Growing in popularity, Consumer Psychology is a field that was well ahead of its time. For the early part of the 2000s companies and firms, and even governments did not value the field as much. It was not given much importance or attention in organizations around the world. However, as the belief that “Consumer is King” has been growing in importance, the importance of field of Consumer Psychology has grown.
Organizations, public and private, have now realized that paying attention to the consumer and placing them at the center of everything-whether is designing products or deciding on marketing strategies- is essential to the success of any business. In the face of growing competition amongst firms within nations and between nations, it has become important to understand the mechanism of consumer psychology. Consumer Psychologists are in growing demand all over the world. They help to understand the needs and wants of customers. Truly help understand how products must be designed in a way that is suitable for the company’s budget and for the customers. Placing customers at the center, and prioritizing their ease of usability, allows brands to distinguish themselves from other businesses.
In this globalized world, consumers have access to brands around the world, making it increasingly difficult for firms to attract customers. Consequently, firms that place high values on customers can more easily convince potential users to buy their goods and services. By implementing the principles of consumer psychology, there is a considerable impact on revenues- albeit, a positive impact. One of the first global corporations to understand the importance of consumer psychology was Apple Inc. The company’s success is visible globally, to every company and individual. They are pioneers in convincing potential customers that their products are the best. Making them frictionless to use, Apple was able to do what nearly no firm had done before!