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.
Today’s consumer is not the consumer of the past, and tomorrow’s customers will continue to change at a rapid pace: Demographics and shopping habits are shifting; technology is creating new ways for them to purchase from a greater range of products; and attention spans are plummeting.
TricorBraun continues its commitment to consumer focus groups with a series of groups exploring female consumers’ preferences for hair care product packaging, both for in-home use and in smaller sizes for travel.
Recent marketing research has revealed that Millennials aren’t especially brand conscious or brand loyal. But that might be a bit misleading, since kids have always been skeptical about consumer product marketing, especially hard-sell tactics.
Digital and social-media is changing everything, especially consumer behavior. This impact is greatest in the early stages of the purchasing pathway, when consumers are discovering brands and searching for product options. The industry is still adjusting to this change; new sales channels have arisen and established channels are changing and blending with the new.