Thursday, May 25, 2017

How to Increase Auto (Or Any Other Category) Sales

It was recently reported that the U.S. automobile sales’ hot streak has cooled. Ford and GM reported declines of 6% and 7% YOY, respectively.

Overall vehicle sales are down nearly 5%, and inventory is taking much, much longer to move off the lot. And sure, the usual summer sales will be held, but today discounts are never enough to engage consumers, no matter what category you’re in.

If, however, an auto brand (or a brand in any other category) can accurately identify their category Ideal, the high-contribution values consumers desire, and can actually measure real consumer expectations, brands will be six times more likely to make a sale!

Six time more likely to buy more of your product and service more often. Six times more likely to invest in you if you’re publically traded! And for those of you just interested in the social universe, six time more likely to interact with you socially.

Want to see how predictive metrics can identify the changing Ideals consumers expect from their cars (or any other products or services that are looking for increased sales. And social involvement)? We invite you to read our most recent Admap contribution, "The values that drive car choice.” Our predictive metrics work in any B2C and B2B category.

It was Elon Musk who noted that selling an electric sports car created an opportunity to fundamentally change how customers saw a brand – but only if you were able to meet consumers’ real and unarticulated expectations.

Which is absolutely true.

But it helps tremendously if you can actually measure them.


Find out more about what makes customer loyalty happen and how Brand Keys metrics is able to predict future consumer behavior: brandkeys.com. Visit our YouTube channel to learn more about Brand Keys methodology, applications and case studies. 

Sunday, May 14, 2017

Mother’s Day 2017 Spending Up 7%

Clothing appears to be the gift-of-choice for Mother’s Day this year. Eighty-nine percent (89%) of consumers plan to celebrate Mother’s Day 2017 and clothing is this year’s big winner, according to the annual Brand Keys Mother’s Day survey. Celebrants intend to spend on average $220.00 this year, a 7 percent increase over 2016. Men, following a long-standing tradition, intend to spend more than women, reporting an anticipated average spend of $242. Women, an anticipated $198 spend.

Once again, tradition has trumped tech. Cards, meals, and flowers have become ‘price-of-entry’ for the holiday. But when it came to more substantial gifts, clothing showed the greatest change from last year – up 10 percent. Jewelry was up too, by seven percent. Spending on tech-related gifts was generally unchanged, with only 13 percent indicating that category of purchase.

More-and-more, Mother’s Day has encompassed a broader spectrum of relationships and has becomes a more universal celebration. The holiday celebrant-range includes virtually everyone: moms, wives, step-moms, female relatives and friends, divorced and single-parent households. It crosses cultural, ethnic, and religious boundaries, making it a real opportunity for retailers – an occasion nearly everyone celebrates.

Methodology

As part of Brand Keys’ annual Customer Loyalty Engagement Index, 6,205 men and women, ages 18-65 from the nine U.S. Census regions, were asked if – and how – they planned to celebrate Mother’s Day this year. Most consumers indicated multiple gift purchases. This is Mom we’re talking about, after all.


What Consumers Are Buying Mom

(Percentages in parentheses indicate changes from 2016 with a margin of error of + 2%).

2017                                        Percent Purchasing                       Change from 2016
Cards                                                     95%                                                ( --- )  
Brunch/Lunch/Dinner                             90%                                                (+2%)
Flowers                                                  86%                                                (+1%)
Clothing                                                  89%                                                (+9%)            
Jewelry                                                   61%                                                (+7%)
Spa Services                                          52%                                                ( --- )
Gift Cards                                               55%                                                ( +5%)
Books                                                     21%                                                (+2%) Housewares/Gardening Tools                20%                                                 (+4%)
Candy                                                    12%                                                  ( --- )
Electronics/ Smartphones                     13%                                                  (- 2%)


Preferences for shopping venues reflect this year’s preference for more traditional gifts and remained generally unchanged from last year, although Department Stores, were down again, this year by four percent. Catalogues were down again this year by another four percent. Discount and Specialty Stores were at the top of consumers’ list of places to shop for Mom because consumers regard them as ideal venues for apparel and jewelry.

Where They Are Shopping
Discount Stores                        55%      ( --- )
Specialty Stores                        55%      (+5%)
Department Stores                   40%      (- 4%)
Online Stores                            30%      ( ---)
Catalog                                      2%       (- 4%)

There’s a saying that goes, ‘a Mother always has to think twice; once for herself and once for her children.’ That said, this year most consumers don’t seem to be thinking twice about celebrating Mother’s Day.


Find out more about what makes customer loyalty happen and how Brand Keys metrics is able to predict future consumer behavior: brandkeys.com. Visit our YouTube channel to learn more about Brand Keys methodology, applications and case studies.