New Customers or Maintain Existing Ones?
According to a recent study from Ipsos Open Thinking Exchange, nearly 55 percent of American consumers prefer trying new products and brands rather than sticking with the familiar brands they know. Though this figure marks a fairly even split, there is a greater divide when you compare female and male shoppers with one another. Women are generally more willing than men to try new products and brands, with 62 percent of female shoppers favoring the unfamiliar in comparison to 53 percent of male shoppers who would rather choose the brands they know.
The study also measured the participants’ attitudes based on age. Overall, 63 percent of the survey’s American respondents who were under the age of 35 also said that they prefer to try new products and companies, while only 53 percent of consumers between ages 35 and 49 put themselves in the same category. Of consumers from ages 50 to 64 who were surveyed, only 47 percent said that they prefer new brands to familiar offers.
For startups and new small business owners, studies such as this one are encouraging. The data seemingly indicates that consumers will eventually try your product simply because it is the newest one. But as experienced companies know, quality and consistency trump novelty in the long run.
Whether you’re hoping to attract new customers or looking to hold on to those who have already tried your brand, it’s important to be aware of what your target audience really wants. If you’re aiming to position your company as the “next big thing” or to brand your products as “innovative” and “revolutionary,” chances are good that consumers will take notice—but only if you have great products and exceptional service to back up your claims. On the other hand, companies with “tried and true” products can build on their reputations and legacies to keep their customers coming back for more. Though many people are eager to try new things, they ultimately return to the services they know and love after newer brands fail to earn their trust. It’s much easier to continue choosing a familiar company that can be trusted than to take on the risk of something new.
Business owners must understand what their ideal customers want before attempting to develop their long-term brand identities. At Red Crow Marketing, we’ll help you analyze your potential audience members in order to create an appealing, engaging, and trustworthy brand identity that is consistent with your principles and goals. We’ll help you figure out whether you have more to gain by targeting new customers or by ramping up your marketing efforts toward those who have chosen you in the past. To learn more about our marketing strategies and to figure out how we can build a campaign that really works, contact us here or give us a call at 417-889-1658.
A report on this study was originally published on July 18, 2013 by Marketing Charts. You can read more about the survey and its findings here.
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