Every business has a product and a service, but not every business has a consumer base. And while it might sound obvious, knowing who your customers are and what they want is vital to the success of any business. In order to do this, marketers turn to the same data over and over again in order to better understand how consumers behave – whether you’re looking at general market trends, customer demographics or behavioural patterns. Understanding consumer behaviour means knowing what’s going on right now in your target audience, translating that into market segmentation and knowing how to best speak to each group with relevant messages.
What Is Consumer Behaviour?
Consumer behaviour is a psychological study that describes how consumers make buying decisions and what motivates them to make a purchase. Several facets of consumer behaviour exist, such as: How a consumer feels about certain brands, products, or services What motivates a consumer to pick one product over another and why What factors in a consumer’s everyday environment affect buying decisions or brand perceptions and why How consumers make decisions in groups or when they are alone.
What are the 4 Factors Influencing Consumer Behaviour?
Consumer behaviour is the scientific study of how people respond to products or services. When you look at another person, you’re only seeing a small part of their behaviour. What they do at the moment can depend on lots of factors like culture or family values, but there are also psychological elements that come into play as well.
Social factors are the parts of a person’s environment or background that affect their purchasing behaviours. These factors include family and friends as well as other social groups whose acceptance the consumer desires.
It is important to note that personal factors are the most influential in determining consumer behaviour. If a consumer is single and on a tight budget, they may not be able to afford to purchase a more expensive vehicle with features that meet their needs.
Consumer behaviour is triggered by psychological factors. The way someone sees a product or service, as well as their personal beliefs and motivations, affect the way they purchase. For example, a consumer who enjoys working out will probably spend more money on fitness classes or dumbbells for the home than someone who dislikes working out.
What is the Importance of Marketing to Consumers’ Behaviour?
Marketing is simple: It’s the job of a business to inform consumers and help them make informed decisions about their purchases. Marketing makes the world go around—at least for businesses that are trying to sell a product or service. And therein lies the key importance of consumer behaviour to actual customers and their behaviour—it sells.
With the explosion of consumer data available to businesses, we’ve entered a new era of smart marketing. The good news is that marketing teams can now start by understanding what their customers want and need instead of guessing what they might be interested in six months or a year from now.
The rise of behavioural economics and micro-targeting has been a great boon to marketers. Consumers are being more vocal and transparent in their behaviour, thanks to the internet, social media, and other digital platforms. By using consumer behaviour (and the four factors discussed above) marketers can target what consumers are searching for, what their behaviour looks like, what their pain points are, and more. Doing so can help you prove to consumers that you’re a business that understands what they want, why they want it, and why you’re the best option around.
The presence of a distributor consumer management system makes it important to use the same ingredients regardless of whether you are selling directly to consumers or through wholesalers.
