The phenomenon whereby customers are so enamored with a brand that they ignore price, convenience, and competitor parity. This shows that customer behaviour is emotive rather than rationale response.
94% of Japanese women in their twenties own a product made by French luxury brand Louis Vuitton. Although Louis Vuitton charges 20 % more for its product in Japan than in France, 40% of entire nation own one of its products. Part of LV’s inflated price tag in Japan is the result of cost of shipping .But the primary reason for inflated price is brand itself.
According to a study it was found that shoppers are willing to pay up to 200% more when their decision is based on emotion rather than reason. Today early morning I got an sms from Vodafone communicating “find out if you and your partner will have a baby boy or a girl in your life” sms kid (your name) (name 2) to 51515.This is an example of how MNC’s like Vodafone are trying to tap emotional appeal of Indian consumers.
To tap on the emotional appeal of consumer branding plays an important role. In 2008 $654 billion was spent on branding. Today anything with a brand name is vulnerable and anything without one is an opportunity.
According to a study it was found that shoppers are willing to pay up to 200% more when their decision is based on emotion rather than reason. Today early morning I got an sms from Vodafone communicating “find out if you and your partner will have a baby boy or a girl in your life” sms kid (your name) (name 2) to 51515.This is an example of how MNC’s like Vodafone are trying to tap emotional appeal of Indian consumers.
To tap on the emotional appeal of consumer branding plays an important role. In 2008 $654 billion was spent on branding. Today anything with a brand name is vulnerable and anything without one is an opportunity.
Author: Sanjay
Well written .
ReplyDeletekeep up the gud work!
Regards,
Richa