Building the brand trust is what will get the consumers. This stands true even in a world where the line between online and offline is fast blurring, and where the consumers know no boundaries when trying to reach for the product of their choice. Since the advent of online shopping, and even with access to many more types of brands and products consumers globally still prefer to buy existing or new products from brands they know, rather than try out a new brand. According to a new study from market research firm Nielsen, 60 percent of global consumers with Internet access show this habit.
Rob Wengel, senior vice president, Nielsen Innovation Analytics says, “Consumers are enthusiastic about adopting new product innovations but somewhat apprehensive about embracing new brands. In order for consumers to adopt new brands, marketers need to launch very strong awareness and trial-building campaigns, supported by a positive product experience. Generating positive word-of-mouth endorsements are important, because negative experiences can significantly diminish the likelihood of new product success.”
The Nielsen Global Survey of New Product Purchase Sentiment surveyed more than 29,000 Internet respondents in 58 countries and shows that brand familiarity is one of several key characteristics that resonate strongly with consumers worldwide. So the way to touch more consumer is innovation. “Innovating on established brands that are already trusted by consumers can be a powerful strategy. Marketers and retailers can deliver successful new products by ensuring they uncover unmet consumer needs, communicate with clarity, deliver distinct product innovations, and execute an optimal marketing strategy,” Wengel adds.
So how do you deliver this innovation to your consumers? With the changing consumer behaviour in terms of accessing information, the brands need to opt for a large chunk of online activity, social media communication which is today the most powerful sort of word of mouth marketing, and blended with traditional advertising. According to Wengel, the report shows that 77 percent of the respondents go by word of mouth (social media) suggestions from family, and friends; while 67 percent trawl the online space for reviews, and other information. “Globally, respondents say the Internet is important when making a new product purchase decision for food and beverages, personal hygiene categories, personal health/over-the-counter medicines, and hair care categories,” he adds.