The 24-Hour Customer

So Many Choices, So Little Time

Consumers face a multitude of product choices, and customer loyalty is dwindling. People suffer so many demands for their time that companies have difficulty creating advertising and marketing that holds consumers attention. Shoppers increasingly protect their precious time and tune out anything overtly commercial.

In this “media-rich, mobile, multitasking world,” companies must focus on and gain buyers’ attention and time. Consider Ty’s Beanie Babies, the extremely popular stuffed animals. Beanie Babies eventually faced competition from Ganz, the company that manufactures Webkinz, a similar menagerie with an extra incentive: online avatars of each cuddly critter. Ty had a well-known brand name, a cheaper price and attractive channels for distribution. To compete with Webkinz, Ty developed a “Beanie Babies 2.0 virtual world.” But Ty could not displace Webkinz. Parents limited their children’s online playtime for Webkinz toys, and kids had no additional time for Beanie Babies.

Marketers should worry less about “customer preference, brand recognition and product satisfaction,” and more about consumers’ available time. Assessing the...