Summary of How People Think About Buying New Products

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How People Think About Buying New Products summary
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What makes consumers switch to a new product or service? In this compelling article, app developer and consultant Dave Rothschild unpacks the behavioral science behind consumer decision making and offers practical help for marketers working to get consumers to let go of their current solutions and embrace new ones. Rothschild’s step-by-step explanations of the behavioral science behind the switch may proceed too slowly at times, but getAbstract recommends his techniques to marketers looking for impactful, science-backed marketing strategies. 

In this summary, you will learn

  • How consumers weigh risk and reward when considering switching to a new product or service, 
  • Why marketing strategies which focus solely on the rewards of a new solution underperform, and 
  • Why strategies which tackle customers’ perceived risk are more effective in getting them to switch to a new product or service.
 

About the Author

Dave Rothschild is an iOS app developer at Intel Corporation and is the CEO of three tech start-ups. He has served as an app developer and consultant for Apple, Netscape, AOL, Sun, HP and Motorola. 

 

Summary

Why do consumers resist changing from their current products and services, even when the new solution presented is superior? Answering this question requires understanding that emotions drive consumer decision making. Too many marketers ignore this fact: For example, market researchers commonly ask people whether they’d be open to switching to a new solution in the future. But rational speculations regarding future actions rarely match consumers’ actual decisions, which are colored by emotions – especially fear. 

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