When I first studied marketing, ‘Buyer Behaviour’ was a subject that focused on Maslow’s Hierarchy of Needs and the importance of quantitative and qualitative research. In the simple ecosystem where I was educated, ‘Path to Purchase’ was a relatively straightforward model highlighted by its reliance on mass marketing techniques and a simple selection of tight media channels. Mobile phones and social media didn’t exist. The internet was something the military used, and personal computing was an emerging trend with companies like IBM and Compaq at the forefront of technology. Consumer touchpoints and engagement were relatively simple affairs. The prevailing orthodoxy at that time was that consumers were subjected to 7,000 messages a day, and to gain their attention creative thought and disruption were prime drivers to cut through to deliver sales. Such was the macro world of marketing and advertising.
Today, the internet and mobile telephony provide the individual with more power and information than ever before. A recent research study conducted by Faith in conjunction with Melbourne market research company, Insight LED, confirmed how far the linear behaviour of the past has changed. Multi-dimensional behaviour is now the norm with brands and retailers needing to be prepared for purchases coming from anywhere – from traditional brick-and-mortar stores to TikTok. Omnichannel is the norm with 79% of internet users conducting online shopping via mobile devices.
Faith have finetuned the path to purchase ecosystem dovetailing our advertising and media tools to the new world. With new detailed purchase information profiles on Australian consumers, we can unravel the data to provide cross channel comms campaigns designed for the new world we live in. From Google to Facebook and social media, marketers need to be constantly attuned to the emerging trends in the market. Livestreaming is the new trend and according to McKinsey, live-commerce-initiated sales could account for as much as 10% to 20% of all ecommerce by 2026. Conversion rates for these sales are up to 10 times higher than in conventional e-commerce. Live streaming needs to express brand DNA in memorable ways.
With the new world the importance of creative thought and sensory-stimulating platforms is vital to brand building and sales. If you would like to understand more about our recent research project in this area, and how your brands can benefit from these new approaches please shoot us a message or give one of our partners a call.