Fast-forward to the present and it seems as if people are willing to share their whole lives on social media. According to a recent report, 2 billion people in the world (almost 1/3 of the world’s population) use Facebook, followed by YouTube with 1.5 billion users, and Instagram, with 700 million users.
Since the number of people on social media has increased exponentially, marketers have learned how to use these platforms to collect data, target potential customers, and engage directly with them. Advanced technologies enable marketers to access vast amounts of unfiltered information using tactics such as keyword performance metrics, and attribution modeling.
How Take 5 Media Group Measures Purchase Intent
Shopping in the Digital Age is a whole new experience. With so much information available online, consumers now take the time to be well-informed before making big purchases. They research products, look for reviews, and ask for friends’ opinions before pulling the trigger. Once they have an idea of what they want to buy, they may talk about it on social media. Brands can monitor these discussions every step of the way and can measure purchase intent.
Take 5 Media Group develops high-definition consumer profiles based on customer interactions across social media sites. Savvy marketers use this information to engage customers with content and experiences relating to the brand.
To illustrate the value of measuring purchase intent, consider the story of a failed product campaign by Nintendo and the Robinson family, a fictional representation of how America shops.
Greg Robinson grew up in the 80s when the Nintendo Entertainment System (NES) was the most popular video game console. In 2016, Nintendo announced the upcoming release of a miniaturized version of the console with 30 built-in games for a limited time. Greg was excited to hear about it and began sharing his thoughts on Facebook and telling friends that he definitely wanted to get this item for his upcoming birthday.
Greg’s wife Julia commented on his post and promised to buy him the console as a birthday present. The release date arrived and, to her surprise, Julia was unable to find the console anywhere. She had tried to preorder it online and everything was sold out on Amazon and similar sites. Every store she drove to told her the same─people had been lining up since early morning and the consoles had sold out within minutes.
The problem? Nintendo had failed to measure purchase intent, and didn’t provide enough consoles to satisfy the overwhelming demand for the device.
Within hours of a flood of consumer complaints on social media, Nintendo announced more consoles would be available for purchase in a few weeks, but consumers faced the same problem when the second release-date arrived. Resigned to the fact that she couldn’t get the console through customary retail outlets, Julia bought the console on eBay for $200, as opposed to the $60 manufacturer’s list price.
Talk about being out of touch with your customers! As Warren Buffett famously said: “It takes 20 years to build a reputation and five minutes to destroy it.”
This self-inflicted wound to the Nintendo brand could have been avoided through a well-planned initiative to measure consumer purchasing intent prior to the launch.
Take 5’s demographic, geographic and psychographic segmentations deliver unmatched insights into buying patterns and behavior, allowing companies to plan strategically. Using the data we provide, they can target the right prospects through the right channels at precisely the right time and strategically manage inventory.
To find out more on how Take 5 Media Group can help you measure purchase intent and more, call us at 561-819-5555.