Digital World | Forgetful Consumer

This is a time machine post.

Digital engagement does not mean or equal good use of historical records.   In fact, I wrote a post in 2012 to prove the consumer market has a short term memory.   Here is the original post https://cohenovate.com/2012/01/ and a simple concept to go along with it.  I said

Consider buying stock in Carnival Corporation CCL if I am right people will forget that one of their cruise liners just crashed and they have already forgotten about how many people have gotten sick on cruises!   When you make your millions just send me a note..

The stock that day was $32.91,  today it is 49.06.   Would have made a few bucks if you invested.  What is more interesting is http://www.dividend.com/how-to-invest/carnival-cruise-disasters-how-has-its-stock-price-reacted/ which shows a history of disasters with CCL that have since been recovered.

The key point here is that more often than not, digital behavior and sentiment is more about “right now” as opposed to thinking of the past or future.   In terms of transactions, from an investor standpoint there are concerns and speculation about the future but consumers worry about current conditions.

Summary

The concept about the “forgetful” consumer will continue to emerge as it is a precondition for understanding how to work with customers.  Consumers are very forgiving but more than forgiving, they are forgetful.   With all of the technologies today bombarding them, they would forgive an organization for bad behavior if it means something”easy” today.  They forget because they are so bombarded.

Beyond the consumers, investors are pretty capable of figuring out what will stick in the mind of the consumer.   I may be pointing out the obvious but behavior is where we have to start in consideration of knowledge practices and technologies pertaining to “Digital.”

 

 

 

 

 

4 Comments

  1. Howie, I think our behavior is formed from our will and our will is where we choose what truth is. Understanding truth isn’t what is relative to our own good but what the will of God is because all truth comes from the Master Creator. Therefore when we don’t normalize information by going to the truth, it becomes subjective and thus for some… expedient to satisfy some condition which usually stirs up internal conflicts that generates fight or flight for males. Digital doesn’t let humans off the hook just because it is now a “formal” element of information but it has elevated the need to find the truth all the more because behaviors’ tied to subjective truths have and still are creating more chaos in the world. Being bombarded today is true, but because the truth is constant, being dialectic in our thinking is to me the only way forward for humanity. In dealing with customers, honesty is still the best policy which means establishing truth statements.

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  2. Howie, I think our behavior is formed from our will and our will is where we choose what truth is. Understanding truth isn’t what is relative to our own good but what the will of God is because all truth comes from the Master Creator. Therefore when we don’t normalize information by going to the truth, it becomes subjective and thus for some expedient to satisfy some condition which usually when a conflict that generates fight or flight for males. Digital doesn’t let humans off the hook just because it is now a “formal” element of information but it has elevated the need to find the truth all the more because behaviors’ tied to subjective truths have and still are creating more chaos in the world. Being bombarded today is true, but because the truth is constant, being dialectic in our thinking is to me the only way forward for humanity. In dealing with customers, honesty is still the best policy which means establishing truth statements.

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  3. I don’t think that is true at an “individual” level. I remember. I remember what Chick Fil A CEO said about gay people and still haven’t been to one. And no, I don’t intend to. I remember what Trump said, and no I don’t plan on promoting him. Truth is in the eyes of the beholder and the beholder’s memory. Although bombarded, we all pick our own truth. (The stock market picks its own truth.)

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