The Scientific Formula For Purchasing Decision
For years, there has been this rinse and repeat cycle whenever a purchase decision would occur. Whether you’re replacing your running shoes, buying a new car or figuring out what to eat for dinner, there is a reoccurring cycle that helps us come to our conclusion.
Earlier this year, David Edelman of McKinsey & Company published a blog post on Harvard Business Review discussing a shift in the way consumers are interacting with brands in the digital age. This was referred to as the Consumer Decision Journey. We took this knowledge and incorporated it into our thinking; even adding an additional step, “Trial,” to express the powerful impact of field and experiential marketing play in a consumer’s decision.
The Journey
Consider - Picture yourself as the consumer. When a purchase decision is about to occur, you take into consideration all of the options at your disposal. This is where push media, such as billboards, commercials and magazine ads come into play as brands seek to overload our senses to stay top-of-mind.
Evaluate - It’s time to take these considered options and see which ones are the most practical. By evaluating things like price, obtainability and turn-around time, the number of potential brands is narrowed to a small percentage of what was originally available. This is a great time for brands to showcase their creativity to help keep us from waning to their competitors. Social and consumer reviews start to come into play, as well. You may pose a question to your Facebook friends or check ratings on Amazon or Yelp.
Trial - Now that you have thinned the herd a bit, it’s time to get hands-on with the product. This is where experiential and field marketing shine. By getting a product into your hand, you have the chance to experience it before you commit to a purchase.
Buy - At this point, only two or three brands are left as options when it comes to fulfilling your need. This “last mile” of marketing is still as crucial as the others. Packaging design, shelf placement and point-of-sale can still make or break a purchasing decision.
In this new Consumer Decision Journey, decisions on what to buy are happening closer to the point of purchase than ever. Hitting that sweet spot right before a purchase decision helps push a brand from being the consideration to being the purchased product.
The Loyalty Loop
The Loyalty Loop is the what can be considered the Holy Grail of marketing. By developing a relationship with consumers, brands have the potential to create bonds that make their product a “must buy” every single time. This, essentially, short-circuits the entire Journey above and moves their brand to the front of the purchasing decision every single time. But turning average consumers, such as yourself, into brand advocates who swear by a product is no easy task.
Enjoy - After a product succeeds in being purchased, it’s the brand’s job to make sure you have a satisfying and enjoyable experience. This extends beyond the products intentional use (e.x. shoes for running or food for eating). Brands use social media, blogs, apps and experiential marketing to start building a relationship with you. Clicking the “Like” button on a brand’s Facebook page is just the first step.
Advocate - If done correctly, the enjoyment phase will create a spark of advocacy inside you; provoking you to share your experiences with your peers. At this point, the brand has surpassed it’s original goal of connecting with one consumer, you, and is now connecting with all of your social circles.
Bond - What started as a consideration has now become a passion. You have formed a bond with the brand and it is now the one and only consideration when it comes time to purchase a product in that category again.
The Loyalty Loop isn’t a free ride to success, by any means. Without a proper stream of content and engagement from the brand, it is possible for consumers to lose their bond and drift back out into the Journey.