We’ve all been there before. We’re in a store trying to choose between two items.
What is the tipping point?
What are the factors that give one product the edge over the other?
(Beyond the eannie, meannie, minny, moe method)
A new study looks at what things go into the decision process for grocery shoppers among moms & dads. While this research is based on food shopping activities, the logic is transferable to other shopping behavior.
What Influences purchases outside of price or quality for moms & dads:
• 37% of dads and 44% of moms say a coupon
would be the biggest influence in choosing one
item over another
• One in five dads and one in six moms said product benefits would be a determining factor
• 12% of moms and 14% of dads say the brand name sways them in choosing a product
• 10% of moms and dads cited in-store promotions and the ability to get a free sample as things that weigh into purchasing one product over another
• Less than 5% of moms and dads said that environment or social benefits would weigh into their decision
What Does This Mean To You?
Knowing what the reasoning is behind consumer choices can not only help you sell more goods and services, it can boost you over the competition. The study above points out several things particular to grocery shopping, but the basic principles are applicable to most businesses.
The Offer – Whether you are promoting a particular item, or your own business, an offer is a great way to set yourself – or your products – apart and drive traffic. For many consumers, the economy is still a challenge and they are looking to save money any where they can. The offer does not always have to be a straight discount. Think about rewarding customers for purchasing or spending more money.
Benefits – People make purchases because they see value in a product or service. It solves their problems, saves them time or saves them money. By promoting the benefits you or a product delivers, you and your products move from being something has to be bought to a solution for a problem.
Brand Name/Reputation – For some purchases, a brand name has a larger influence than others. In many cases, a brand name is a representation of reputation. If you have a great reputation, promote it. A respected name in the community can have an effect on whether people patronize you or the competition. You can also increase you reputation by marketing respected products. You may also be able to increase your marketing efforts through the use of co-op advertising.
Awareness – If a tree falls in the woods… If you don’t tell consumers about your business and the goods & services you offer – how are they going to find out? Your competition is not likely to tell them.
The same goes for the products you carry. Consumers may know about these items, but do they know that you sell them?
There are many factors that go into why consumers make the choices they do. Some of them you can influences, others you can’t. To be successful, you want to make it as easy to find, contact, shop and purchase items from your business as possible. For more information on gaining a competitive advantage and creating traffic, please contact:
Source: Cone Communications