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The Consumer’s Path to Purchase by Category

22 Aug

We know that consumers shop differently for various goods and services. But we can always learn more.

Millward Brown Digital recently produced a report entitled “Demystifying the Consumer Journey?” A free download is available with a simple login.

The chart below summarizes the average length of a shopper’s journey (in days) and  the level of involvement accompanying a purchase decision (in other words, how hard the consumer was willing to work to make a purchase decision). Millard Brown concluded that:

“The risk of making the wrong decision is a powerful thing. When a wrong decision could result in significant financial loss or impact personal safety, consumers invest more time and care in the decision-making process. As a result, the average journey length for an auto purchase, for example, is nearly 10 times longer than that of a beauty purchase.”

“A ‘marketer-centric’ approach to budget and resource allocation is often the easiest option. However, by placing the consumer at the center, marketers can tailor budget allocations to the digital touchpoints that drive real consumer action.”

 


 

Multimedia View of 2016 Most Valuable Global Brands

27 Jun

The 2016 BrandZ most valuable global brands report by WPP’s MillwardBrown is now available.

This year, a lot of FREE information about valuable brands is presented online, in addition to what is shown visually in our post. To access these other materials, click the links provided below the three visuals we highlight.

When you have finished looking over all of these materials, click here for a fun quiz.

 

The infographic reveals a lot of information about the 2016 report in an easy-to-read format. Click the image for a larger version.


 

The full 2016 report (141 pages) may be accessed by clicking on the image.


 

Here is a video on the fastest-rising brands.


 

Other information about global brands:

 

Expert Insights on Auto Industry Disruptions

22 Jun

Automotive News regularly runs an EY Automotive & Transportation Insights page from the EY consulting firm, “featuring videos, insights, opinions, thought leadership, stories, and better questions from EY to help automotive leaders in business build a better working world.”

Below is a six-minute video seminar — featuring Julia Steyn, General Motors head of urban mobility and Dr. Chris Borroni-Bird, Qualcomm vice-president of strategic development). They focus on the factors causing disruption in the auto industry and how automakers can evolve given the trend toward mobility.
 
 

 

TV Interview on Database Marketing

21 Jun

This television interview of Hofstra University’s Professor Joel Evans (from the Zarb School of Business) recently appeared on Fios1’s Money & Main$treet program. The interview was conducted by host Giovanna Drpic. It deals with several aspects of database marketing — from a small firm perspective.
 

 

The Dollar Shave Club Goes Humorous

17 Jun

Over the last several years, the Dollar Shave Club has revolutionized the way that shaving items are sold. Since its inception, the DSC has generated hundreds of millions of dollars in sales. And its success has generated new online competition, include the venerable Gillette brand — which now has its own online shave club: the Gillette Shave Club.

In response to the heightened competition, the DSC has just introduced a new, humorous advertising campaign.
 

 

Strategies for Growth: An Infographic

15 Jun

This infographic on strategic options for small business growth is adapted from Rieva Lesonsky, CEO, president, and founder at GrowBiz Media. She is also a contributing writer for SmallBizTrends.com.

 


 

Exciting New Wearables Coming!

1 Jun

Are you a wearables fan? Are you thinking of buying one? Do you believe that Fitbit and Apple are the only real alternatives? Well, they are not; and there are some exciting new technologies from less-known companies that are right around the corner.

Consider these observations from James A. Martin,

“Everything is ‘smart’ these days, it seems, especially when it comes to gadgets designed to help people improve their health and boost fitness levels. Smart mirrors and body scanners, smart running socks, a smart vest, smart drinking cups, smart sleeves, and smart sleep masks are all now available, or will be soon. Many of these Internet of Things things are wearables — except for the ‘naked 3D’ full-body mirror, of course — while others are designed to be carried in a pocket or clipped to a belt or bra. The following 12 devices, many of which aren’t yet available, are all notable for some reason. So sit back, relax, take a sip from your smart water bottle, and check them out.”

 
Click the image to access a slideshow about the 12 new wearables, and to read more about them.


 

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