News and Thoughts » Buying into the Unknown

by James Ebdon-Muir

10-04-2019

Having recently changed my domestic electricity supplier, the process I went through led me to think again about the choices we make between brands within various markets.

I took a chance on an unknown (to me) Brand based in Brighton. After weighing up the risks…

  • If they go bust, what happens

                     o   Well they don’t actually produce the electricity

                     o   They don’t own the infrastructure it is delivered on

  • Therefore the supply won't get turned off…

My decision was based purely on price. They beat my existing supplier by £120+. Not bad. I did take a cursory look at the customer reviews, 3.5 out of 4 so not too bad, but it wasn’t the primary driver.

How does this translate to other industries and what does it mean for marketeers?

  •  We have to understand the decision-making process for our product or service and where/how in that process we can influence.

As marketeers we should all be familiar with the recognised process:

  1.        Problem/Need Recognition
  2.        Information Search
  3.        Evaluation of Alternatives
  4.        Purchase Decision
  5.        Post-purchase Behaviour

Amongst other factors, how well known your Brand is will have an impact on where along this journey you can influence the purchaser.

To leverage the key opportunities though, you need to have a thorough understanding of your customer is and what is going to influence steps 3 and 4 in the most cost-effective manner.

Our unique approach at Astute Media can help you to understand these steps and these factors.

For more information, please contact us. 

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