Winners and Losers in a Troubled Economy
Put simply: if businesses want to interact with customers using digital media, they will have to work out how to deal with an audience that is diverse, not uniform. A higher degree of sophistication is needed in order to create value and to attain enough credibility to be part of what interests today’s target markets.
Trend four: Changing our consumption of information Linear and print-based consumption of media is being challenged by the diversity of content online and digital interaction. It is questionable whether the humble book will ever be replaced, but one thing is certain: how we consume ideas has been revolutionised by digital communication. Online publishers should not assume that readers are willing to follow a straight narrative from beginning to end, patiently waiting for a conclusion. Online browsers are not easy to control. Hypertext means we often skip to the end, while a culture of fast-forwarding means that, whether we are viewing video, listening to music or a Podcast, we tend to simply skip whatever does not immediately interest us. Our expectations, demands and modes of interacting with content are no longer straightforward and predictable. We can consume, interact and engage at our own convenience, that is to say, where and when we want. Higher expectations mean customers demand to have everything their way, on their own terms.
Trend five: Trusting authority and the opinion of others When people refer to internet sources to help them make the right choices, they are deferring to others to make their choices for them. Often we call on the authority of those who we believe share our interests and values. But because of the infinite number of communication platforms online, working out which is useful can be hard work. The growing number of websites that provide user-generated content and recommendations, reviews and ratings have become important when making individual decisions as to what is valuable. At the same time, expert opinion is also more sought after in the face of so much choice. As the Guardian’s Jemima Kiss puts it, ‘values of credibility and trust are more important than ever in the ocean of information we have to navigate every day. The technology is not enough on its own, and that should be a comfort to editors everywhere’.13
Trend six: Expect detail, not just brand In some ways, the internet has prolonged our buying decisions. Intense market competition for our attention means that customers demand more—including options, 22