The world of advertising and marketing has become unprecedentedly competitive. With traditional media, the companies with deep pockets could afford airtime or visibility. With social media, most companies have a level playing field. With fierce advertising and marketing, sales has become more complicated. While there is more room to create exposure and more ways to reach out to a target audience, influencing purchase decisions has become tougher, especially with the millennial generation.
The biggest purchasers are people aged between nineteen and thirty seven. In other words, twenties and thirties are the time when people spend the most. People aged forty and above would become scarce spender and teenagers certainly don’t have the means to make big purchases. To influence the millennial generation’s purchase decisions, companies need to take some measures steps. How can you influence the purchase decisions of those who can spend?
Conventional advertising doesn’t work well with the millennial generation. People in the age group of nineteen to forty spend less time watching television and more time on social media, search engines and blogs; basically everything in the virtual world. Thus, to influence this generation, it is necessary to utilize these mediums.
In the associated info-graphic, How To Influence Purchase Decisions, you would come across the means using which you can actually increase your sales, expand our outreach, generate new leads and also establish your organization as a more desirable brand.
The mediums to be used are pretty lucid – social media, search engine results, banner ads, websites, mobile marketing and blogs, forums or review sites. Now you have to determine what kind of content or marketing approach would help you to influence purchase decisions of prospective customers.
The four elements that influence purchase decisions the most are word of mouth, marketing on branded websites or having a website that is popular, online reviews or consumer opinions and advertisement on various forms of virtual media and traditional media. At its crux, it is user generated content that makes the biggest impact on purchase decisions. If a twenty eight year old professional learns from his or her peers that a certain product is worthwhile, then they are more likely to buy it than when they would, having seen an advertisement on television. Likewise, people are more interested in reading reviews online and then making a decision instead of simply going by the claims made by a company in the promotional campaign.
Accounting for these, you can influence purchase decisions of your target audience.