Attention Marketing Professionals: Elevate your brand with sustainable branded merchandise. Here's why it's essential for your strategy:
Roblox is an online gaming platform that has taken the world by storm in recent years. With over 164 million monthly active users, Roblox has become a cultural phenomenon and a household name for many young people. The platform is essentially a virtual playground where users can create and play games and connect with other players.
Tri Component Attitude model
The decision-making process plays a critical role in shaping consumer behaviour. A better understanding of the decision-making process can help marketers develop effective strategies to influence consumer behaviour. People make decisions formed through three different components, also called the "Tri Component Attitude Model" (Schiffman, 2010)
The cognitive component focuses on the consumer’s knowledge and beliefs, about products and services (Schiffman, 2010). The affective component refers to the consumer’s emotions or feelings (Schiffman, 2010). For example, think about colours of packaging that attract or make you feel positive. The cognitive component refers to the behaviour that results from the attitude (Schiffman, 2010). It is often considered an expression of the consumer’s intention to purchase. For example, shopping, tasting bread, looking at packaging.
The concept of "thinking fast and slow" is a fascinating topic. It explains the differentiation between two types of mental processes; System 1 and System 2. Kahneman (2012) explains how System 1 works almost automatically, and allows one to draw a conclusion without much information (fast and intuitive). System 2, on the other hand, works the other way around. System 2 consists of thinking consciously, processing information and drawing conclusions based on that (slow and analytical).
Target market thinking is in fact: putting on glasses that allow you to look at your target group differently. With which you not only see the outside (the facts), but also the inside (someone's personal motivations). Target group thinking is daring to look beyond what your first impression says. Not the cold numbers, but experience and emotion are the magic words.
Some examples of brands that have fully stepped into the skin of the consumer, and thereby realizing a perfect customer experience are Netflix and Amazon.
Engaging your audience and capturing their attention means cutting through the noise and leaving a lasting impression. Branded merchandise is everywhere — from promotional pens and water bottles to tote bags and more — so in order for campaigns to be successful, brands need to connect with their audience in a way that aligns with their values.
The way we communicate and engage with brands is changing, and companies are no longer just faceless entities that we buy goods and services from. These days, brands are becoming more of an extension of our personality and a way to communicate our values.
Whether you should focus more on customer acquisition or retention is an age-old debate in sales and marketing. Most companies will prioritise acquisition by investing heavily in generating new leads and setting periodic KPIs for sales teams to drive growth.
Getting a clear understanding of what customers are adding to their carts will go a long way when it comes to optimising your sales and marketing efforts. More specifically, tracking insights around the average basket size (ABV) will allow businesses to devise strategies that drive even more conversions.
Now that Covid-19 restrictions have slowed down, certain aspects of consumer behaviour have transformed, and these changes are likely to stick around for the foreseeable future.