Tag: consumer behaviours
Why does pain sometimes feel like pleasure? Why do we enjoy music and art even though there aren’t any adaptive advantages? When does “one man’s meat” become “another man’s poison”?
The answers to these human behavioural puzzles (and more) can be found in How Pleasure Works. Written by Yale’s evolutionary psychologist Paul Bloom, the book uncovers the “new science of why we like what we like”. By delving into the fields of anthropology, evolution, history, biology and psychology, the book investigates why we humans are so different compared to our fellow earthlings.
I’ve just listened to a podcast by Derek Halpern of Social Triggers blog which presented a fascinating glimpse into the world of neuroscience and its impact on marketing. Interviewing Jonah Lehrer, author of “How We Decide”, the podcast explained that decisions are primarily made when there is an interplay between the stimuli that we receive and their influences on different portions of the brain.
Perhaps the most fundamental point is that emotions play a big impact on decision making. In studies where brain injury patients lose the use of their emotional brain centres (the limbic brain system), these individuals are often unable to make the simplest decision such as deciding where to have lunch and so on.
Can you compete with the above brands on scale, distribution and price? (image source)
In the world of consumer businesses, there are probably three main ways to differentiate yourself from the hoi polloi.
The first way is to level your competition by beating them on price, variety, convenience, and distribution. And while you’re at it, look at meeting the lowest common denominators in consumer needs and wants. Huge consumer retailing outfits like Walmart, Target, 7-Eleven, Amazon and Carrefour are examples of companies adhering to this strategy, and so are major FMCG manufacturers like P&G, Unilever and Nestle.