Over the past 10 years IMI International has quizzed consumers on factors that get them to lay down the cash to make a purchase. We completed the latest tracking of this question earlier this year among 1,000 consumers, aged 12-34, across the United States.
We looked at how the following (see chart) impact consumers’ intention to purchase a product. All four factors can effectively encourage 50%+ of this population to purchase a specific brand. “Price” and “household members” are the most influential, however, “promotions” and “advertising consumers like” also have tremendous influence.
Implication: Management must consider the most cost effective means to change consumer behavior and, thereby, optimize ROI. Price discounts do little to increase the bottom line; however, as show below, compelling promotions, advertising and word of mouth can have a tremendous impact.
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