Editorial

Do you know who your market mavens are?

Family and friends in our peer groups are no longer the only influencers for consumer purchasing decisions, although they are still an important reference group. Opinion leaders, voluntary or appointed people, who are knowledgeable and objective in their field are influencers. Seeking an opinion leader lowers the purchasing risk substantially.

Opinion leaders are often among the first to buy new products, so any brand wanting to diffuse products, i.e. penetrate the market quickly, should seek out these people. A business could adopt a skimming strategy to target early adopters and sell at a much higher premium to recoup costs quickly, lowering the risk and price for the late adopters. A disadvantage to this approach is that once the product is in the hands of opinion leaders, it is difficult to control what is being said, so the brand experience must be positive.

Word of mouth is the primary factor behind 20 to 50% of all purchasing decisions. Its influence is greatest when consumers buy a product for the first time or when it is relatively expensive.

How quickly a product is adopted is related to evaluation based on opinion marketing, based on the fact that the cognitive process of liking something leads to buying behaviour. However, this is only true of highly motivated consumers.

Consumer conformity can also be exploited by tapping into reference groups through membership or aspiration to be part of a group. This makes it all the more important for brands to know how their customers relate to which groups and to infiltrate their networks creating brand advocates. There’s a tendency to assume that if l many people who seem like me believe something, there must be a good reason

Each individual has a propensity to conform, both intrinsically as a part of their belief system and also relating to individual situations where confidence or knowledge is lacking. For example, if someone is unsure which brand of juicer to purchase, they will most likely defer to an authority figure's prior knowledge. This becomes more relevant the more expensive the product.

Brand influencers or market mavens, as identified by psychographic factors, are a brand's best friend, as they are not only early adopters of the product/ service but also evangelistic about it. They identify the trends early and then show loyalty to the brand which drives other laggards or late adopters to try things.

There are times when a consumer is not even aware they want something until someone they look up to has it and so brands should take this into account when marketing new products. Trends play a huge role in this and so when diffusing a new product, it is vital to understand where the product sits on the fashion cycle, i.e. unconventional or in high demand/ low supply.

A prime example of this is the upsurge in travel-related brands, which are riding high on the fashion life-cycle currently. There is exponential opportunity in this space but brands are typically operating traditionally. They should find ways to engage on a more meaningful level with consumers and make the decisions easier.

Here are some helpful tips to take away:

· Most people look for ways to reduce risk when making purchases so make it as easy as

possible

· Find your early adopters or market mavens and make them brand advocates. Ensure the

experience is fantastic for your advocates and they'll promote your brand for you

· Where the purchasing decision is complex, expensive, or your product is riding the low end

of the fashion life-cycle, find your 'thought leaders/ tribes, who already have a large

following, and make them fall in love with your product.

Would you like to know more about market mavens and how to find them? Or more importantly how to utilise them in your marketing strategy? Then contact us today and start your journey.