I’d like to introduce you to a little thing we marketers like to call the Naïve Theory.
The Naïve Theory states that because consumers can’t know everything about a product, they fill in the gaps with their own (naïve) theories to help make decisions about whether the cheaply priced product is a terrific deal or a piece of junk.
Steve Posavac, a professor at Vanderbilt University, describes the Naïve Theory further. Posavac states, “Most people simultaneously believe that low prices mean good value, and that low prices mean low quality.”
Think about that.
Did you know there is actually an observable five stages process from which consumers made purchasing decisions?
It’s not just “bright, shiny object” theory – instead, it’s a well-documented (and quite universal) phenomenon that dictates who buys what when and where.
In case you’ve been the dark to this oh-so-applicable psychological theory, we’re going to shed on light on the highly predictable (and arguably) profitable five stage consumer purchasing process.
Marketing or selling is more than just catching a potential customer’s attention with flashy ads or a TV commercial. Instead, marketing covers a wide span of time – from catching the consumers attention, to the decision making process, to making the sale, to the after sale period, (hopefully) repeat sales, and creation of brand ambassadors or generation of brand loyalty.
It’s quite the process.
The millennial lifestyle has been bemusing cultural influencers, organizational leaders, and marketing professionals long before they received the not-so- complimentary (nor accurate) “Snowflake Generation” sobriquet.
From living with their parents longer than previous generations, to challenging traditional consumption patterns, millennials – and their very millennial-lifestyle – are changing the way to do just about everything.
To better understand this generation of digital natives, one can benefit from learning a little bit more about how millennials live, what they prioritize, and how their beliefs and values with continue to influence our future.
2017 in the year of the millennial – millennial purchasing power that is.
With annual spend estimates of $200 billion, the millennial market is flexing its influence in all industries – from automotive to food to healthcare to technology.
Millennial consumers’ demands and preferences continue to shape how we live, work, and play; and they are using their digital presence to influence how other generations spend as well.
Have you ever heard someone exclaim, “You can never have too many shoes!”?
Well that just might not be true.
Popular psychology indicates that you CAN have too many choices – of just about anything, including shoes.
The Father of the American automobile, Henry Ford, knew this concept well.
Hannah Becker is a millennial author, entrepreneur, and marketing consultant. She currently helps brands increase millennial market share through digital strategy and public relations. Follow Hannah on Twitter@MotivatedGenY