Finding out the customers’ preferences and tastes is not an easy job. Many companies strive to know how their product should be in order to appeal to their customers and make their eyes shine.
Back in time, managers would commonly ask advice to someone wiser (read: the boss) in order to avoid bad decisions. However, many times the boss’ preferences don’t match with those of the customers. With time, businesses learnt that they had better focus on customers and ask them.
Today, thanks to neuroscience, we know that people make most of their decisions non-consciously. Therefore, it no longer makes sense to ask them whether they prefer one product or another through marketing surveys. Many times they might prefer one product without really knowing why and they finish looking for objective arguments -that most of the time are not true- to justify why they like it over the other. Therefore, instead of focusing on the typical marketing surveys, it will be more fruitful and reliable to use the so-called ‘neuromarketing techniques’.
These technologies measure the customers’ body reaction when they are exposed to certain stimuli (this is, the products that we show to them to see which one they prefer). As a consequence, the person feels a specific emotion triggered by these stimuli. In this case, the reaction identified and measured by the ‘neuromarketing techniques’ is more reliable than the one achieved through the previously mentioned marketing surveys, since it is based on non-conscious body reactions. Once we know how customers react to our brand, we can adapt our strategy in order to trigger the desired emotion in them and create an emotional connection.
At this point, we should ask ourselves: ‘Is this what I really need to do to make my business run better?’ ‘If my clients have an emotional connection with my brand, my business will go better?’ It may seem so, right?
Well then, in the article ‘Do you really want an emotional connection with your customers?’ Lluís Martínez-Ribes -co-founder and partner of m+f=!- explains that despite the fact that triggering a positive emotion in our customers is essential if we want them to buy our brand, this will not make they prefer us repeatedly. To achieve our customers loyalty, we need something more. You can read the complete text on this link.
It is pretty likely that one day traveling in a car, you have seen endless corn fields by the side of the road. Corn as far as the eye can see. But after the first moments of astonishment at seeing so much of the same, the fields end up looking all similar and they are not that fascinating anymore. As a result, the next corn fields become invisible to you.
This feeling of ‘more of the same’ is also experienced by customers when they want to acquire a commodity: when there is much of the same, it gets less interesting and it doesn’t seem relevant to them. When it comes to selling commodities (such as raw materials or simple products) the prices are usually low, as they depend on the relation between supply and demand.
In order to avoid a price decrease, the product needs to be differentiated from those of the competitors. The traditional way of differentiating from the competitors has been highlighting the product’s competitive advantages. However, even when provided with sound arguments about the product’s unique positive features, clients often decide to buy the one from the competitors. This is because most of the time people don’t make decisions consciously but non-consciously.
If we want customers to prefer our product – and pay a bit more for it – the commodity should be turned into a brand. Of course, this doesn’t mean just putting a label with a logo on it! Now, based on neuroscience, we know how brands are created in people’s brains and, consequently, which is the best way to create a relevant and differentiated brand.
In his article ‘Brain-pleasing Branding’ Lluis, m+f=! co-founder, explains based on neuroscience the process by which a product or a service becomes a strong mental representation in people’s brains. But not only that: he also explains how to achieve the ongoing customers’ preference for a product. This means that the customers keep choosing the product again and again, even when it is not on special offer.
You can access the complete article on Lluis’ LinkedIn profile, by clicking here.
For some years now, people are living in a new OnOff context characterised by the constant use of smartphones (we call them ‘e-bodies’). This affects all spheres of our lives, including the purchase of fashion items which are increasingly bought via web or app.
Zara – the company that invented fast fashion retail about 30 years ago – is aware of this new OnOff context and will launch a new retail concept in a flagship store in Westfield (London) in May 2018.
One of the consequences of purchasing fashion products via the internet or the app is that the customers do not always keep all the things they have previously ordered. Therefore, a large portion of the purchases are returned. This implies an additional cost for the selling company: it has to “revitalise” the returned garments and then reintroduce them to the logistic-commercial flow so that they can be acquired by other customers.
Considering that Zara’s business model is based on the freshness of its products, every time that a garment is returned, its useful commercial life is shortened.
Time management is utterly important to Zara. Paradoxically, the more their sales via the web/app increase, the more Zara’s business model is jeopardised.
Zara addresses this challenge with a new OnOff retail concept whose strategical impact could be pretty important.
If you want to read the complete article that Lluis has published on Linkedin, just click here: https://www.linkedin.com/pulse/how-zara-reinvents-fast-fashion-retail-lluis-martinez-ribes?trk=portfolio_article-card_title