Pretty much everyone knows that it is hugely important to find ways to influence your consumer bases’ behavior. Wal-Mart did it by lowering their prices below their competitors effectively destroying any and all opposition. But with the relatively fixed rates of suppliers the price-cutting marketing strategy is no longer a feasible option. Even further, with the rise of the internet and social media- sites like wikipedia and customer reviews, a wealth of information is at the fingertips of the consumer, resulting in a much more knowledgeable, and aware buyer.
So, the follow up to that is? How do you replace the price-cut strategy with something equally as influential and effective(during it’s time)? Well, along with that wealth of information comes direct access to your consumer base. Direct influence. How then, do you utilize that? Social Media. You can access a broad surface area, but target with pinpoint accuracy. Coupons, customer incentives, sale alerts, you can deliver these right to their front door through social media. But where do you define the influence?
That’s the tough part. If you don’t know who you are up against, then you have to guess, and nobody likes to do that. And just because everyone else does do it doesn’t make it right or proper. What is the key to influencing consumer behaviour in your market? Well the fact of the matter is you have to generate value. You have to give your customers something they need, something they want, something they can’t get anywhere else. You have to give them value. It’s not easy. Not everyone can do it. But if you can generate value and associate it with your brand, the result will be an influx of self-perpetuating influence amongst your customers. Lasting influence, plain and simple.