December 30, 2008

Study on impact of brands

Whether a product is sold online on internet or offline in a retail store - brands do impact. It is true that purchasing a preferred brand  can evoke feelings of happiness and well-being and and the following statistics back the claim.
A new study by Martin Lindstrom (Also detailed in his book "Buy-ology -- Truth and Lies About Why We Buy") reveals that the brain actually receives an emotional boost from such experiences. It also goes on to claim that that the boost intensifies when consumers interface with so-called "strong" brands.
The results of this 3-year, US$7 million study, where 2,000 people were subjected to fMRI scans to determine the response of consumers' brains to stimulus ranging from logos to religious images. The study revealed that when people viewed strong brands like those associated with iPod, Harley Davidson, Ferrari, and others -- their brains registered the same patterns of emotional engagement as when viewing religious images. However, while viewing  weaker brands, completely different areas of their brains were activated.
This study on impact of brands, clearly suggests that weak brands do not evoke the same emotional response as strong brands.
In this study on impact of brands, Lindstrom explained that emotions are the way in which our brains encode things of value, stating that brands that engage consumers emotionally will "win every single time." 

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