Recency effect means using recent experience and knowledge to determine future occurrences. People mostly remember the experience that has occurred recently or knowledge that has been generated recently. Recent knowledge and experience are, therefore, easily used to analyze future trends. Recency effect is applicable in business activities because it influences the shopping behavior of customers.
Connection between primacy and recency effect
The first and last information about a product or service is very important for marketers. The first information aims at illustrating the positive aspects of a product. Customers are attracted to products or services that have positive information; for example, water resistant smartphone or healthy food products.
Primacy effect illustrates that customers are attracted to information that is positive or useful. Recency effect also aims at ensuring that the last information that a customer has about a product is positive. Marketers use the primacy and recency effect to influence the customers to purchase more quantities of the goods or services that they offer.
Achieving recency effect
There is a huge demand for products and services that have recent positive information. Business professionals can ensure recent positive information is achieved through effective advertising, packaging, customer care, and after sales service. Companies should invest a lot in mass media and social media advertising. This is because billions of people globally have access to at least one type or mass or social media. Advertising shows the benefits of using the product. The packaging should be attractive. The staff should ensure that all the needs of the customers are achieved.
People are more likely to purchase a product if it has recent information. Customers are also likely to purchase a product or service that indicates a recent experience. Luxury shoppers place more orders for latest product designs. Customers prefer to purchase luxury items that are recent; for example, new car models or latest Rolex watch design.