Consumers make 70% of decisions at point of purchase. 70%?? This is the new reality in today’s market.
Marketing and communications practices have been disrupted by three major shifts:
- Marketing spend is being distributed across many more channels — broadcast TV, cable TV, streaming TV, YouTube, terrestrial radio, satellite radio, streaming radio, Facebook and other social media platforms, mainstream websites, apps, niche blogs, and many, many more.
- An evolution beyond brick and mortar. The nature of the purchase location has changed dramatically as e-commerce has emerged. It first evolved to include purchases made online (either at home or work). It’s shifting once again to a mobile purchasing that is being completed anywhere, at any time, in short bursts.
- Amazon is dominating the shopping experience, not only in the number of items it sells, but in how consumers search for items (so much so that Google has now partnered with Walmart).
The result is that shopper marketing is a highly scrutinized, fast-evolving area for most brand marketers and requires constant assessments of consumer needs and behaviors. This includes getting smarter about using PoP (point of purchase) as a means for winning at the “first moment of truth.” Once you hear that 70% of all purchase decisions are made at point of purchase, it’s no wonder that these efforts are getting so much attention.
Our experience (and our research supports this) is that most purchase decisions are more complex than just being last-minute choices.”
But what about cultivating your brand to help it win before that first moment occurs? Our experience (and our research supports this) is that most purchase decisions are more complex than just being last-minute choices.
So, what can marketers do before that “first moment of truth” to ensure that a brand is in consideration?
Here are 3 things to focus on so you’re poised to win:
- Get back to basics. Understand your target segments, including where and why they shop. This will ensure that you are creating effective messaging strategies, marketing campaigns and brand content that meet your customers where they are.
- Cultivate brand advocates. Social media has empowered the consumer shopper. While a brand can’t control the conversation, it can try and influence it by pushing content and supporting real advocates. Leveraging word of mouth influence is as important as ever!
- Build a unique brand ID. As more consumers shop via their mobile phone and start their experience on Amazon or Google, consumers are presented with a wide array of competing brands. Thus, a brand/product needs to stand out beyond price.
Learn more about positioning your brand before that first moment of truth.