How people conduct retail research, then purchase online and off-.
I attended an interesting presentation recently as part of the Yahoo Summit Series. The presentation covered research Yahoo and OMD conducted about the purchase process across a number of categories. The study examined how people conduct their own research, then make a purchase, online and off-. Though a majority of purchases still take place offline, the research shows online plays a critical role in the process.
The study incorporates 4,301 online surveys and 13 in-depth and in-home ethnographies. OMD and Yahoo specifically looked at people with broadband access who intended to purchase within one of the following categories:
Though consumers take varying paths to the cash register, the study shows patterns can be observed in the way people research and buy across those categories. The researchers drew some conclusions from those patterns, particularly from statements people make about their values and personality traits when they choose those patterns. The patterns and personality traits they defined and observed are:
The researchers went on to associate purchase patterns with the categories they observed. Across each category, they looked at most common, moderately common, and least common paths. Some findings were predictable: consumers of packaged goods typically take short paths, while car buyers take long and winding paths.
What was interesting was an analysis of brand loyalty across the different paths. In the winding and long and winding paths, there is little brand loyalty, which means there is a great opportunity to influence the consumer throughout these patterns. The research shows 30 to 63 percent of shoppers were undecided about the brand prior to shopping.
The research also suggests technology and evolving shopping patterns have changed the purchase funnel into a "tumbler," meaning people now get lower in the funnel, then widen their consideration set as they get closer to a purchase decision. Technology has given consumers access to more information, so they've become an ever-shifting target. Media planners must work ever-harder to understand these patterns and broaden their approaches.
Consider this research (PDF download) next time you're developing a media plan. Think about the paths your consumers might take, what those paths say about their personalities, and all the environments into which your consumers will enter. It will likely result in a much more diverse media plan, including things like blogs, mobile platforms, podcasts, shopping engines, instant messaging platforms, and who knows what else.
If you've implemented a media plan that takes these sorts of consumer patterns into account or are considering doing so, let me know how it goes.
Join the Industry's Leading eCommerce & Direct Marketing Experts in Chicago
ClickZ Live Chicago (Nov 3-6) will deliver over 50 sessions across 4 days and 10 individual tracks, including Data-Driven Marketing, Social, Mobile, Display, Search and Email. Check out the full agenda and register by Friday, Oct 3 to take advantage of Early Bird Rates!
IBM Social Analytics: The Science Behind Social Media Marketing
80% of internet users say they prefer to connect with brands via Facebook. 65% of social media users say they use it to learn more about brands, products and services. Learn about how to find more about customers' attitudes, preferences and buying habits from what they say on social media channels.
An Introduction to Marketing Attribution: Selecting the Right Model for Search, Display & Social Advertising
If you're considering implementing a marketing attribution model to measure and optimize your programs, this paper is a great introduction. It also includes real-life tips from marketers who have successfully implemented attribution in their organizations.
September 23, 2014
September 30, 2014
1:00pm ET/10:00am PT
October 23, 2014
1:00pm ET/10:00am PT