Episode A.016 How Has The Customer's Buying Decisions Changed?

Author's Notes
We are introducing a new format to our Show Notes and Broadcasts. We received feedback our podcasts are too long (average 26 minutes). The shows have been restructured into 13 minute segments - each with a specific objective. Segment 1: What the show will cover and why it is important. Segment 2: What do you need to know to take action. Segment 3: How do you apply it and the tools available, and Segment 4: Tips and Insights from our experience. Thanx for the Feedback and keep it coming.

What are Today's Topics & Why is it Important?​
The goal of today's show is to contrast the role of fear in a covid/post-covid world. Given there is a good chance for a brief recovery through the end of the year, how do you address the customer's fears? The underlying premise is that most buying decisions are emotional and logic is used after the fact to justify the decision.

Topic: the difference between selling when fear is the overriding emotion.

Knowledge to Take Action
Issues: Difference on emotional buying in normal conditions:

1. Disappointment: Will the product or service live up to expectations or will it be a big, fat fail?
2. Embarrassment: Will my friends and family be impressed (lifestyle sale)? Is my social or professional reputation on the line?
3. Paying too much: Am I being ripped off? Have I got a bargain? Should I have compared more options.
4. Change: We run on autopilot, do most things with little thought and are often creatures of habit.

How fear affects decision process in the current environment:

• Overriding concern with health: brands should heed this change and make it a priority to support healthy lifestyles for consumers, shoppers and employees. Having a “health strategy” will be a strategic differentiator for the foreseeable future.
• Conscious consumption; Consumers are more mindful of what they’re buying. They are striving to limit food waste, shop more cost consciously and buy more sustainable options. Brands will need to make this a key part of their offer (e.g. by exploring new business models).
• Growing power of local: The desire to shop local is reflected in both the products consumer buy (e.g. locally sourced, artisanal) and the way they shop (e.g. supporting community stores). Brands will need to explore ways to connect locally – be it through highlighting local provenance, customizing for local needs or engaging in locally relevant ways.

What You Need to Do
Reassess your Brand Personality. In our Show C.009 Brand Personality, we covered the following 5 major attributes of powerful brands - where is yours and how does it fit the present environment?

• Sincerity: Down to Earth, Honest, Wholesome, Cheerful.
• Excitement: Daring, Spirited, Imaginative, Up-to-Date.
• Competence: Reliable, Intelligent, Successful.
• Sophistication: Upper Class, Charming.
• Ruggedness: Outdoorsy, Tough.

Changing your brand imagine is difficult and dangerous. If you haven't performed this key function, now is the time examine what personality you want to portray. If you already have a brand how can you upgrade and refine to fit the new selling environment?

Next Show: Is Your Offer Still Viable?