New Marketing Study on “Seals of Approval”
Consumer Confidence and the TIPA World Awards
The TIPA World Award is universally recognized as an important benchmark of product quality and performance. It provides helpful guidance to consumers in making their purchasing decisions and a unique marketing opportunity for recipients. By utilizing the TIPA World Award in promotional and advertising materials, companies have taken full advantage of all the benefits the awards afford.
A recent study by Splendid Research, a Hamburg-based marketing research institute, looked at the influence of expert panel and association “seals of approval” on consumers’ purchasing decisions in a number of fields as well as the positive benefits accrued by companies who use those awards in their marketing efforts.
Their study, which drew upon a major representative sample in the 18-69 year old age group in the German market, found such seals of approval raise consumer awareness, willingness to purchase, and trust in both companies and their products, thus have “considerable influence on the buying process.” According to Splendid Research, utilizing expert panel and association seals in marketing increases the willingness of consumers to pay for a specific product “by an average of 15%”and “purchase probability of 5%” over the same product without such a label. Just as important, perception of the company by the consumer is raised considerably by the mere fact of it having received a seal of approval.
In short, Splendid Research’s study, which covered a wide range of industries, reinforces why many photo and imaging companies have come to rely upon the TIPA World Awards as an important factor in their marketing efforts and, likewise, why consumers recognize them as an important influence on their buying decisions. To paraphrase their findings, seals of approval are still the way numerous consumers assess the quality of products: 44 percent of the large sample group “agree with the statement (that) a product with a seal is generally better than one without.”
The complete study can be found at www.splendid-research.com/guetesiegel