It has been more than 6-months since collapse of Lehman Brothers. The financial crisis has manifested, affected and (still) affecting most trades & sectors globally. Economy experts, financial analysts are unable to visualize through the fogs of what lies ahead, and nobody is able to. However, the sure fact is that we are under-prepared for this ‘tidal wave’ and are doubtful of what to prep for times ahead.
Inevitably, the economy situation affects our spending. Questions you might ask yourself when you are making marketing plans for your organization or on behalf of your clients – Besides economy factor, are consumers more cautious hence lengthen decision-making process than before. When, what, who and where do they carry out the steps? With high internet penetration consumption in Singapore, is Web the defaulted channel for consumers to seek product advice, comparison & information as compared to visiting retail outlets?
Through our Forums Community, we launched an informal survey “Consumers Purchasing
Habits” and gathered insights to understand consumers behavior for this econ climate.
• 87% embraced web as the primary source to seek information before actual purchase.
• Comparison among web properties from most important to least, Search Engines emerged as top choices trailed closely behind are 3rd Party Content/ Review Providers and Technology Forums. The least favoured platform is of Manufacturers’.
• 80% are adversely affected by current economy when it comes to tech purchases – 45% spend more time researching on products and 35% delay purchases until tech events’ promotions.
• 70% identified perception of value (quality, durability, after sales service) as most important factor when they purchase.
• 65% extended decision-making process compared to before economy crisis.
Marketers should takeaway from these insights that consumers are still interested to buy, but they are more cautious & hence extending the decision-making process. Your role to strategize & shorten consumers’ decision-making process is essential.
Before consumers step into your stores, the brand presence in the web sphere where potential consumers engage to seek advice, reviews and comparisons is important.
Survey also gathered consumers least favour Manufacturers’ websites as reference source. Clearly, it’s more effective for marketers to leverage on content portals, especially those with large communities.
Share your views with us with the comment box below.