The annual Best New Product Awards from Better Homes and Gardens has gone beyond its usual report this year, as it reveals that personal habits are, in fact, influential on consumer behavior. This is just another example of how a business can leverage big data and insights to inform business decisions. The President and CEO of BrandSpark International and Founder of the Best New Product Awards said, “And as the program continues to gain momentum, we are able to reveal trending data about the opinions and habits of American shoppers, insights that can help marketers and manufacturers innovate and improve their products and offerings.” Leveraging data about consumers’ personal habits and how they can affect their purchasing behavior is imperative to predicting business trends in the future.
An example of the useful findings from the report include:
- 50% of shoppers find it “extremely important” to find products that are both well-priced and effective
- 39% of shoppers consider obesity one of their primary health concerns
- 81% of Americans say they pay attention to nutrition labels
- More than 90% of shoppers have purchased a private label product in the last year
- While only four in 10 shoppers are willing to pay more for environmentally -friendly products, more than eight in 10 appreciate when the manufacturer bears the burden of production and offers an environmental benefit without increased cost
- 9 in 10 shoppers own a mobile phone, but 2 in 3 shoppers own a smartphone (up from 1 in 3 just last year)
- 30% of shoppers 18-34 indicated storing their shopping list on their phone regularly or occasionally, a number that is likely to increase with the promotion of organizational apps
So what does this data reveal to business owners? Price is still a main factor in driving purchasing decisions (no surprise there). Mobile marketing is a big opportunity to capture audiences, health concerns in America drive a lot of food purchasing decisions and most people want a more environmentally-friendly product without the added cost. Therefore, you are now able to market to consumers based on their most prevalent concerns. If your product does cost a bit more than your competitors, perhaps you can tout your eco-friendly product development process and target a smaller audience. If your product has a competitive price point, it’s time to focus on its proven effectiveness (ratings, recommendations, endorsements, etc.). Studies like these are great, but getting even more granular by region, age and gender can be even more telling. By leveraging consumer insights like these and more, you can find out what people want most and make data-driven business decisions about sales, marketing, inventory and more.
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