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Consumer Behaviors you need to Know


Consumer behavior is the study of how people respond to products and services, followed by their marketing and selling. It’s of huge importance to managers because the focus on consumers is the key contributor to the marketing of business practice. Business who truly understand their consumer needs, can come up with better products and services and promote them more effectively.
Today consumer expectations continue to rise and new behaviors are evolving. People are more aware turning to their phones for advice with the expectation of finding what they need right here and right now.



Consumer behaviour study includes:
  • How consumers think and feel about different alternatives (brands, products, services, and retailers)
  • The behavior of consumers while researching and shopping
  • How consumers reason and select between different alternatives
  • How consumer behavior is influenced by their environment (peers, culture, media)
  • How marketing campaigns can be adapted and improved to more effectively influence the consumer
Above considerations are influenced by three factors:
1.       Personal Factors:  A person’s interests and approach. These will be affected by demographics such as age, gender, culture, profession, background and so on.
2.       Social Factors: Peer groups, from family and friends to social media influence. This factor also includes social class, income, and education level.
3.       Psychological Factors: Everybody’s response to a particular marketing campaign will be based on their approach and attitudes. A person’s ability to comprehend information, their approach of their need, their attitude, will all play a part.
Collecting Consumer Behavior Data:
A research mix including a variety of data will be the most potent. Some are more cost effective than others.
Customer Reviews – Reading customer reviews can highlight common problems or wishes.
Q&A sites – These sites can give you an idea of the questions and concerns that people have in relation to your brand, service or product.
Surveys – Online surveys can be easily set up with sites like Survey Monkey and allow you to ask specific questions.
Focus groups – Bring a group of consumers together and ask them questions directly.
Keyword research – A mainstay of SEO, keyword research can tell you what consumers are interested in and the relative level of interest. It also helps to reveal the language they are using. What type of search queries they used to look for?
Google Analytics – Analytics can be used to tell you where your traffic is coming from. The Audience tab shows geography, interests, and a range of demographics.
Competitor analysis – This can provide useful information about consumers that are shopping in your vertical but don’t buy from your brand.
Blog comments – Comments on your blog can be a good way of discovering any questions your audience might have, they directly ask question in comments.
Google trends – Google Trends can help you to understand if a topic is becoming more or less popular.
Social media – Millions of people reflect their lives on social media, so information that can enrich several strands of consumer behavior can be uncovered with the right tools.
Analyzing & Strategy Making
Products and services are devised to cater to the demands and needs of customers. Hence, they must be carefully marketed to successfully achieve the organization’s goals. Studying consumer behavior helps companies to analyze the various factors that influence the buying decision of customers. Business who fail to understand the factors, won’t meet their targets. It’s imperative that companies evaluate consumer behavior to a reasonable extent or the maximum possible. In the days when companies are cutting corners, unfruitful investments can severely dent revenues.


Source:
https://www.brandwatch.com/blog/how-understand-influence-consumer-behavior/
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