Marketing Essentials Notes Part 3

I ended up writing two very short, but very different posts today, rather than one longer topic. The first one is here.

I’ve been making a few more short notes from the marketing textbook Marketing Essentials as I work through it – here’s part one and part two.

In this section, I was looking at Consumer Buyer behaviour.

Marketing Essentials outlines four different types of buyer: Routine Response Buyer, Limited Decision Maker, Extensive Decision Maker and Impulse Buyer.

Often, this has less to with with the buyers themselves than with the product. For example, you are more likely to put more thought, time and research into buying a new car (Extensive Decision Making) than into buying a pint of milk. Milk would be a Routine Response purchase, as you are likely to go to the same place (the supermarket) to buy your usual product, and if that wasn’t available (perhaps it’s not your usual brand, or there’s only semi-skimmed, not skimmed) then you would buy the next available similar product without really thinking about it.

Limited Decision Making covers both products that the consumer only buys occasionally, as well as when they need to research an unfamiliar product or brand.

Impulse buying, however, involves little or no research at all. Impulse buying is encouraged both in physical stores and online through more elaborate POS (point of sale) displays. Research has suggested that this is becoming more and more common as a form of buying behaviour, and as a result companies are much likely to use add-on items or prominent displays at check-outs etc. However, over time this can backfire somewhat for the company, because people are much more likely to regret their purchases and don’t develop loyalty to a company and brand. It generates better short-term income, but may not create repeat sales behaviour.

 

 

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Social Media Metrics – Comments

I’ve just finished reading this article:

Ask SMT: Are there too many social media metrics? Which do you find most valuable?

This was definitely an interesting read for me, because a lot of the baseline metrics that I I’ve looked at when reporting on social media just didn’t seem relevant, especially when reporting to senior staff.

One theme here is that level of interaction is important, and I think it’s more important than reach, even though reach numbers can look much more impressive. Rather than  the number of people that might have potentially looked at your content, it’s the number of people that read/watched stuff, shared it, talked about it, talked to you about it, that really count.

A number of the interviewed commenters in this had the point of metrics needing to be relevant to your specific goals and your organisation – this is a helpful comment in that you shouldn’t be exactly following other people’s plan, however there are some baselines that need to be followed – Return on Investment for paid media was one, and real bascis like number of followers is absolutely another.