:
“The sheer volume of information available today has dramatically altered the balance of power between companies and consumers. As consumers have become overloaded, they have become increasingly skeptical about traditional company-driven advertising and marketing and increasingly prefer to make purchasing decisions largely independent of what companies tell them about products.
This tectonic power shift toward consumers reflects the way people now make purchasing decisions ….”
Unfortunately, the rest of the article goes off on a tangent (which I explore a little more here). But at least the first observations are spot on.
The second set of articles appear in a CRM magazine special issue on The Empowered Customer. They focus on the rise of Vendor Relationship Management (VRM). After a long time in gestation it seems, VRM is beginning to gain momentum.