All marketers recognize the importance of winning at the “First Moment of Truth” and influencing purchase decisions at the shelf. And to drive success (across brands, categories and retail channels), it is valuable to begin with a consistent thought process rooted in an understanding of how people actually shop.
Throughout the past decade, behavioral economics has made an enormous impact in the realm of academia, government and public policy. Today, this framework is now entering the world of marketing and consumer research — and its influence will be profound.
Over the past several years, we’ve seen an enormous shift in consumer preferences for food and beverage products. Increasingly, shoppers, most notably younger ones, are walking away from large brands perceived to be processed, artificial or mass-produced in favor of options they feel are more authentic, local and “real.”