A Unique Way to Boost your Bottom Line
Consumers directly influence the bottom line of any business and If there are no consumers there are no profits. Companies use visual marketing, flashy adverts and catchy jingles to influence consumer behaviour in order to increase sales. This has proven to work over the years but unfortunately, these visual marketing strategies no longer have the influence they once had.
Consumers are open and receptive to sensory stimulus
Consumers are learning to tune out endless line-ups of traditional adverts that a stimulus consumers have a hard time blocking out and brands are starting to turn to sensory marketing. Our business is to hone in on scent marketing and to focusing on the olfactory bulb. Using scent to influence behaviour has been around since the existence of well, noses but it has never been used to the potential like it is today. Scent marketing is exploding as the next frontier in advertising and it is time to jump on the olfactory train!
Big companies like Nike have already hopped aboard. In a survey done recently, shoppers reported that the “pleasant ambient scent” dramatically improved their opinion of the store and their chances of returning to the store. The fact that scent alone can entice consumers to stay longer, shop longer and purchase more, immediately translates to increased revenue.
A study done a few years ago shows people staying up to 20% longer in places which utilise scent marketing and a whopping 300% increase in sales too. Just like a cosy fire on a cold winter’s day, scents provide consumers with a warm and familiar feeling that makes them linger a bit longer in the store. The more lingering, the more consuming.
Scent marketing changes how consumers perceive employees
Diffusing scent does a lot more than increasing sales. It also allows consumers to believe that the company has more skilled staff. And who doesn’t enjoy returning to competent, skilled staff?
A German study looked at the influence of diffusing a freshly-mowed-lawn scent in a large home improvement store. They found that scented areas drew consumers to that part of the store. Employees in scented areas were perceived more knowledgeable than those situated in non-scented areas. To further illustrate this point, a Swedish study showed the powerful impact of scent marketing by discovering that the point-of-sale location increased its sales by 36.9% when a pleasant shampoo fragrance was diffused there; not only that but it also increased the sales of shampoo by almost 27%.
Brand recognition, loyalty and lifetime value customers
Brand recognition is another factor that impacts greatly on the bottom line. The power of scent marketing to unify brands with the buyers emotions makes it a vital force behind brand recognition. A fresh and deep connection is created with the existing brand because of new emotional dimensions triggered in consumers.
Attracting new customers is a crucial part of any marketing plan. What better way to do this than luring customers in with a pleasant scent? A scent connects to the brain immediately and creates a lasting impression. Associating a positive memory of the company with the scent unconsciously creates a desire in consumers to repeat the experience. This increases the desire to deal with the company more often which encourages repeat business. Repeat (sometimes known as lifetime valued customers) are great for the bottom line. Studies show that repeat customers typically spend more than 65% than first time customers.
Employee behaviour affects your bottom line
The research done on scent marketing gives us overwhelming evidence about the effect on consumer behaviour. There is another very important aspect of scent marketing and that is the effect on employees. Scent in the workplace improves mood, productivity, creativity and alertness which all leads to an improved bottom line. Harvard Business review reports that with a pleasant scent diffused into a workplace there is 31% more productivity, 37% higher sales and 31% higher creativity.
In a world where consumers have grown tired of visual adverts and commercials, their eyes glance right over what the nose actually captures. The inclusion of scent marketing in any company ensures improvement in the bottom line.