With mobile now dominating the services sectors, with apps like Tinder for getting a date, or Uber for finding a cab, there isn’t much that people have the will or desire to wait for anymore. This ‘on-demand’ consumer culture is not only making us less patient individuals, but is also changing many aspects of how the services industry operates.
The Mobile Mindset and the Need for Speed
Services have become immediately available to us right at the tips of our fingers, making the majority of non-mobile optimized services obsolete. With mobile devices, users can access virtually anything from anywhere (providing you have a signal), which has only served to increase consumers’ need for speed. Furthermore, rapid technological advancements in wireless broadband, and cellular internet connections such as 4G, have only served to exacerbate users’ high expectations for instantaneous access to information and services over the internet.
Website performance is therefore one of the most important aspects of a business website; particularly within the services sector, where customer satisfaction is the bottom line for success, speed is essential. In fact, as this blog post suggests, “18% of shoppers will abandon their cart if pages are too slow,” and at an estimated cost of over $18 billion per year, this 18% of lost revenue due to slow page performance works out to more than “$3 billion in lost sales (across US ecommerce sites)” per year. Therefore optimizing the loading times of a website will greatly improve conversion rates, and ensure that such a needless loss of sales is avoided.
Capitalizing on Instant Gratification through Location-based Mobile Marketing
The bottom line is that people are willing to spend for instant access. Consumers are paying that extra charge for same-day delivery or for a monthly subscription for media streaming sites, like Apple Music, Spotify, and Netflix. Moreover, some of these services are made available for purchase through a range of alternative purchasing methods, making them even more accessible to meet consumer demands.
Not only are people prepared to pay for instant services, but they are more receptive to personalized marketing strategies in relation to physical business locations as well, allowing for location-based marketing. With such an instantaneous focused consumer base, it is not efficient enough anymore to focus merely on responding to customer needs, but companies need to be able to anticipate these needs ahead of time. Location-based marketing aims to do just that, and has taken the form of coupons and discounts regarding stores in the vicinity, to media consumption offers, and other various helpful services. Ultimately, location-based marketing works to merge online and offline content, as well as anticipating demands and needs through data analytics.
So what does this mean for business strategies? Not only do businesses need to respond faster to a consumer culture that desires to access services from anywhere and at any time, but they need to learn engagement methods that will attract a mobile, on-the-go consumer base. Services must be on-demand to meet the instant gratification expectations of its mobile consumer base and must cater individualized marketing strategies that proactively reach out to the customers – instead of waiting for the customers to come to them.
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