We’ve often said that the path to purchase starts in social. So we were thrilled to have Peter Hoyt, the Founder and CEO of the Path to Purchase Institute, provide a keynote presentation on our Hypeworthies award show last week. He talked about the evolution of shopper marketing and how social has changed the game.
Peter explained that shopper marketing has been around a very long time. The focus was always about the store and how signage and promotions can influence purchase. But that all changed a couple years ago. The recession was roaring and it created a new breed of value-seeking shoppers. At the same, millennials were coming of age. Millennials are digital natives – they grew up with web access relied on it for everything. Their influence showed new groups of consumers how to compare prices, share offers, find reviews and discuss purchase decisions with others all across the web. The Internet became a powerful influence on the path to purchase.
Marketers have responded. Their shopper marketing programs now embrace digital coupons, online promotions, and advocacy. It’s created a “drafting effect” that has a direct impact on brick and mortar sales. Social networks can now introduce a new product to millions of people and encourage them to share personal reviews and recommendations with their own groups of friends and followers. That’s a phenomenon many marketers didn’t even consider just a few short years ago.
Personally, I think there’s never been a better time to be in shopper marketing. Here’s Peter’s presentation.