Monday, July 13, 2009

Consumers no longer loyal to brands: Everyone is a researcher now.

Summary: The way in which consumers are  researching and buying products have changed dramatically. Research right up to the point of purchase is now much more common than brand loyalty.

New McKinsey research shows that extensive researching when considering purchase is now a much more common consumer behavior (full article).

It even extends to the moment of making a purchase decision: They are now commonly made only after reaching the point of purchase (store or website). Previous brand purchase makes that brand considered, but not selected. Brand loyalty has gone away for many purchase types.

I personally call this the "Google" or "Sherlock Holmes" effect: because there is easily accessible relvant information, and friends and media encourage checking this information ("Google it!") people are much more likely to behave like researchers than they did a generation ago.

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