Consumer Goods

Knowing the factors of Consumer Buying Behavior

Viewing consumer buying behavior as a whole

It is a simple cognitive process that ranges from taking into account the preferences of a single person to organizations with thousands of people. Why people choose a particular brand or why they prefer one category over others is the gist of understanding consumer behavior.

While digging the consumer behavior, many brands tend to leave the how and why of it all. As we move forward with understanding customer behavior, what we need to put in a checklist first is-getting in the shoes of our customers.

We are not throwing a party, we are throwing our values and principles, our wisdom and strategies, our behavior and ethics in front of our customers when we decide to step forward and present our product/service to them. Even though everyone has the ability to be a customer, not everyone has the ability to welcome one.

There is and will always be a need to buy but what leads to that particular product is the right question. Learning how and why a particular group of people differ based on personal, physical, and social factors act as the basic layers topping the right outcome is a major “know-it-all”.

Digital era is a helping hand in reaching every doorstep and online consumer behavior takes the first place in laying down the marketing strategies.

Things to know about consumer market research

The very first thing to know is to know yourself, i.e. to first know your brand in and out. One can achieve the desired results only when you are completely aware of your product/service.

Recording and keeping a track of consumer behavior

Organizing a survey or periodically going through your consumer buying behavior is one point that will never let you go astray. As per McKinsey’s discovery 50% of companies studying and making customer behavior analytics get better sales and results than their competitors. Also, such companies ought to make 6.5 times more customers and 7.4 times more sales.

History of a customer is a background on which you ought to work but what will be the future with them can hugely depend on your influential paradigms and business-attracting strategies. Tracking their points by market research, what they are clicking on frequently often provides the right solution to the hovering problem your customer must be facing.

Flexibility as a pro

Changing with time should be the ultimate motto as choices and preferences change accordingly. A great example of this is budding and popular celebrities. People tend to follow their style as a result of influential behavior. Use it as an acquisition strategy like every other brand these days is benefiting from the tag and title of the well-known “Avengers” movie for recognition and promotion.

Utilizing digital tools for consumer data collection

How can one understand consumer behavior also includes the process of collecting the varying consumer data and for that, there are plenty of tools available online (thanks to the digital era!).

Personal & Influential Consumer factors

As per your service/product, one should be aware of its target customers of every age, group, class, and standard that they are willing to take home.

If your target audience covers the teenagers and young population then it is crucial to study their behavior including all the pros and cons. As per a survey conducted in the Netherlands for how influential the behavior of children (8-11 years) lead them to buy (to want to buy) something their friends have, resulted to be almost 50%.

You clearly cannot sell a Qwerty keypad cell phone to a teenager of the current century. Influence is a term that works like a charm on every group of audience.

Let’s take an example of an online shopping website which is going quite well for its initial set-up, the best to put up with its customers would be to build a store where people simply prefer it in large fractions. That’s how a brand comes into recognition, slowly covering all the requirements of its dearest customers. Using online consumer data for reviews on your product can majorly testify the right solution. Test your products by using a simple yes and no game on any social media platform and balance the answers and options most liked by the audience.