The Power of Being the First Brand in Consumers' Minds

The Power of Being the First Brand in Consumers' Minds

In today's competitive market, only the brands that are remembered first can survive. The concept of an evoked set refers to a subset of brands that consumers are aware of and consider purchasing within a specific product category. The difference between the processed set and the non-processed set lies in how well consumers are familiar with them.

An evoked set is a collection of brands that consumers are aware of and have some understanding of their product features, but they haven't included them in their top three choices. On the other hand, the rejected set consists of brands that consumers are aware of, have some understanding of their product features, but have no intention of buying.

Brand equity, or the assets of a brand, is the sum of five factors: brand awareness, brand association, perceived quality, brand loyalty, and other assets. The evaluation process is conducted in the order of recall (1st → 2nd → 3rd). Being the first choice is crucial because it increases the chances of being considered.

The Double Jeopardy Law states that brands with high market share also have a larger customer base. These customers exhibit both behavioral and attitudinal loyalty. In other words, they are more likely to make repeat purchases and have a positive attitude towards the brand.

ZMOT (Zero Moment of Truth) is a concept introduced by Google in 2011, revealing that consumers have already made up their minds about purchasing a brand before going to the store, around 70-80% of the time. So, what is needed to enter and remain in the evoked set? I believe it is frequency of contact.

Identifying fan influencers among existing customers (fans) in TMOT, building long-term trust relationships (relations) without relying on rewards and contracts, and helping to generate high-quality word-of-mouth within ZMOT can contribute to entering and remaining in the evoked set.

When comparing two types of businesses, it is evident that the "buying from consumers" business has a significantly better business structure. Consumers are amateurs when it comes to selling. In fact, when they bring books to Book Off, they often sell them all for one yen because it's too much trouble to take them back. When consumers sell, the one-time nature of the transaction prevents them from becoming knowledgeable about price trends. On the other hand, buyback companies engage in multiple transactions, allowing them to understand market trends.

In conclusion, being the brand that consumers remember first is crucial for survival in today's competitive market. To achieve this, brands should focus on building brand equity through awareness, association, perceived quality, and loyalty. Additionally, leveraging fan influencers and generating high-quality word-of-mouth can help brands enter and remain in the evoked set.

Actionable Advice:

1. Invest in marketing strategies that enhance brand awareness and association to increase the chances of being recalled by consumers.
2. Develop a strong customer loyalty program to foster attitudinal and behavioral loyalty, as these customers are more likely to consider the brand first.
3. Identify fan influencers and build long-term relationships with them to generate frequent, positive word-of-mouth within the target audience.