Consumer decision-making is about more than having access to product information. Decision-making is far more transitional and unpredictable than that. That’s why behavioral economics seeks to understand what motivates people to behave the way they do and, more specifically, how to impact deciders, or “levers,” that most directly impact decision outcomes.
One benefit of behavioral economics has been the discovery that consumers are as likely to make decisions intuitively as they are to use reason and logic. It is with that understanding that marketers seek more direct ways to affect the personal triggers and habits that impact shoppers.
In an in-store setting, environmental influencers and the buyer’s individual perspective often dictate how decisions are made. Habit is also a powerful influencer in consumer behavior. Finding ways to affect the consumer’s preferences is just part of the marketing picture; it’s also important to find ways to undermine and replace habits. Many of those habits may be many years old, but it’s insufficient to tout the fact that one product or service is better than another through traditional marketing strategies and tactics.
Instagram Influence
The objective of behavioral economics is to influence decision-making in ways that can be successful among all of the different factors that affect a consumer’s attention. One method of doing this is to meet an audience where they already spend time. That’s why social media marketing has become a valuable marketing tool for business owners.
Instagram is a very popular and effective way to impact consumer behavior, which is done by leveraging Instagram influencers themselves. These are users who have amassed large Instagram followings and have a high level of trust among their followers - Tribe Group points out that 82% of users are likely to follow the recommendation of an influencer.
This high level of trust and viewership makes influencers very persuasive in terms of impacting consumer behavior. The sheer numbers involved can produce a massive consumer audience through product announcements and offers that make it onto an influencer’s profile. Pod Squad points out the relatively low price to reach thousands of potential customers.
Influencer Value
It’s easy to understand how Instagram and Instagram influencers can be so valuable from a marketing standpoint. An influencer clearly has a follower’s attention. They can also provide the basis upon which product preferences are established and shopping habits are formed and maintained over time. The potential of gaining thousands of motivated and strongly influenced buyers in a matter of minutes is a real coup for a marketer. Therefore, the focus of many marketing tactics is on Instagram.
This starts with identifying prominent influencers who fit your preferred category. Working with a popular influencer who has a dedicated following and who praises your products can significantly increase your chance of reaching their followers. It’s an amazing way to find customers already interested in what you’re selling without having to fight for their attention.
Establish a partnership with these influencers by providing brief but detailed information about your product and service and a stylized photo collage that conveys the way the product should be communicated. One of the nice things about marketing through Instagram is the ease with which you can track and measure your influencer marketing efforts.
Behavioral economics has shown in detail how unfocused and changeable consumer behavior can be. An outreach campaign featuring Instagram gives you the opportunity to impact consumers when they’re at their most interested and attentive. And in a way, their decision-making can be profoundly influenced.
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