Consumers now demand return on what they have helped create. In an era of ‘savvy’ spenders – those who are still spending but prioritising where – the need to appease consumers has never been greater.
The power of the consumer is at its height. Knowing exactly what influences purchasing habits and the best way to reach consumers through evolving media is vital. A true reflection can only be gained through the use of intellectual analysis and research.
The analysis of consumer behaviour for business purposes was pioneered by Ernest Ditcher, marketing expert and psychologist. A recent article for The Economist , mentioned over 2000 times through social media, highlighted the revolutionary impact he had upon marketing by demonstrating the opportunity irrational buying offered for smart selling.
By combining individual and cultural data, an accurate, 360-degree view of the consumer can be created allowing the analyst to see how behaviour may change over time. This gives direction on how a brand needs to move before another brand gets there first, in a sense helping to predict the future.
Insight would be wasted if it does not show benefit to the consumer. It should not be a one way process and the underlying point is to show the consumer that you understand their needs. Communicating this is just as important as the research itself. For example, ASDA’s ‘Chosen by You’ range and Aviva’s ‘You are the Big Picture’ campaign. After all, the consumer is king, and, to gain loyalty, this is what he or she needs to be reminded of.
Placing consumers at the centre of the branding process is the key. Using the analysis of data, vital insight and creative will provide return on investment and reduce risk. The bottom line is: if you learn from your consumers, you can multiply them.
Lauren Overton
Consumer Analyst
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