The decoy effect is, of late, becoming a viral marketing strategy that is adopted by marketers the world over to influence the purchasing decisions of consumers. Dan Ariely’s Predictably Irrational has had quite an impact on the widespread use of the decoy effect in marketing, but the point to consider here is the ease with which the human mind can be influenced using this strategy.
The decoy effect creates a cognitive bias in the minds of consumers by altering their preferences between two alternatives by introducing a third, which is an entirely irrelevant choice.
The COVID-19 pandemic has changed the way businesses all over the world function. This pandemic still continues to alter lives and has made people from all walks of life sit back and reflect on the true purpose of their existence. Mental wellness and overall well-being have taken precedence over making money and meeting deadlines. While this has become the new normal, it is also true that businesses now have to reformulate their strategies to identify their key stakes in the current, post-COVID market space to establish their foothold.
In these uncertain times, it can be challenging to predict trends as the market may not behave as you anticipate. Nonetheless, the industry trend prediction should not be neglected as it will prepare your business to cover all bases and handle even the unexpected. Businesses need to take a second look at their marketing and business strategies. These strategies will determine how your business will perform in a post-COVID world. Hence, you should know what you are doing right and where you should focus.
Algorithms for artificial intelligence (AI) use real-time data to provide insights for decision-making. This makes AI very different from passive machines, which provide predetermined or mechanical responses.
AI considers a variety of data sources and carefully analyzes them in seconds. It then acts based on the results of the analysis. It is prudent to remember that AI is designed by humans for the purpose of reaching a conclusion based on analysis. Thanks to the advances in artificial intelligence, this technology is not only used to automate repetitive tasks but also in many other industries and sectors, such as the automotive industry, education, cybersecurity, human resources, customer service, logistics, marketing, healthcare, and supply chain management.
A majority of brands focus solely on mentions online. As a result, they miss out on messages that mention their brand name differently or talk about their products without mentioning the brand name. Hence, it is important that businesses create a social media monitoring plan that enables them to find out what their target audience is saying. Of course, you need the right tools to monitor social media. Otherwise, you will have to perform time-consuming manual searches.
You may wonder why your business requires a social media monitor plan. Such a plan will not only allow you to streamline search parameters and mentions on various social media platforms but will also enable you to provide responsive, prompt, and fuss-free customer care. Invariably, customers will write or mention their concerns on social media and tag your brand. It is imperative that you catch these mentions, respond to queries, address issues, and identify potential brand advocates. This will foster brand loyalty and help your business thrive in a competitive marketplace.
The pandemic has changed the way businesses function. The lockdown and the subsequent social distancing have shown that consumers are more than willing to engage online and speak about their experiences, needs, aspirations, and fears. This sharing of information by consumers is an opportunity that businesses should take advantage of.
When consumers share information online, it is a form of data that businesses can analyze. Market research enables this analysis so that businesses get valuable insights as well as actionable recommendations. That way, they will be able to cater to the needs of their target audience. Of course, each business is different but the market research can be customized to the business so that it gets valuable insights.
Here are some of the reasons why you shouldn’t neglect market research during the current times when the world is being swept by COVID-19 and its repercussions.