The one factor that has remained constant in consumer behavior is that branding makes a huge difference. However, through the years there has been a shift in the spending and analytical behavior of consumers, let us look at the factors:
Checking out the veracity of claims made by a brand through online reviews provides the ardent consumer with relevant information. By taking into account the pros and cons, the individual gets to make a more informed decision. Of course, the accuracy may be off base, but one can gauge the reaction and make a decision.
With more celebrities endorsing various brands, fans follow suit and make a play for the product or service. For instance, a hardcore tennis pro will expect to better their score because of the brand of equipment endorsed by famous players such as Roger Federer, Serena Williams, Rafael Nadal.
The average person spends at least an hour a day on the internet. Social media has a huge connect where prospective customers make a play for products that interest them. A Facebook page or Twitter handle with relevant details and commentary for and against the product is a way for consumers to make a choice.
To sell a product or service, the objective of the business is to generate hype in the market. The idea is to offer a sweet bargain for a limited time, like lightning sales, which captures the interest of the average consumer. This has worked phenomenally well on a large footing and helps the consumer buy his/her coveted brand at a fraction of the cost.
Word of Mouth
Millennials do not just go by generic advertising, they prefer the real deal through word-of-mouth details about businesses and what they have to offer.
These are some of the ways in which consumer behavior has evolved over the years. Mail outs and leaflets may still remain to the day, but the vast reach for advertisers is through the internet.
Sebastian Greenwood quoting Hugh White says “The past cannot be changed. The future is yet in your power”.
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