Skip to main content

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/
Labels:

Comments

Post a Comment

Popular posts from this blog

A strategy that Creates results | Insight Consulting

Objectives for a department or team will have a different scope from objectives for your organization as a whole. For example, and depending on scope and circumstances, you may want to develop strategies to: Increase profitability. Gain more market share. Increase approval ratings, or boost customer satisfaction. Complete a project under budget. To determine your strategy, you must understand fully the internal and external environmental factors that affect you. With that understanding, you can identify your clear advantages and use these to be successful. From there, you can make informed choices and implement your strategy effectively. So, strategy creation follows a three-stage process: Analyzing the context in which you're operating. Identifying strategic options. Evaluating and selecting the best options. We'll look at this process, and review some useful tools that can help you develop your strategy.
Post a Comment
Read more

Difference between market research and design research

Market research is an effective tool to assist your business planning. It is about collecting information that provides an insight into your customers thinking, buying patterns, and location. In addition, market research can also assist you to monitor market trends and keep an eye on what your competition is doing. There is a variety of data sources to assist you in researching: Customers Competitors Industry Location There are two types of market research to collect data Primary Research : Referred to as information gathered form original source Survey face -to -face Interviews customer feedback Questionares Secondary Research is information and data that has been already collected and analysed by other sources: industry and trade publications social media and websites marketing and consumer lists newspapers and media IBISWorld Design search is knowledge assembled by a small team dedicated full time to the creation of the product in ...
Post a Comment
Read more

How do you detect fraud in financial institutions?

Fraud detection is one of the top priorities for major banks and leading financial institutions, which can be addressed using machine learning. In banking, fraud may include falsify checks or using stolen credit cards. Other forms of fraud may involve emphasize losses or causing an accident with the sole intent for the pay-out. With an unlimited and increasing number of ways someone can commit fraud, detection can be difficult to accomplish . Activities such as downsizing, reorganization, moving to new information systems or confront a cybersecurity breach could weaken an organization's ability to detect fraud. This means facilities such as real-time monitoring for frauds is recommended. Organizations should look for fraud in financial transactions, location, devices used, initiated sessions and authentication systems. How do you detect fraud? The basic approach to  fraud detection with an analytic model is to identify possible predictors of fraud associated with...
Post a Comment
Read more