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- All Subjects: Marketing
- Creators: Barrett, The Honors College
Through research from case studies and professional interviews, it can be shown that those who fail and become victim to the e-commerce giants are those who do not allocate enough budget and resources to allow e-commerce to succeed; they do not correctly utilize data throughout the creation of their e-commerce site nor their marketing, have a vast lack of knowledge, and ultimately do not adapt to trends in e-commerce.
E-commerce giants are those who lead in the world-wide e-commerce revolution. They have entered a market and have caused/are continuing to cause instability for those who have not adapted or changed. These e-commerce giants do not have to be “giant” in size; rather, they are making giant changes that allow them to be successful within the industry. They are the prime examples of how e-commerce and data-driven marketing can be successful.
My research shows in order to successfully practice e-commerce, companies must adapt the best practices shown by these giants: owning your data, developing a strong budget for data-driven marketing, investing in the technology and people needed to implement a sound strategy, training employees in basic data, utilizing data in all aspects of marketing, creating an easy online experience that using AB Testing, hosting post mortem meetings to identify successes and failures, understanding your customers, creating the appropriate customer segmentation, nixing the “one fits all” strategy, and never getting too comfortable. If a company is stagnant, they are behind.
We conducted a survey to test consumer's perception and understanding of advertisements promoting financial instruments to see if advertisements that have run without contest from the Federal Trade Commission still have the ability to be deceptive or lack disclosure. We provided a variety of advertisements for markets such as automobiles and rent-to-own businesses. Each one of these advertisements dealt with a different financial instrument so that we could accurately test the knowledge of respondents. We collected 95 complete responses and 23 partial responses from our distribution of this survey.
Advertisements for financial instruments such as car loans, title loans, and rental agreements create the complex problem of presenting substantial loan agreement terms while also keeping an advertisement light and inviting. There are two main types of rules concerning how these advertisers can promote their products: regulation and guidance. Regulation is the official set of laws governing what can or must be said in an advertisement. Guidance is official suggestions of proper advertising practices that is not tied to written laws. The Consumer Financial Protection Bureau (CFPB) controls regulation for the required disclosure in these advertisements and requires all material loan terms to be stated “clearly and conspicuously; however, advertisers still put important loan information in hard to see fine print, making it difficult for the consumer to understand the advertisement. The Federal Trade Commission (FTC) is in charge of creating guidance, enforcing advertising regulation and preventing advertisements from becoming deceptive, but, due to the ambiguous nature of disclosure formatting requirements, many transgressions go uninhibited.
We conducted a survey to test consumer's perception and understanding of advertisements promoting financial instruments to see if advertisements that have run without contest from the Federal Trade Commission still have the ability to be deceptive or lack disclosure. We provided a variety of advertisements for markets such as automobiles and rent-to-own businesses. Each one of these advertisements dealt with a different financial instrument so that we could accurately test the knowledge of respondents. We collected 95 complete responses and 23 partial responses from our distribution of this survey.
The results show that the average consumer does not have a complete understanding of financial instruments in the context of these advertisements. These results also demonstrated that consumers are not completely comprehending the information provided to them by these advertisements. We found that in some cases, it was the way that information was provided to the consumer that was causing them to have misconceptions about the information presented. We concluded that there were enough respondents that did not correctly interpret these advertisements to support that there is some misleading and deception by these advertisements despite the lack of context by the FTC. As such, we suggest that current federal guidance be made into official regulation to further prevent these transgressions and further attempts be made to locate and prevent deceptive advertisements.
Through the use of Arizona State University’s Founders Lab, our group of four Barrett, the Honors College Students completed a research thesis regarding the interest of college students in a sleep light technology product. The National Aeronautics and Space Administration (NASA) pioneered a sleep light technology with the ability to regulate melatonin production and circadian rhythm, resulting in an improvement of sleep quality. The technology was originally invented for astronauts to improve their sleep while in space on a spacecraft. Utilizing this technology, our group performed extensive market research with the intention of determining if college students would be interested in purchasing a consumer product incorporating the sleep light technology. We created a brand called Rhythm Illumination and began by building a website and brand guide. Next, we utilized Google Forms to generate responses to a variety of questions regarding current sleep habits, current sleep problems, and whether or not there was interest in a product like this. After determining that college students have room for sleep quality improvement and there is interest in this kind of product, we worked towards our goal of gaining traction for the product. We decided to utilize both Google Analytics results and a Zoom event’s attendance as proof of interest in our product. Google Analytics revealed over one hundred unique users on our Rhythm Illumination website. We also had eleven event attendees. Between these two tools, our team was able to conclude that there is interest among college students for a consumer product utilizing NASA’s sleep light technology.
Influencer marketing is when individuals with dedicated social media followings are sought out by brands to utilize their position on certain platforms to endorse a brand’s products and be compensated through payment or merchandise. I will be looking at the concept of trust when it comes to influencer marketing alongside the Fogg Behavior Model. Used to evaluate an individual’s behavior in the decisions making process, The Fogg Behavior Model bases itself in a persuasive environment by focusing on three key elements: motivation, ability, and trigger. When utilized in collaboration with influencer marketing, these elements together could have a strong effect on driving consumer behaviors. I utilized one of the most recent and popular social media platforms, TikTok, known for its short-form mobile videos, to explore these behavioral elements in action. Like any other media platform, TikTok influencer marketing requires a high amount of trust between the consumer and influencer to be successful and efficiently persuade the target market. I collected primary research by surveying opinions on trust and buying behaviors based on three different videos. One video had a hidden partnership disclosure in the caption, the second had a plainly visible partnership disclosure, and the third had a plainly visible partnership disclosure and verbally disclosed the relationship between the brand and the influencer. The analysis showed that participants felt a higher degree of trust towards the video which contained a verbal disclosure of the influencer’s partnership with the brand. The results lacked specificity on whether this perception of trust would successfully lead to a purchase, which could be adjusted for in future research; however, it did show there was motivation through the Fogg Model to look further into the product presented. I recommend influencers be as transparent and genuine as possible to earn the trust or their followers, as well as ensure all three factors of Fogg are present to increase their persuasive abilities over consumers completing a purchase.
Influencer marketing is when individuals with dedicated social media followings are sought out by brands to utilize their position on certain platforms to endorse a brand’s products and be compensated through payment or merchandise. I will be looking at the concept of trust when it comes to influencer marketing alongside the Fogg Behavior Model. Used to evaluate an individual’s behavior in the decisions making process, The Fogg Behavior Model bases itself in a persuasive environment by focusing on three key elements: motivation, ability, and trigger. When utilized in collaboration with influencer marketing, these elements together could have a strong effect on driving consumer behaviors. I utilized one of the most recent and popular social media platforms, TikTok, known for its short-form mobile videos, to explore these behavioral elements in action. Like any other media platform, TikTok influencer marketing requires a high amount of trust between the consumer and influencer to be successful and efficiently persuade the target market. I collected primary research by surveying opinions on trust and buying behaviors based on three different videos. One video had a hidden partnership disclosure in the caption, the second had a plainly visible partnership disclosure, and the third had a plainly visible partnership disclosure and verbally disclosed the relationship between the brand and the influencer. The analysis showed that participants felt a higher degree of trust towards the video which contained a verbal disclosure of the influencer’s partnership with the brand. The results lacked specificity on whether this perception of trust would successfully lead to a purchase, which could be adjusted for in future research; however, it did show there was motivation through the Fogg Model to look further into the product presented. I recommend influencers be as transparent and genuine as possible to earn the trust or their followers, as well as ensure all three factors of Fogg are present to increase their persuasive abilities over consumers completing a purchase.
