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Collecting information on Smartphones may lead to smarter insights

But spare a thought for the poor admen. Their industry is going through a particularly difficult time. Not only are they confronting a proliferation of new “channels” through which to pump their messages; they are also having to puzzle out how to craft them in an age of mass scepticism. Consumers are bombarded with brands wherever they look—the average Westerner sees a logo (sometimes the same one repeatedly) perhaps 3,000 times each day—and thus are becoming jaded. They are also increasingly familiar with the tricks of the marketing trade and determined to cut through the clutter to get a bargain. Scepticism and sophistication are especially pronounced among those born since the early 1980s.

A study by the Boston Consulting Group found that 46% of American “millennials” use their smartphones to check prices and online comments when they visit a shop.

Many companies want to go further and bypass conventional ad campaigns altogether. It has long been known that “earned media”—word-of-mouth recommendations from friends, family and news articles—are highly trusted. Nielsen’s studies show that strangers’ comments on social media and online forums are also now seen as credible sources, rivalling traditional “paid media”.

Your company is likely to face an extinction event in the next 10 years. And while you may see it coming, you may not have enough time to save your company.

While 74% of business executives say their company has a digital strategy, only 15% believe that their company has the skills and capabilities to execute on that strategy (see figure). These are just some of the findings from our latest research (Forrester clients click here).

Dynamic Ecosystems Of Value Consumers are already adapting digital tools to their lives, both for personal use and for business use. These tools — apps for smartphones and tablets — allow device owners to create a collection of tools that satisfy a need or want.