One of the foremost things on an advertisers mind at this time of year is holiday shopper behavior. Mindshare has just announced the results of their new research study that reveals fascinating consumer behaviors among those who said that they were planning to shop on either Black Friday or Cyber Monday.
As their press release noted, “Mindshare NA surveyed 779 upcoming shoppers for Black Friday or Cyber Monday to look at what (and why) people want to buy, what they want from retailers, where they seek discounts, and much more. The research was led by Shop+ (the agency's dedicated retail unit) using The Pool (Mindshare's proprietary research tool).” The study polled Adults 18+ with an even split between men and women.
Joe Migliozzi, Managing Director, Shop+ Lead, Mindshare, explained some of the study takeaways and how advertisers can maximize their impact on buying decisions:
1. Never underestimate the power of showrooming. A great deal of shoppers will use their phones to check for prices while in-store, which means there’s an opportunity for competing brands and retailers to push out their messages instead.
2. Shoppers have clear budgets in mind. Brands and retailers should consider helping shoppers find the products that meet their budget by curating their offer messaging and promotions for different types of shoppers and budget ranges. That applies to social media in particular. As people are posting deals and what they bought afterwards on their social networks, brands can engage with these posts and offer shoppers additional services, be it future discounts or customer service.
3. Many shoppers have an expectation that there will be deals that supersede all other deals—64% of shoppers in our study said that they get deals on Black Friday that they can’t get at any other time, a data point that rises to 72% for millennial shoppers in particular. So, if your brand thinks as the holidays as simply a time to piggyback on increased retail traffic, that’s a mistake. Planning for increased discounts and promotions during this time is critical to grabbing shoppers’ attention.
4. Men are avid shoppers. It was surprising to see how much men took the lead on not just spending (although that was quite significant – men say they’ll spend nearly 69% more than women), but certain behaviors as well. Part of that has to do with their purchase of big ticket items, and part of that has to do with greater numbers of men who strongly believe that there are certain deals you can only get this time of year, certain deals that you can only get in store, and more.
In terms of how these results can be used to predict the success of Black Friday and Cyber Monday, Migliozzi explained, “We surveyed folks who were already planning to shop so we believe that brands and retailers who ground their media strategies in data and insights and continue to adapt to changes and events throughout the holiday season will do better than those who don’t.”
This article first appeared in www.MediaVillage.com