Brand Beats Price, Say Consumers
The economy has spurred many families to tighten the household budget—yet price is just one factor that plays into consumers’ purchasing decisions, reports Helen Leggat on BizReport. In fact, consumers ranked brand power (or desirability) as a top factor in grabbing and keeping their attention, according to a Millward Brown study. It found:
- 81% of polled consumers said the brand was the biggest motivator in a purchasing decision.
- 7% said the biggest motivator was price.
The Global BrandZ Director for Millward Brown, Peter Walshe, said, “ The consumer usually desires a brand first and then considers the price to determine whether to purchase or not.”
Social media is a cost-effective way to start building that brand desirability, from social media monitoring that provides insight into what customers really want to social media engagement that provides real-time answers, solutions, and interactions.
What tips can you share for building brand desirability through social media?