Tales From the Right Hemisphere, the blog that plugs into the right brain and connects the emotional and intuitive actions that result in decisions.
Confidence plays a huge role in the economy and in purchase decisions.
The Consumer Confidence Index (CCI) is a key economic indicator. The CCI measures how optimistic consumers feel about the economy and their personal financial situation. Increased confidence indicates an expanding economy supported by consumer spending. Decreased confidence indicates economic contraction while consumers spend less and save more (in anticipation of a rainy day).
Many studies have been conducted showing the effect of confidence on purchase behavior. Not having confidence can delay purchases or eliminate them entirely while confidence can close the deal in a timely fashion.
Has any business wanted a consumer to delay or eliminate having their product purchased?
What is confidence?
In this case confidence is about a consumer’s willingness to spend. Studies have shown that a consumer’s willingness to spend is linked to optimism—being in a positive state about the current and future conditions in their lives.
Health, both mental and physical, has a direct relationship to confidence and optimism. It is easier to be in a positive state when all your parts are in good working order. In the health and wellness area we are all about keeping parts in good working order and sometimes returning them to good working order.
Better longer futures.
We help consumers obtain a better future through less pain, more mobility, fewer hospital visits, and deeper breaths to name a few. Belief in a better longer future will build optimism and confidence. Health and wellness is all about optimism and confidence, and our marketing efforts should help our consumers feel that way.
Let’s take a deeper look at confidence and purchasing.
What creates confidence in decision-making and what undermines confidence in decision-making?
Creating confidence can take many forms; the assembly of information, an endorsement from a trusted source and, when available, first-hand experience.
Undermining confidence can come from ambiguity, bad information, and a trusted source providing a negative review. Oddly enough, a bad review from a truly disliked source can increase confidence!
As you observe the thousands of ads you are exposed to today—What effect are they having on you? Are you being communicated to in ways that build optimism and confidence? Does it make you any more likely or less likely to purchase?
Let me know. I’m here.