When faced with a choice between 288 pairs of stockings, I'd rather wear pants
or How to deal with a nation of unhappy and indecisive shoppers
Four times a year we see the supermarket shelves fill up with brand new products. We’ve had increased competition in recent years, and competition seems to multiply choice. Among the new releases we not only see new brands we also find that exciting brands releases more variations of its product.
If some choice is good, then more choice must be better? Well, apparently not. In his book The Paradox of Choice: Why More is Less the American psychologist Professor Barry Schwartz argues that we now have so much choice that it can paralyse us. Whether we’re buying a pizza, a cup of coffee, or applying to college, everyday decisions, both big and small, have become increasingly complex due to the overwhelming abundance of choice with which we are presented.
According to Schwarts consumers can be divided into two categories: maximisers and satisficers. Most people are what Schwarz calls maximisers who want the best product at the lowest price. Maximisers are people who seek and accept only the best. Satisficers on the other hand, are people that settle for something that’s good enough, and don’t worry about the possibility there might be something better.
Interestingly, there seem to be a correlation between being a value maximiser and being unhappy. The maximisers are obliged to devote far more time and effort to making decisions, but remain forever fearful that the best is still out there somewhere. In short, the more options we have, the more we struggle to make our minds up and the less happy we feel once we have actually made a decision.
So, what does it mean that we are a nation of (mostly) unhappy and indecisive shoppers? Well, as brand strategists we have to make our brands easy to chose and easy to stick with. Never underestimate the power of a strong brand.
