Consumer behavior analysis red bull

This commercial is a direct predecessor of the viral videos that are breaking down the internet in the Digital Age. Digital marketing has come a long way since its introduction. In the beginning, it was a revolutionizing new concept, used by a small number of innovative marketers. Marketing is a very dynamic niche.

Consumer behavior analysis red bull

Situation Analysis

Point of View The Power of Being Meaningful, Different, and Salient Members of the marketing community have long debated the secret to marketing success.

Many practitioners assert that differentiation is the key factor. Others maintain that salience is uppermost Consumer behavior analysis red bull critical purchase moments, while a significant group believes that great marketing builds positive consumer sentiment by delivering on a meaningful brand promise.

But we would suggest that this debate has been misguided. Drawing on learning from thousands of brand equity studies as well as a recent, groundbreaking pilot that linked neuroscience and survey data to consumer shopping behavior, we have established that financial success for brands depends on all three of these qualities.

The ideal balance for a specific brand is a function of both the product category and the primary mode of financial return—sales volume or premium pricing. Three qualities, all important Successful brands are meaningful, different, and salient.

Each of these three elements comes with its own theory and history.

SECTION I – ESSENTIALS OF MARKETING

Difference aka differentiation has been widely adopted as a cornerstone of successful sales and marketing since the s when Rosser Reeves introduced the term "Unique Selling Proposition" USP to the marketing lexicon.

And yet, as true differentiation has become more and more difficult to achieve in increasingly commoditized markets, marketers have pursued alternate brand-building strategies.

For example, in recent years, many marketers have embraced the idea that brands have to build relationships with consumers, so they have worked to make their brands meaningful, usually by improving product perceptions and strengthening emotional affinity.

Other practitioners prefer to rely on salience. Though building brand awareness has always been accepted as a fundamental objective of brand marketing, there is ongoing discussion over whether awareness is important simply as a precursor to brand equity, or if the concept of salience, which goes beyond basic awareness, is actually the most important driver of brand choice.

Brands, brains, and behavior Characteristics of successful brands The strongest brands don't rely only on being meaningful or only on being different or only on being salient—they weave all three qualities together.

Much Progress but More to Do," Peter Walshe details the striking success of Chinese brands that are meaningful, different, and salient. A similar analysis of the global BrandZ database, in which we compare brands that are low on all three qualities with those that are high on all three, shows the same pattern.

Brands that are meaningful, different, and salient derive three times more of their volume from the strength of the brand, as opposed to factors like availability and promotions. Furthermore, they command a price that is 14 percent higher, and their growth in value share is, on average, six percentage points higher than brands that are low on meaning, difference, and salience.

Brands that are meaningful, different, and salient derive three times more of their volume from the strength of the brand. Understanding consumer brains We know that successful brands are meaningful, different, and salient, but to maximize the power of marketing, we need to know more than that.

We need to understand how these brand qualities act on the minds of consumers to affect purchase decisions. It is relatively easy to understand the effect of salience. Salience gives a brand an advantage because of the habitual nature of much human behavior.

In shopping, consumers rely on mental shortcuts or heuristics when they make their brand decisions. One such heuristic is to assign greater importance to things that have ready mental availability, the effect of which is to choose the most salient brand.

Compared to brand salience, the role of brand meaning in consumer decision-making is complex, as it involves both cognition and affect. However, we have learned that we can measure how meaningful brands are by using some simple and straightforward questions.

Consumer behavior analysis red bull

In his book The Branded Mind, Erik du Plessis builds on the ideas of Antonio Damasio to suggest that simple questions about how the brand makes you feel and how well it satisfies your needs can be used to summarize the overall impact of functional associations and feelings on brand decisions.

We use questions like these to measure and define how meaningful brands are.

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So du Plessis' interpretation of Damasio's theory helps us understand how brand meaning influences consumer choice. Of the three critical elements, difference is the one that is most often overlooked, with some arguing that being different is just a special case of being meaningful.

The argument is that differentiation is delivering a brand property that others don't deliver, and the effect is the same as delivering a brand property better than others.

In either case, the brand just becomes more meaningful. However, experiments in behavioral psychology have demonstrated that when similar alternatives compete against each other, they all become less attractive, while if one option stands apart from the rest, even if the difference is not particularly meaningful, that option becomes more attractive.

Of the three critical elements, difference is the one that is most often overlooked. These experiments have tended to focus on considered human decisions involving relatively unfamiliar objects or concepts.

Therefore, this learning is most applicable when for some reason a consumer's normal habits are disrupted and he or she is considering less familiar brands.

This may help explain why difference is one of the strongest markers of future growth, as Helen Fearn notes in her Point of View, "Growing a Strong Brand: Defining Your Meaningful Point of Difference.

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