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What Is Evoked Set?
Evoked set is a term used in marketing that refers to the group of brands or products that a consumer considers when making a purchasing decision. It is the subset of brands or products that come to the consumer’s mind when they think about a specific product category. The evoked set is important for marketers because it influences the consumer’s decision-making process. In this article, we will discuss the concept of evoked set, how it affects consumer behavior, factors that influence it, and its importance for financial services. We will also provide strategies to increase the evoked set and examples of successful evoked set in financial services.
Introduction to Evoked Set
The concept of evoked set was first introduced by Howard and Sheth in 1969. According to them, the evoked set is a set of brands or products that a consumer is aware of and considers when making a purchasing decision. The evoked set can be influenced by various factors, such as marketing efforts, personal experience, and word-of-mouth recommendations. The evoked set varies from consumer to consumer and can change over time.
Understanding the Concept of Evoked Set
The evoked set is a part of the consumer’s decision-making process. When a consumer is faced with a purchasing decision, they first consider the brands or products that come to their mind. This is the evoked set. The consumer then evaluates the brands or products in the evoked set and makes a decision based on their evaluation. The evoked set can be influenced by various factors, such as advertising, personal experience, and word-of-mouth recommendations.
How Evoked Set Affects Consumer Behavior
The evoked set affects consumer behavior in several ways. First, it influences the consumer’s consideration set, which is the group of brands or products that the consumer considers when making a purchasing decision. Second, it affects the consumer’s evaluation of the brands or products in the evoked set. Third, it influences the consumer’s decision-making process by narrowing down the options to a manageable number.
Factors that Influence Evoked Set
Several factors can influence the evoked set, such as advertising, personal experience, and word-of-mouth recommendations. Advertising can increase the consumer’s awareness of a brand or product and make it more likely to be included in the evoked set. Personal experience can also influence the evoked set by making the consumer more familiar with a brand or product. Word-of-mouth recommendations can also increase the consumer’s awareness of a brand or product and make it more likely to be included in the evoked set.
Importance of Evoked Set for Financial Services
The evoked set is particularly important for financial services because they are intangible and complex. Consumers may not have a clear understanding of the different financial products and services available to them. The evoked set can help consumers narrow down their options and make a decision based on their evaluation of the brands or products in the evoked set.
Strategies to Increase Evoked Set for Financial Services
There are several strategies that financial services can use to increase their evoked set. First, they can use advertising to increase their brand awareness and make it more likely to be included in the evoked set. Second, they can offer incentives to customers who refer their friends and family to the financial service. Third, they can provide educational resources to help consumers understand the different financial products and services available to them.
Examples of Successful Evoked Set in Financial Services
One example of a successful evoked set in financial services is the American Express Platinum Card. The American Express Platinum Card is often included in the evoked set of consumers who are looking for a premium credit card. This is due to the card’s benefits, such as airport lounge access and concierge services. Another example is the Vanguard Group, which is often included in the evoked set of consumers who are looking for low-cost index funds.
Conclusion: Leveraging Evoked Set for Financial Services
The evoked set is an important concept in marketing that can influence consumer behavior. Financial services can leverage the evoked set by increasing their brand awareness, offering incentives to customers who refer their friends and family, and providing educational resources to help consumers understand the different financial products and services available to them. By doing so, financial services can increase their chances of being included in the evoked set of consumers and ultimately increase their market share.
