Monday, September 10, 2012

First Impression is the Last Impression

When it comes to meeting someone new or seeing something for the first time, first impressions are everything. The same is true when a new product is launched into the market. The first impression that the consumer gets about the product is very important. First impressions of a new product get imprinted into the consumer's head.

Consumers attribute the quality and value of the product largely around how the product is introduced. Consumers will likely base future decisions of the product or brand based around how they perceived its first impression. Thus, a product that has a good first impression will likely create a loyal customer following.

First impressions are one of the reasons that companies place a new product at a premium price. This premium price signals quality to the customer. Customers are willing to spend more for a product they see as quality.

Once a customer buys a product at a particular price the customer (and other customers) become more accustomed to that price. If a customer who buys a product at a particular price is satisfied with their purchase, other customers will see this as a signal that the product is worth its asking price. The trick to this is making sure that your customers see value in your product at the selling price.

Once a price has been established in a customer's mind, it not only shapes what a customer would be willing to pay for the product in the future, but it also shapes what they would be willing to pay for similar products in the future.

Now all of this does not mean that a customer will only accept the first price given. A customer will accept a range of different prices, but they will always compare new prices with the original price (that's why many people perceive one product being over priced and one product being under priced). With this comparison the customer may see a new price and think to themselves "Wow! This product is now this price? It used to be much more than that...I can't pass it up now...I HAVE to buy it".

Just ANOTHER way we as consumers are easily predictable...and why marketers can easily manipulate our decision making without us even knowing it.

Thus, we as customers should pay particular attention to the FIRST decision we make in a particular situation. Though it may seem like a simple decision with minimal amount of consequences when we make it, it will DIRECTLY impact future decisions. This first simple decision thus turns into a series of decisions that build upon the first decision resulting in long term consequences.

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