In recent years, the terms, “sharing economy” and “connection economy,” described changes in consumer behavior driven by digital. Now there is a new concept to consider: the” instant economy.”

Forget what your mom taught you. We’re all becoming Veruca Salt from Willy Wonka:

Well, maybe we’re not such spoiled brats, but there is no doubt that the supercomputers we carry around in our pockets are changing our expectations.

Google reports that people are searching for information, products and services with the expectation that content will accommodate their needs at that moment. They coined the term, “micro-moment,” to describe this behavior.

People don’t just want options put before them; they want personalized solutions.

This means every business, from small, local contractors to big e-commerce retailers, needs to think about how their content serves the needs of consumers who are searching on mobile for information, trust factors and transaction options — and expect it all instantly.

Searching for the best

In years past, when you needed a new toothbrush, you’d put it on your grocery list and buy whatever looked good at that store. The idea of hunting down the very best toothbrush for your needs didn’t occur to you because finding it was more effort than you were willing to make.

But today, you can search for “best toothbrush,” find info and reviews, then buy the toothbrush you want — all while standing in your PJs in front of the sink. Google reports that searches for “best toothbrush” have increased 100% in the last two years.

This correlates with “best” searches increasing by 80% overall in that time span, covering everything from high-consideration items, like cars, to everyday products, like toiletries.

Today’s consumers are empowered by their access to info and reviews that let them quickly discover high-rated items. Marketers need to consider this motivation and make sure favorable content ranks on these searches.

Location is a given

It used to be a common SEO practice for businesses to include their area name, zip code or the phrase “near me” in their keyword phrase. For example, you might have a =keyword targets, like “pizza Seattle” or “plumbers 80501.”

But data shows far fewer people use location indicators in their search queries, particularly on mobile. Instead, they’ll search for “pizza” and expect their device to give results near their location.

This is also true of mobile website and app experiences, where users are more likely to purchase from a company whose content is customized to their location.

Today, people know their mobile devices geo-track their location, and if they need something nearby, they expect search results to be automatically relevant.

If Google doesn’t know where you do business and display searches happening near you, you need to correct it. If you don’t show up on the lead’s phone, you don’t exist.

Right now

This brings us back to Veruca Salt.

We are emboldened by the power of the mobile phone. We’re impatient, impulsive and we expect instant gratification.

Our phones let us shop on a whim and get answers without delay.

Improvements that provide a speedy, frictionless mobile experience are only driving expectations up. We want it now.

This behavior corresponds to some important changes in how we search.  For example, instead of searching for business hours, we simply want to know what’s “open now.”  Here is the historical data on searches that use “open now:”

These searches relate to both impromptu decisions and sudden, active needs.

With these on-the-spot decisions, people’s brand loyalty declines. They choose whatever can most conveniently serve their immediate need.

This need for immediate gratification even carries over to products. There is also a spike in “same day shipping” searches since early 2016.

Overall, consumers today are showing tendencies to do less long-term planning and more last-minute decision making – facilitated by mobile search.

For example, travel and hotel-related searches that include “tonight” or “today” have increased by 150%.

Conclusions

Smartphones give consumers a new level of confidence. We can find what we want when we want it. We can get the best options closest to our location. Our nimble thumbs can discover entertainment, dining and travel experiences at the last minute. Who needs to plan ahead?

Businesses need their mobile experiences to meet this expectation. Veruca Salt is on that phone. Google reports that, for every second of delay in mobile site load time, conversions drop by 12%.

People have always favored speed when it comes to online experiences. They enjoy websites with clear info that make it easy for them to complete their task.

Today, instant is becoming an expectation. Technology facilitates this, but many brands remain are like Mr. Salt, bumbling along as he tries to fulfill his daughter’s endless requests.

Impatience is hardly a virtue, and in a way, it seems a shame to enable it. But that’s the world we find ourselves in.

Many potential customers will look you up only when their need is immediate. Either be there with a fast, mobile-ready website or lose them to competition who is.

Increasingly, leads are won — or lost — in an instant.

Welcome to the instant economy.

Originally published on 9/6/17