The new sustainable cognitive monopoly:
Written by James Fakhfakh – Corporate Communication Sr. Adviser / Neuromarketing Strategist.
For more like this contact: ca.linkedin.com/in/neuromarketingcanada/en
The balance of power has shifted from the retailer to the new consumer. Think NOT NEUROMARKETING unless you understood the fjord of consumer’s trust
TRUST has always been key in branding. A few decades ago, our grandparents would walk to neighborhood shops where they visited the as the local butcher, baker, fish market on the corner and vegetable patch and paid without asking price. This is where trust manifests itself via the built-in altruism that welded them together.
The world of choice today to name a few, the fast food, supermarkets, department stores and discounters warehouse etc.. instinctively continue to flood the consumer confidence and drown it down. With the global economic uncertainty, inflated dollar and fluctuating consumer confidence, consumers are increasingly conducting their research before they buy to ensure they get the best value for their buck.
The new consumer is becoming more vigilant than ever in their choice of a brand worthiness / of a high level of credibility and trust. Brand is no longer what the brand owners say it is but it’s what the consumers say it is.
Armed with many tools at their fingertips, this new consumer, with a mouse click, can find and compare brands and prices in real time. You only have to visit online forums to see what others are saying about your brand and how a in a storm of clicks, all their friends and family learn in real time what they need to know about you, your brand and about your product.
These new responsible consumers are empowered more than ever with decision insights as to when, where and how to shop. A wide menu of choices had become increasingly available to them to become more than ever more selective.
In essence, brands managers must become more intelligent how and where to invest in order to influence consumers and their awareness of their product during the purchase process, hence the ROI (Return On Influence)
Trust, Recommendation and Buying association
for most of us, trust is amorphous and intangible. As a concept related to the relationship between consumers and brand, trust can be made tangible and can be quantified and measured with the Castaldo balance formula. Trust of consumer or not trust of a brand or retailer can be won and lost. Once lost, it is very difficult to reclaim.
There are different levers that increase trust: some are more important than others. When asked if the current communications and promotions of retailers were not relevant enough, 81% of them said yes.
What does this mean? Maybe marketers need to communicate more effectively with their customers in a more tangible and more salient way.
Trust is important because it is a deserved currency. Once the merchant or brand installed trust in the consumer, they have a Cognitive monopoly over their competitors. The more a consumer trusts a brand or retailer, the less they shop elsewhere.
Think about the level of trust you have with your dentist or family doctor. It is this level of trust that many people have with their brand of toothpaste, clothes, hairdresser, supermarket or a local cafe. In the 2012 study, the” model” Castaldo Retail Trust says that to increase trust, it is not enough to focus only on the experience of retail, or only on the product. Brands must leverage both to to achieve sustainable solutions.
Although cognitive trust is based on knowledge, the need to trust relies on a state of incomplete knowledge. A state of absolute certainty regarding the future actions of a partner means that the risk is eliminated and trust is redundant. Williamson (1993). When a client is a state of hesitation and refrains from buying he would use any pretext to escape the pressure by giving the vendor a variety of forged answers such as it is outside their budget or He will get back to you once he compared other similar brands. When in fact he’s telling you: ‘’ I don’t have enough tangible information to trust you.
Tangibility is the 4th cerebral stimuli acutely related to ventro-medial prefrontal cortex who in turn relates the information or lack of there of the emotional brain to decide. Not stimulated, the latter receives no confirmation from the brain stem therefore of no decision to be taken originating from uncertainty, including risky or ambiguous information.
it is also suggested that even in the absence of tangible information, the prefrontal cortex in collaboration with the limbic system may not decide favorably due to lack of value-based information even in the absence of uncertainty. It is vital to understand that even though we’re prone to buy emotionally but it is confirmed that in the absence of trust originating from manipulative or intangible information, The frontal lobes become increasing involved in tasks ranging from making binary choices to making mufti-attribute decisions that require explicit deliberation and integration of diverse sources of information.
Trust between companies can be described computational trust as companies can reduce uncertainty and opportunistic behavior through due diligence and contractual guarantees.
Consumer transactions, however, involve less contractual guarantees, and knowledge asymmetry that prevents comprehensive reasonable diligence. An act of faith thus a permanent feature of the consumption of consumer services.
Affective trust is trust that is placed in a partner on the basis of emotions generated by the charge and for the partner shows (Johnson-George and Swap, 1982. Rempel et al, 1985) It is characterized by a sense of security and the perceived relation-ship strength. The reputation effects also affect the emotional confidence, but the emotional trust is much more limited personal experiences with the focal partner cognitive trust.
The essence of emotional trust is the link of a partner based on emotions. As emotional connections deepen, trusting a partner can venture beyond what is justified by knowledge. This element of emotion is based on trust that makes more transparent relationship to objective risk assessment prescribed by economists.
The cognitive and affective trust are compatible with the basic notions of cognition and emotional, it describes the cognitive component of the attitude as consisting of a judgment about advertising characteristics , it is the will to rely on a service based on specific cases of reliable operation. And just as emotional, it responds an ad based on the feelings of a subject during the exposure thereof.
To understand what all this means, is to be a CONSUMER
After all said and done, marketing in nothing but a MINDSET: The rise of the consumer and the falling of everything else. And the only barriers to success: is the “PUSH” mentality.
Future Shock is here:
So if you’re a company organized for the past and not the future:
(Ad or Sales Trained)
Wake up to the “Pull trust strategy” and smell the future.
To dismantle the barriers that impede your brand success, just put yourself in the consumers viewpoint and perspective. You’re also a consumer, would you buy a product that emits no credibility? The consumer said:” before I buy your brand, I must first buy you as a credible messenger.