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BRAND DECISION-MAKING IN AN INFORMATION-RICH WORLD

Today, we have so many ways to learn about brands: there are multiple platforms and information comes in multiple formats such as video, audio, VR, AR, as well as text search. When information is delivered in multiple formats, the information is considered “rich”.

New research (Maity, Dass, and Kumar) reveals that the “richness” of the available information affects our brand memories, and our consideration sets. The richer the information, the less we rely on our past experiential brand memory, and the more brands we are willing to consider prior to purchase. If the information is limited, we must put effort into searching for information. We are only willing to do this for a limited number of brands. When we have to rely on our own searches, we default to our past memory of experiences and learning.

Choosing a brand simplifies choice. In a complex, over-whelming, over-choice environment, brands are one-think decisions.  But in a rich media environment, the one-think role of brands is in jeopardy. A good part of a brand’s value is based on familiarity and previous experience. Experience is built over time. Without relying on experience memory, a favored brand may lose some of its advantage to these new devices to make brand choices.

One-think decision-making

This research reflects one of the great paradoxes of brand shopping today: the desire for multiple choices and the desire for ease of choice. People desire choice, yet having too much choice increases uncertainty, decreases speed of decision-making, and requires more physical and mental effort. Consumers want more choices, but they want choosing to be easier. One-think shopping alleviates the uncertainty of too much choice while helping a consumer choose wisely.

With one-think shopping, the consumer can quickly make decisions based on the trustworthiness of the brand. It is a streamlined roadway through the cluttered confusion of choices. This trustworthiness is part of the brand’s value.  The brand loyal customer trusts the expected total branded experience will be delivered as expected. Brand loyal purchase decisions are easier to make.

When rich media are available, processing information using modern smart devices to make choices for us makes decision-making easy. When information processing is easy, customers are less likely to rely on their memory of previous brand experiences.

In this future marketing world, brands have no choice but to focus on building real, customer-perceived value along with building and reinforcing trust. By building Trustworthy Brand Value, brands will maintain a marketing advantage even in information rich, smart device enabled environment. Instead of “Alexa, what soup should I choose today?” The interaction will be, “Alexa, buy Brand X soup today.”