Consumers now spend more money with less discernment than ever in modern history. The trend is bad news for brands because when people buy in the moment, they are not comparing features, prices, reviews or product quality. Ultimately, it's a bad deal for consumers who often find out too late that they spent their money the wrong way.
How does a marketer get out of this cycle? By reconsidering the very nature of how marketing works.
For at least 100 years, marketers have seen a consumer's journey with a brand as predictable and linear: awareness, interest, decision to buy and action—often described as AIDA. Brand preference was driven by the equally venerable three P’s: product, price and promotion.
Now that most purchases are spontaneous, consumers across categories often go directly from awareness to action in a click without comparing products, prices or promotions. Shoppers aren’t selecting among leading brands in a category, as much as they are deciding between the thrill of “now” and the frustration of “wait.” That luxury sales are booming in a tight economy proves that the appeal of “now” has never been greater.
Eighty percent of consumers say they're more likely to buy from brands that understand their needs, giving marketers a new joy equation to target. A brand that understands consumers’ practical and emotional needs can preempt their impulse to buy. Before the shopper sees those Ray-Bans near the cashier, they're already rocking that brand’s signature shades—and perhaps a perfect pair for driving, another for the beach and another that they keep on hand “just in case.” Impulse thwarted. Happy brand. Happy customer.