If you think your customers have changed since the pandemic, you’re not wrong. And it’s probably not all that surprising given the global forces putting pressure on their lives. For one, inflation in Canada reached a 40 year high in June with food and gas prices surging. Consumers are feeling the pinch and are reacting. And as a result, Accenture says businesses must adapt to a broader way of thinking. 

Accenture Song has been conducting extensive research to better understand what’s driving behaviour and identify the best ways to respond. The company’s two latest reports – The Human Paradox and The Life Centricity Playbook – dive deep into those forces, and some of the results may surprise.

Accenture Song found that 71% of Canadian consumers surveyed indicated that recent social movements and inflation are playing an outsized role in their lives. But, while consumers might advocate strongly for things like more local, sustainable products, budgetary considerations are far more likely to win out when it comes time to make a purchase. 

It sounds like a contradiction, and consumers are just fine with that. In fact, Accenture Song found that 72% of those surveyed admitted to behaving paradoxically, and 75% thought that doing so was “human and acceptable.” 

The firm says its research is showing that customers have fundamentally changed “their values and life’s purpose” in the last year, and that change is likely to create tension as businesses struggle to keep up. 

Accenture’s most recent survey found that of the 25,908 individuals (1,201 Canadians) polled, 95% of both B2C and B2B executives believe their customers are changing faster than they can adapt their businesses. Though nearly all of those executives said they were focusing on digital transformations to try to mitigate those risks, 97% acknowledge that such efforts are only allowing them to keep pace, not fuel new growth. Consumer behaviour is simply evolving too quickly.

Accenture says that while many businesses are still striving to be customer-centric, our research shows the bar has moved. To remain relevant to their customers and fuel growth, brands need to become life-centric. This requires businesses to understand various contexts of a customer’s life and tailor products and services accordingly. To do this effectively, organizations need to build muscles around customer intimacy, relevant data and operational agility.

According to the firm, life centricity acknowledges the multifaceted nature of consumers, seeing them as more than just nameless faces pushing a shopping cart. It involves keeping a finger on the pulse of the external forces that impact modern life (whether that’s economic, social, cultural or other pressure points) and finding new ways to respond that create value for all. 

Such an approach, Accenture Song says, is what’s required to create a bigger canvas that can add real value and offer more relevant experiences. It requires a very  thoughtful approach to consent, privacy and the responsible use of data. Companies with life-centric strategies are willing to upend business models and internal operations, and reimagine who their customers are. 

In return, says Accenture, life-centric companies are three times more likely to outperform their peers on speed-to-market and almost five times more likely to outperform on customer lifetime value.

Based on its data and analysis, the firm has identified five key plays that will help companies grow and thrive, even in the face of unfavourable market conditions. To see their recommendations, consult the report (links below). 

Accenture summarizes these points as “See, Solve and Simplify.” Basically, see the realities of the external forces affecting customers, solve for the shifting scenarios these realities create by offering flexible options, and simplify processes to cut through the noise and make it easier for consumers.

To learn more about Accenture’s research and recommendations, check out The Human Paradox (which explains the new consumer in detail) and The Life Centricity Playbook (which offers strategies for growth through relevance). 

For more information please visit  – www.accenture.com