46% of Americans’ online shopping time is dedicated to “just browsing,” looking for new products and brands. Only 27% of time in physical stores is spent exploring. The other 73% is mission shopping, with a clear goal to buy a specific item as quickly as possible.
When consumers browse, they often stray from their current brand. 59% of browsers say they purchase a different brand, 28% are tempted to change but ultimately re-buy their previous choice, and a mere 13% remain completely faithful.
Across the top 30 purchase categories, roughly two-thirds of consumers say they are not brand loyal. Most CPG categories—both food and personal care—have average loyalty.
Interestingly, the sooner a consumer thinks about a new brand or discovers it during their browsing, the more likely they are to buy it.
It’s time for brands to optimize their online channels for search and discovery, their brick and mortar outlets for speed and findability, and their marketing for top-of-mind awareness.
Sources: Marketing Charts 2017, McKinsey 2017, National Retail Federation 2018
So please…You’re creative. That’s why you considered the name “Brandology.” Use those creative juices to come up with another name that’s not already trademarked. Even though it will take some time, it will be fun, happy time — a stunning contrast to the time you’ll spend with Brandon if you try to use “Brandology.” Really. (It’s probably a little tacky to mention, but if you want our help naming your business, that’s something we do too.)