Most businesspeople are well aware that marketing has changed
dramatically in recent years. For many, this shift is mainly about
different ways to market--through social media, online engagement,
and so on. But beyond the new tools available to businesses today,
there have also been sweeping changes to how consumers behave in
the retail environment, and what underlies our decisions as
consumers. How can marketers understand--and profit from--these
shifts in how we buy?DECODING THE CONSUMER MIND provides retail
marketers with an action plan based on new psychological insights
about how, when and why today's radically different consumer shops
and buys. A trifecta of socio-cultural trends has forever altered
the psyche of the American consumer--and understanding these 3
significant shifts is critical for any marketer to understand.
Based on her extensive research, consumer expert Kit Yarrow
classifies the changes as follow: ANXIETY: Diagnosed anxiety
disorders have increased 1,200% since 1980. A 1994 survey of
randomly selected households found 15% of American had experienced
elevated anxiety the previous year. In 2009 that number rose to
49.5%. This has numerous implications for how consumers buy,
explaining our love of the ratings and reviews of other shoppers;
the mental relief and distraction of online shopping, and why
people are more responsive to brands that demonstrate emotional
benefits than those who tout product characteristics.THE NEW
INDIVIDUALISM A more me-oriented society increasingly uses brands,
retailers, and shopping strategies as a way to connect with others.
Awash with choices and unfettered by the social rules that provided
guard rails in previous decades, today's consumers are more
individualistic and more likely to use what they buy and how they
shop as a way to communicate and bond with others. This trend
explains why Pick Your Favorite campaigns on Facebook have an
astonishing 27% response rate, why Etsy is so successful, and much
more.REWIRED BRAINS: Because of our rampant technology use, we
literally think differently now, a shift that has broad
implications for retail. As a society that views more than it
reads, we want everything faster, get bored more easily and
gravitate more toward the quick takeaways of symbolic
communication. For example, on eBay, merchandise displayed on red
backgrounds receives higher bids than similar merchandise shown on
blue backgrounds; and trends have given way to trending.Grounded in
Yarrow's award-winning research on consumer psychology, DECODING
THE CONSUMER MIND provides rich examples of these shifts in action
in the marketing strategies and consumer behavior seen by major
firms and brands, many of whom are Yarrow's clients, including:
Kleenex, Desigual, Kraft Foods, eBay, Hershey's, and many more. For
any marketer hoping to profit from the transformed consumer brain,
DECODING THE CONSUMER MIND is essential reading.
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