Understand How to Meet Consumers’ Immaterial Goals
Beyond Research’s recent webinar “The Success of Luxury Brands: Insights in the Hyman Psyche” focussed understanding what happens in the brain of shoppers when they are choosing luxury brands.
Why do shoppers spend so much more on luxury goods when they often meet the same basic, functional needs as much cheaper alternatives? What are we striving for when we buy luxury brands? What do we want them to do for us?
Of primary importance? Satisfying and meeting the immaterial goals of the consumer – not just their material goals. Acknowledge customers’ need not only to meet the basic need of the item, (e.g., tell the time, to carry things, to hydrate the skin) but also, to meet deeper, more emotive, immaterial goals. The ability of a brand to meet those immaterial goals overcomes what might be described as the “pain” of paying such a high price point.
The application of immaterial goals and how they are each expressed needs to remain at the core of decisions around brand positioning and communication across multiple brand touchpoints for brands in luxury categories. When a brand conveys maximum satisfaction of both material and immaterial goals, shoppers’ brains feel validated in the decision to pay a higher price for the item. The reward system in the brain is activated, turning consideration into purchase!
Brands focussing on meeting the immaterial goals and differentiating their brands in this way have much more success than simply focussing on the material goals, even if they do deliver greater quality, innovation, expertise etc.
Since we’re experts in conducting qualitative research for luxury retail brands at KNow Research, the team was keen to hear what was discussed. Our internal conversation around the detailed subtleties and nuances behind each immaterial goal was equally fascinating. We brainstormed how we might be able to work with these ideas with the luxury brand clients we work with.
So, if you are a luxury brand and would like the KNow team to help you understand more about how to influence your consumers, please do get in touch. We would love to hear from you and help you meet your customer insights goals, whether they be material or immaterial! Email admin@knowresearch.com for a proposal!
