In trying to invest in the branding for your Startup and small business, let us help you answer, how does branding impact consumer purchase decisions! Consumers attach a social token to products and services. A Porsche makes people view you in a different light. For instance, there are two products with similar features and performance.
Imprinting in their minds what your brand is and what it stands for can increase sales, particularly in areas where few obvious differences are apparent among competitors. Studies Consumers employ heuristics to make their purchasing decisions, using mental shortcuts to streamline the process and avoid being paralyzed by the number of available options or the need for constant comparisons among competitors.
Multiple studies have shown that brand awareness is a prevalent choice tactic for consumers inexperienced in buying a product.
A Hoyer and Brown study first linked brand awareness to consumer preferences, and the findings have been confirmed in several subsequent efforts. Buying Habits Studies have shown that customers decide more quickly from among a number of options that includes one known brand than they decide with a set that includes only unfamiliar ones.
Upon exposure to other brands, the instances of selecting the original based on awareness declined, but most still chose the same high-awareness brand they picked initially. Consumers in a study conducted under the auspices of two Australian universities sampled fewer brands in product trials when there was awareness of one of the brands than in studies in which all were unknown.
Implications Building brand awareness can increase your market share in a number of ways. Being the first to get your brand implanted in customers' minds increases the barrier to entry that other brands may face later.
The Australian study also indicated that the awareness effect is mediated by cost, so increasing brand awareness cannot necessarily be followed by an increase in the price of your product or service. Techniques To build brand awareness, you must make sure your target market is exposed to your products and recognizes them in multiple ways.
An identifiable logo and distinct brand message can present the repetition that can make your name memorable. Getting your brand exposed to the audience can take place via multiple distribution platforms, from direct marketing to traditional advertising to social media to public relations.A consumer need not just be an individual; a consumer can also be an organization.
A consumer can be someone who will buy either goods or services or you can also specify the goods and services as economic services or products, or good or commodities. A . 4. To examine the consumers tendency to recommend brands and its effect on purchasing decisions of their friends and family.
2. Literature Review The Importance of Brand According to Phillip Kotler (), a brand is a complex sign and it can express up to six levels of definition. Are you wondering whether social media has any real impact on consumer purchasing decisions?
Do you sometimes question the potential of social media marketing? Most businesses and organizations dive into social media hoping to increase brand awareness and acquire more customers.
The Impact of Brand Image on Consumer Behavior: A Literature Review. 1. "Confidence in a business, product or service doing exactly what the customer already believes it will do.
For example, a hour convenience store brand can be based on customers' confidence that it will be open, whatever the time of day or night.
2. The emotional response of the customer to purchasing a product or service. Brand elements are brand image, brand association, brand name, brand logo and brand awareness.
Our findings from the literature and primary data shows that brand elements have significant impact on customer purchasing behavior and success of the firm.