'How People Buy' shortlisted for a Media Week Award for Best Trade Body Research
Newsworks’ latest research, conducted by Flamingo and Tapestry alongside behavioural economics expert Dr Nick Southgate, has been shortlisted for a Media Week Award for Best Trade Body Research.
The study examines the consumer decision journey, with a focus on the roles of different media channels along the path to purchase. The findings have been developed into an interactive planning tool, to help choose the right channels to move people along the purchase journey and ultimately to drive sales.
Key findings from the report include the following:
- Consumer journeys are more about eliminating risk and making a "good enough" decision than they are about making the perfect choice
- People are always on a journey to buying something, gathering ideas about brands and things to possibly buy one day. Passive absorption of brand associations before a decision journey is a powerful method of influencing purchases
- The journey is about reducing worry. At the start of a buying journey, people are anxious about making a mistake and confidence only rises towards the end of the decision-making process
- Most journeys consist of an assumed front-runner, which will be cross examined through various touchpoints to ensure its purchase won't be regretted
- Brand preference provides more confidence: for example, people who have one brand in mind before they start the journey towards a car purchase are less worried at the start (39% compared with 54% for people who have no brand in mind) and ultimately more confident they have made the right choice (63% vs 41% for people who started with no brand in mind)
- Newsbrands act as a lens on the world, reinforcing values and helping people determine what matters and what to spend time thinking about – whether that's a purchase decision or politics and culture
- 85% of people say that seeing a brand or product in their newsbrand "gives me more confidence that it's right for me"
- Different channels work together to produce a 'double whammy' that disrupts purchasing habits – newsbrands' role is often to provide the detail that confirms brand and product relevance
Visit Newsworks UK to find out more, and try out the interactive planning tool on their website. All shortlisted entries for the Media Week Awards can be found here. Winners will be announced on 20th October in London.