The Influence Mix, developed by Simonson and Rosen, is a tool that helps marketers consider the impacts of social media sites on customers’ purchase decisions in order to build a successful marketing plan. They outline three major elements that impact customers’ decisions in their book Absolute Value. Prior Preferences (P), Marketer Information (M), and Other People’s Input (I) are some of them (O).
You may look at a range of significant variables that commonly come together in a purchase decision in Simonson and Rosen’s Influence Mix. Different markets will have a different mix of the various elements, and it’s up to you to figure out which ones will be the most important in yours.
Description of Simonson & Rosen’s Influence Mix
According to Simonson and Rosen’s Influence Mix, the more one of the aforementioned variables influences a person’s purchase choice, the less influence the other ones have. To maximize a company’s impact on purchasing decisions, it’s crucial to figure out which element has the most influence and then tailor a marketing plan to that aspect.
The following are the three elements that influence a customer’s decision:
Prior Preferences, Beliefs, and Experiences (P):
These are generally low-risk purchases based on habit and previous experience with a product. They primarily consist of everyday expenditures like groceries and detergents.
Information from Marketers (M):
This purchasing factor is centered on emotional purchases of higher-end products such as vehicles and diamonds, and it may be affected heavily by marketing efforts. It’s also utilized to encourage people to try something new instead of sticking with their favourite products.
Input From Other People (O):
Social media and internet influence have a role in the third component. For somewhat essential items like phones and electronics, potential buyers resort to online reviews. They want to know that the product they buy will be reliable, high-quality, and functional, and they are prepared to spend time researching these qualities online.
A firm should determine which marketing strategy will perform best for the sort of product it is attempting to sell before deciding which approach to utilize. Following that, the firm should choose one of the three tactics that best matches their product and create a marketing plan around it. It will be much simpler to determine the ideal marketing approach if you investigate how consumers will make a purchasing choice on your goods.
Prior Preferences Beliefs, and Experiences
The decision-making procedure for the majority of purchases may be seen here. Groceries, petrol, home supplies, and other items that you buy on a regular basis will be included in this section of the mix. When buying a beverage, for example, you don’t need to conduct significant market research because you already know what kind of beverages you enjoy. You won’t need to read internet reviews or look at social media to make your decision – you’ll just choose the brand you know you prefer and go about your business.
Price, of course, plays a significant factor in this equation. Because the products you buy on a daily basis are usually low-cost, you aren’t concerned about devoting time to study. If you buy a beverage for a dollar or two and don’t like it, you won’t buy it again. Even whether you are dissatisfied with the thing you receive, spending a little amount of money on this transaction does not result in a significant loss.
If you offer low-cost, regularly purchased things, you will very certainly discover your own products in this section of the mix. Living in this section of the mix has the advantage of reducing the amount of work required to persuade customers to test your items. Because you’ll be selling a low-cost item, customers may be more inclined to give you a chance. Buyers in this sector, on the other hand, are more likely to have pre-determined tastes, so they may choose the items they are already familiar with before even considering your offering.
Information from Marketers
This element of the Simonson and Rosen Influence Mix affects products that may be marketed through a successful marketing effort. These aren’t always the cheapest items on the shelf, but they’re also not always the most costly.
Most of the time, the items that are effectively marketed by outstanding marketing efforts are slightly more costly than the products that are currently being purchased. For example, if you make a high-end product in a market with a lot of low-cost choices, good marketing may help you acquire market share.
The marketing department is typically in charge of ascribing a quality reputation to a product that is being introduced to the market. If you’re going to launch a product that’s more expensive than your competitors’, you’ll need to do a superb job of advertising it as superior in some way. What distinguishes yours from the rest? You might be able to capture their attention to your goods – even at a greater price – by expressing that message to your audience.
Input from Other People
In the past, ‘word of mouth’ from friends, family members, and coworkers would have been the primary source of information you got before making a purchase. Of course, in the twenty-first century, everything has changed.
Nowadays, social media sources are commonly used to obtain information about products or services from others. Typically, it is the higher-priced, “major” purchases that are primarily influenced by the recommendations of others. Other people’s feedback may assist or hurt products like computers, cell phones, tablets, autos, and more.
Given that social media has such a significant influence on large purchasing choices, it is a good idea for businesses to keep watch on social media interactions and to leverage the open architecture of such platforms to intervene when necessary. Your company’s active social media presence will not only assist consumers to learn more about your product, but it will also allow you to demonstrate your devotion to customer service.