Expectation is the brand killer. There's a difference between speed and acceleration. This is hard for novice physics students to grasp. Velocity ( sometimes confused with speed) is how fast you're going in a given direction. Acceleration is a measure of how quickly you're getting faster (or slower) on your way. Brands today are built on relationships, and relationships of all kinds work solely because of expectation. That thing we're confidently hoping we're going to get from that next encounter. The shift we're facing is that expectation isn't the speed (the quality, the value, the repeatability of an interaction), it's now become more like the acceleration of it, the change in what we expect. And so advertisers and fashion houses and singles bars and Hallmark cards are built on promises. The challenge: Expectations change. When the economy is racing forward, people are engaged and satisfied. A common ridiculous expression is, "expect the unexpected.
" How HiSmile used social media to gain 100,000 customers - StartupSmart. Gold Coast entrepreneurs Nik Mirkovic and Alex Tomic were barely teenagers when they started watching what the world’s leading brands were doing to dominate their markets. “The biggest thing for us and why we’ve been so successful is for the last ten years we have always looked at the market,” Mirkovic told SmartCompany.
“I’ve always paid attention to how everything works.” So when Mirkovic, 21, and Tomic, 22, decided to launch their own business, they had a fairly solid understanding of consumer behaviour and market trends. With ambitions to create a globally recognised brand, and $20,000 of their own money to invest, the duo launched teeth whitening company HiSmile. “We saw a massive gap in the teeth whitening market,” Mirkovic says.
“We thought it was a boring industry that didn’t give the consumer much option.” Mirkovic and Tomic decided to produce a vegan-friendly, cruelty-free teeth-whitening range that includes a one-size-fits-all attachable mouth tray and LED kit. The Future of Ecommerce: 2020 and Beyond. "We believe retail is at a tipping point," said Robert Peck of SunTrust Robinson Humphrey in a note to clients. "E-Retailers are leveraging new capabilities in old business models to expand existing and new markets like apparel, grocery and personal care, where e-Commerce had only limited penetration till now. " According to BusinessInsider, Peck calls it "E-commerce 2.0.
" Shopping online is growing fast, but still only represents a fraction of total shopping dollars, just under 8%, according to US Census data. As of the first quarter 2016, the total amount of retail spending online (ecommerce) was $92.8 billion, which was only 7.8% of all retail sales. Ecommerce is in its infancy, which means that there are huge opportunities ahead, not just for the types of Amazon, but for small merchants and startups as well. Worldwide retail sales, including in-store and internet purchases, surpassed $22 trillion in 2015, up 5.6% from 2014, according to a study by eMarketer.
Amazon Reshaping Ecommerce. 10 Colors That Increase Sales, and Why. Marketers and graphic designers have long known that color plays a major role in the success of any marketing campaign. Specific colors tend to stir certain emotions in customers, thus creating brand relevance and motivating purchases. The following lists 10 colors that increase sales, along with the specific emotions they evoke. 1. Red Red is the color of power. It gets people’s attention and it holds it, which is why it’s the most popular color for marketing. Spritecs Corporate Identity 2. When you want to be viewed as trustworthy and cool, blue is the color for you. 3. Vying for the attention of a young female demographic?
Recommended for YouWebcast: Neil Patel: 7 Key Growth Lessons in Advanced Customer Acquisition 4. Yellow is a powerful color, but it is also the most dangerous hue. 5. Green is a versatile color. Association Green 6. Purple is the color of royalty, which makes it perfect for lending a touch of elegance and prestige to your marketing materials. 7. 8. Orange is energy. 9. The Top 4 Lessons in Behavioral Economics From Dilbert. Believe it or not, you can learn a lot from fiction. Some might say that’s because fiction often imitates real life. Of course, that doesn’t necessarily help explain why some of the silliest comic strips have lessons embedded in them. Dilbert, the infamous comic strip written and drawn by Scott Adams, is a humorous look at office life, but it also offers some remarkably useful insight on behavioral economics.
As a basic definition, behavioral economics is essentially the study of how social and psychological factors can affect the market and its resources. More often than not, the effects are brought on by a decision made by an individual, institution or business. In fact, if we look at just Dilbert alone there are four clear lessons we can take away and apply to our business. A Lesson in Overconfidence It doesn’t matter what market you work in, overconfidence can plague you. We all need to take some time to cool our egos and look at the world around us more realistically. 4.
The Science Behind Bad Decisions: How It Affects Online Retailers. Have you ever found yourself giving in to temptation more at the end of the evening, chalking it up to a loss in willpower? Did you ever rush to complete the remainder of a lengthy survey after you already made it most of the way through? Both of these scenarios are examples of decision fatigue. Research suggests that willpower – the ability to make a sound decision and adhere to that choice – may, in fact, be directly linked to mental exhaustion.
As you make an increasing number of decisions, your brain fatigues and begins to make more shallow decisions. Unfortunately, decision fatigue often works against retailers when it comes to online shopping. If customers are forced to make a lot of decisions over a short period of time, they grow weary and eventually default to the easiest choice: walking away without making a purchase. The Science Behind Bad Decisions During the study, researchers observed 1,112 judicial rulings over the course of a ten month period. Author: Shane Jones. The Six Stages of the Consumer Buying Process and How to Market to Them.
Far too often, retailers think that consumer buying is randomized. That certain products appeal to certain customers and that a purchase either happens or it doesn’t. They approach product and service marketing in the same way, based on trial and error. What if there were a distinctive set of steps that most consumers went through before deciding whether to make a purchase or not? What if there was a scientific method for determining what goes into the buying process that could make marketing to a target audience more than a shot in the dark? The good news? It does exist. The actual purchase is just one step. 1.Problem Recognition Put simply, before a purchase can ever take place, the customer must have a reason to believe that what they want, where they want to be or how they perceive themselves or a situation is different from where they actually are.
However, for the marketer, this creates an opportunity. 2. Once a problem is recognized, the customer search process begins. 3. 4. 5. The neuroscience of "cool" — Quartz. In the early 2000s, a major shift happened in the way people dress. Flared and baggy jeans began to give way to a skinny, low-slung version, and by the end of the decade, it seemed everyone—including men—were squeezing into jeans so tight that doctors began issuing health warnings. Now skinny is the status quo, and fashion’s early adopters are searching for a new look. These sorts of back-and-forth trends may seem frustratingly arbitrary, but there’s a tremendous force involved in the shrinking and growing of jeans.
It’s called “cool.” What it is, exactly, is a little hard to define, but there are hints in its history, in trends, even in neuroscience. You can actually see cool in the brain Elusive as cool is, the way we experience it stems from some very specific places. It’s an attitude, a term of approval, and today, as much as any of these things, it’s a game of superficially rebellious status-chasing, centered on consumerism. Cool is about breaking rules (or looking like you do) How Capitalism Created 'Cool' When I was in middle school, there was a year when I was obsessed with jeans from The Gap. (If you weren't alive or don't remember the 90s, The Gap was super cool then.) Everyone at school was talking about them and wearing them—and eventually I got a pair too.
It's one of my earliest memories of "cool" consumption. Research into conspicuous consumption has come a long way since those days, with economists, marketing professors, psychologists, and neuroscientists all applying their methods to understanding what it is about owning certain products that makes us feel so, well, cool. Steven Quartz, a philosopher and neuroscientist at Caltech, along with Anette Asp, a political scientist and neuromarketer, investigate the underlying neurological and cultural processes that play a part in our decisions as consumers in their new book, Cool: How the Brain’s Hidden Quest for Cool Drives Our Economy and Shapes Our World. Bourree Lam: How did the book project come about for the both of you?