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WaveMetrix methodology sheds light on consumer purchase decisions
WaveMetrix have developed a unique way of tracking consumers’ purchase intentions which allows brands to gauge which elements of their products or services have most impact on consumers’ desire to purchase.
Consumers increasingly report and discuss their purchases and purchase intentions online. In addition, many users also reveal the factors which discourage them from buying.
- Online buzz is an invaluable source for understanding and defining exactly what it is that makes consumers chose or not chose a particular brand and product
Through use of human analysts who read every comment, WaveMetrix can identify the proportion of consumers who indicate their intention to purchase. Multidimensional categorisation also allows WaveMetrix to show the specific drivers and barriers that influence their decision.
WaveMetrix show the purchase intent of consumers who discuss hybrid Sports Utility Vehicles (SUVs):
- Comments containing definite purchase intent involve consumers expressing desire to buy or avoid a specific item: While these statements can take many different shapes all of them will include a suggestion of the act of acquiring the object
- Comments containing probable purchase intent do not explicitly state the desire to purchase: Many such statements will be a testament of preference – where the consumer indicates an ideal scenario rather than a planned outcome
WaveMetrix can also identify purchase drivers and barriers from online discussion. Below are the factors that encourage or deter consumers from buying hybrid SUVs:
- Style is the main driver and barrier of purchase intent: The style of hybrid SUVs attracts polarised opinions among consumers. For example, some consumers say they want to purchase because of “improved”, “good looking” appearances, while others say they are deterred by “abominable” designs
- “Unjustified” high prices of hybrid SUVs are rejected by consumers: Consumers say they feel the additional cost of the hybrid technology is a “waste of money” and they are nothing but a way to “show off” wealth. Only a few are driven to buy by the “good value” price
- Although the hybrid concept drove discussion around the SUVs, it did not translate to purchase intent: Despite the hybrid concept being readily discussed by consumers, WaveMetrix analysis shows that the concept ranked relatively low in terms of purchase intent. This example indicates that isolated analysis of discussion volume can miss vital aspects of online buzz that are only accessible via in depth analysis of consumer purchase decisions