Consumer behaviour and belief are rapidly changing with time, and the global business market constantly keeps track of what influences said changes. Companies have dedicated departments to understand and comprehend customer behaviour to delve deep into consumer insights. As per behavioural science, identifying consumers' new habits, beliefs, and “peak moments” is key to influencing their behavioural change.
Therefore, consumer behaviour is one of the most integral elements in marketing strategies because it is an essential step to comprehending the consumers’ desires and expectations companies need to influence. In order to carry this out, companies are required to understand how the consumer will react to and draw influence from marketing strategies. To have a further and deeper understanding of the preferences of a company’s target audience, companies need to address the following questions:-
How do consumers discern the information?
How to capture the attention of consumers?
What do consumers need?
What are the influential factors that drive them to make a purchase?
Consumer behaviour studies how each customer, group, or organisation chooses, purchases, utilises and disposes of services and ideas to fulfil their needs and desires. It is more commonly known as the customers' actions in a marketplace and their motives behind those actions. By understanding the causes behind consumers making a purchase decision for particular goods or services, companies can distinguish which products have a market demand and which remain obsolete.
Studying Consumer behaviour in retail management considers the role of every single individual that influences a customer's purchase decision. From the information provider to the payer and disposer, each one of them plays a very influential role in this decision-making process.
You must first understand how customers think and feel about various product alternatives in the market and the reason that influences their bias towards the particular option. These influences or motivations driving consumer behaviour are variegated. The most foolproof way to study and understand them is to use various research modes that involve collecting both quantitative and qualitative data. The most commonly used modes ofdata collection are as follows:-
Customer feedback: Going through your customers' comments helps highlight recurring problems and desires.
Question and answer websites: Certain websites help you gain insight into various concerns and questions consumers might have about the brand, service, or product.
Surveys: You can easily determine customer behaviour via online surveys via which you can ask specific questions to customers.
Focus Groups or Online Panels: This is the process where you will be required to gather a few clients or customers together and ask questions based on your research needs.
Online surveys are considered to be the most effective method of researching the behavioural studies of consumers. There is ample survey software available that can be customised according to relevance and will enable you to send them to a target audience. Online survey software also allows you to conduct a thorough data analysis by filtering, comparing and identifying trends, as well as generating reports to influence future business decisions. Based on the generated results, demand can be predicted, after which sales, pricing models and marketing strategies are formulated.
Tracking the decision-making process is an important part of analysing consumer behaviour. It is dependent on the following factors:-
Place of distribution
Businesses, be it big or small, are all required to monitor the consumer buying decision to make predictions. In general, there are various consumer buying behaviours, and they can be categorised as the following:-
Extended Decision-Making: This type of decision-making is commonly seen, especially when consumers purchase an expensive product. For instance, while purchasing a designer handbag, you are more likely to conduct in-depth product research before finally deciding to purchase it because there is a higher economic risk of buying it than an average bag.
Limited Decision-Making: Limited decision-making is a type of decision-making where consumers are given a very limited variety or availability of a particular product.
Habitual Buying Behaviour: This Buying Behaviour is integral and mainly carried out for incredibly cheap and readily available products. This is one of the most common and top consumer behaviours that companies take note of.
Variety-Seeking Buying Behaviour: This kind of purchase behaviour is observed, especially when there are notable differences between a product available in the market and the existing brands. This behaviour mainly stems from curiosity.
The purchase decision is the thinking process leading a consumer to the final decision to spend money on a product. It stems from first identifying what they need, generating options, and selecting a particular brand or product. Some decisions can be minor such as buying a packet of biscuits, while others can be major purchases like buying a car. The purchase decision is an integral part of revenue generation in a company.
There are three major consumer purchase decisions with various levels of purchase involvement, starting from high to low. The types of purchase decisions are based on the purchase involvement continuum. The various kinds of purchase decisions are as follows:-
Nominal: The first part of the purchase involvement continuum is nominal decision-making. It is the type of decision-making that involves the least involvement. It is the point when we realise we have a need, refer to our past memory, and repeat purchases. Nominal decision-making can be evaluative when the product does not meet the customer's expectations.
Limited: Limited decision-making is the kind of purchase decision that requires a bit of time and effort to research and compare brands and models before making a final purchase.
Extended: This purchase decision is mainly involved when a consumer wants to purchase something that is highly expensive and requires a significant amount of involvement to make the purchase worthwhile.
The post-purchase behaviour is more about how an individual feels, thinks, and acts post-purchase. This is also an important part of the decision-making process that involves contemplation from both the seller as well as the consumer. As a business owner, you must ensure that your customer has a positive experience after using your product. Post-purchase engagement is mainly involved with follow-up emails, newsletters and sometimes even discount coupons that attract customers to make additional purchases. This helps you attain life-long customers and earn customer loyalty.
When it comes to post-purchase behaviour, companies and brands need to extensively chalk out good strategies to make the customer experience pleasant so as to win them for life. Every action of a customer post-purchase is important and can be categorised as the following:-
The journey post-purchase journey can be minutely scrutinised, but it all boils down to giving the customer a good customer experience. You can ensure this by suggesting and encouraging actions you desire, such as repeat purchases, personalised reviews, and social engagement. You need to additionally predict the problems customers can potentially face in product returns, questions, and concerns related to shipping. By encouraging these behaviours, you can easily prevent ones that are undesirable. This will ensure that your brand achieves impressive results. There are numerous software solutions dedicated to helping you in this endeavour.
Businesses need to spend considerable time and resources on the products and services they sell. Therefore, catering to the customer’s needs is mandatory to generate revenue, go further as a market venture, and avoid losing. The first step is to discern what customers want and are more likely to purchase to ensure that products and the brand have a high acceptance rate.
This prompts companies to delve deep into the thorough research process of determining consumer behaviour. It is an integral step that marketers must follow to have comprehensive knowledge about the needs and wants of the consumer base. Companies need to study the numerous influential factors of consumer behaviour to optimise their products to reach their target customers and incur significant profits and customer loyalty. Some of the primary reasons why understanding consumer behaviour is of major importance are as follows:-
Improved marketing and communication: With the rapid changes in trends, living standards, and technology, the choices and preferences of consumers also keep changing. How these factors make an impact on the buying habits of customers should be well-researched in order to understand them because it helps companies design their marketing strategies in accordance. Therefore, studying consumer behaviour in retail management can significantly help companies meet their objectives faster.
More chance of customer retention: Retaining an existing customer is more beneficial to a company rather than gaining a new one. Selling newly launched products and services to existing customers has more chance of being purchased by them rather than selling them to new ones. Retaining customers create strong bonds between the customer and the brand, which adds to brand loyalty. Loyal customers also act as promoters of your brand by spreading positive reviews about their happy shopping experience via word of mouth. In order to ensure maximum customer retention, it is important to study consumer behaviour in retail management by entrepreneurs who seek to help their company grow.
Increase customer loyalty: Comprehending customer behaviour aids in thinking of ways you can boost the loyalty factor in customers for your brand. Customer loyalty is directly proportional to higher sales and a stronger brand. Reading trends in consumer behaviour in retail management and sales aids in this process. It can help companies read what customers want and offer discounts, suggesting their best products and services to the consumer base.
Plan inventory better: Researching thoroughly about customer behaviour helps companies in stocking raw materials as well as pre-plan their inventory. For a service-based business, it helps plan their human resource better. Determining specific trends in demand when it comes to particular products helps companies send more orders to their respective suppliers, helping them strike a balance between demand and supply.
Optimise sales: With the cut-throat competition in the market, companies are constantly in the process of finding out and fulfilling particular market niches. Even if a company specialises in multiple sectors, it aims to target potential buyers in every possible segment. This requires a deep understanding of consumer behaviour, so you can clearly define your objectives in the market. Understanding consumer behaviour helps identify the main customers who make direct purchases from your company.
Research competition: Studying consumer behaviour is the best way to understand the competitive market completely. You can plan product positioning in accordance and, in turn, offer competitive benefits.
Leads to purchase decision: A positive consumer behaviour leads to a purchase decision. A consumer may take the decision to buy a product on the basis of different buying motives. Therefore, marketers need to influence consumer behaviour to increase their purchases.
Consumer behaviour models are key to understanding the buying decisions of customers. Applying these models in marketing efforts can help you accurately predict your product's target customers at the peak time. Consumer behaviour models are theoretical frameworks that help explain the reason behind purchasing decisions of customers.
Companies make use of these models with the primary aim of mapping out predictable customer decisions till they convert to another product. This helps them have knowledge of, monitor, and control all stages in the journey of a buyer in the company. These behaviour models also help understand the unique consumer base and attract and retain them easily. Consumer behaviour models are of two types; traditional and contemporary.
Traditional Behaviour Models
Economists have developed traditional models of consumer behaviour in order to understand the purchase decisions of customers on the basis of what they want and need. Traditional behaviour models consist of the following:
Learning Model: This customer behaviour suggests that buying behaviour is a response to the desire to satisfy the basic necessities required for survival, such as food, and needs that stem from already lived experiences such as fear or guilt.
Psychoanalytical Model: This model of behaviour suggests that every single consumer makes a purchase decision that stems from a deep-seated motive (fears, desires, longings) that is both unconscious and conscious at the same time.
Sociological Model: This behaviour model suggests that individual consumers make purchases mainly influenced by where they stand in various social groups such as family, friends, and colleagues.
Economic Model: This is the most straightforward model of consumer behaviour and suggests that consumers only attempt to meet their needs by spending the least resources (Eg. time and money) as possible. This helps businesses and companies to predict sales based on the customers’ income.
Contemporary models: The Contemporary behavioural models are based on rational and intentional decision-making processes rather than unconscious desires or emotions. They are as follows:-
Hawkins Stern Model
This consumer behaviour model claims that purchase decisions aren’t always the result of reasoned thought. This model is the most commonly applied model amongst businesses because the purchase decisions made by customers are unpredictable and limitless. The Hawkins Stern Model characterises types of purchases as the following:-
Habitual Response Behaviour
Buying Centre Variables
Businesses attempt to collect a significant amount of data to make decisions on how to effectively and successfully make an impact on their target audience. Influences can be either temporary or long-lasting, depending on certain factors. Some of the primary factors are as follows:-
Situational factors: These factors are temporary and include physical factors like store location, colours, layout, lighting, music, scent, holidays, moods as well as time.
Personal factors: These factors are demographic and depend on age, gender, occupation, income, interests, opinions, and the like.
Social factors: This factor is dependent on social class, religion, ethnicity, level of education, and sexual orientation. Consumers of the same social class are more likely to exhibit the same or similar purchasing behaviour.
Psychological factors: These include the ability to comprehend information, perceive needs, and the attitude that influences consumer behaviour
Consumers are likelier to be influenced by the people around them in making buying decisions. Positive or negative reviews from friends and family who have used the product personally are five times more influential on the buying decision made by an individual consumer rather than a celebrity endorsing the product. Family plays an integral role in a large percentage of our purchasing decisions. Most of our selections, be it fashion or food, depends on many important considerations they influence.
A high level of communication and cohesion between the family members greatly influences buying decisions by keeping in mind the individual preferences of the family members. Less emotional bonding amongst family members influences the buying decisions significantly less. Individual members like to buy independently as per their individual choice. Depending on its power structure, family flexibility also greatly impacts the buying process. How much freedom a parent gives to the kids also affects purchase decisions.
Another familial factor that impacts what to buy is the role one plays in the family. Marketers tend to target these familial roles in order to attract customers. For instance, product ads for newlyweds and new mothers or ads targeting kids persuade parents to purchase certain products.
Cultural factors are the ones where values and ideologies exclusive to a group of individuals or a community influence the purchase. An individual’s culture is what decides how they behave. Cultural factors have a lasting effect on the buying decision of a customer.
Each individual has been brought up with a particular set of habits, principles, and beliefs influenced by the family or circumstances they were born in. Their childhood experiences become a significant part of building their culture. Cultural factors play a major influential role in the buying behaviour of consumers. They include core values like needs, wants, perceptions, preferences, and behaviours seen and inculcated by consumers from their families and people close to them.
For instance, female customers residing in West Bengal and Assam prefer purchasing sarees compared to western wear. Male customers, similarly, usually prefer wearing ethnic wear during religious ceremonies in Eastern India.
Personality And Lifestyle
Personality has a number of meanings, but in a nutshell, it can be defined as the persisting responses to stimuli or consistent behavioural patterns that are enduring. A customer’s personality aids marketers in detecting consumer segments because it leads to orderly as well as logically driven experiences and behaviours.
The characteristics of an individual’s personality can be a base for the positioning of a product. For instance, one market segment may stick to a diet because they are influenced by cultural norms, whereas another segment might be on a diet because of personal needs.
Consumer perception is the marketing stimulus sensed by a consumer that helps organise, interpret, and give meaning to the product for consumers to buy. This marketing stimulus can be any element from the marketing mix related to the brand or product. It is defined as a process by which consumers sense a marketing stimulus and organise, interpret, and provide meaning to it. The marketing stimuli are of two types:-
Primary or intrinsic: This comprises the product and its features like brand name, label, packaging, product contents, and physical components.
Secondary or extrinsic: This comprises the form via which the product or service offered is represented with the help of words, visuals, symbols, prices, salespeople, or marketing strategies.
Consumer Involvement and motivation are the two integral parts of the decision-making process that lead to a product's purchase. These two attributes are inseparable and directly influence consumers to make purchase decisions. Consumers who are motivated to buy a product attain it via research and analysis pertaining to the product before making a final decision. A customer who gets motivated by various internal and external factors.
As a matter of fact, numerous Motivation Theories have been formulated to bridge the connection between motivation and consumer behaviour. Amongst the many theories established, Maslow’s Theory of Motivation is based on five kinds of needs that are listed below:-
Physiological: These are related to basic necessities like food, shelter, pleasure, and apparel.
Social: These are based on acquaintances, friendships, and the desire to be loved.
Safety: These are based on self-security, the safety of belongings, money, job, and the like.
Esteem: These are based on societal statuses such as financial class, ego satisfaction, prestige, and the like.
Self-actualisation: These are based on the feeling of fulfilment
Internal influences stem from the lifestyle and thinking process of consumers. They are mainly based on every individual's personal thoughts, concepts, attitudes, feelings, memory, and motivation and can also be termed psychological influences. These influences are ways in which consumers react to the world around them, determine their feelings, gather and study information, develop beliefs and ideas, and take a particular course of action.
Some of the basic internal factors that influence consumer behaviour are as follows:-
Personal Needs & Motives: This is the most significant internal influence affecting a large percentage of the purchase decision of consumers. Personal necessities are the driving force behind consumers making the purchase decision for a particular product. The personal needs of consumers arise when there is a lack of something. Motive is an individual's inner state encouraging them to satisfy a specific need. For instance, hungry or thirsty individual desires to be well fed motivates them to seek a restaurant to satisfy this need.
Attitudes: This is the second most important internal influence that impacts a consumer's buying behaviour. Attitude refers to a person’s thoughts and feelings about something and is usually reflected in their actions and buying patterns. For instance, if a customer harbours a negative attitude towards a particular product, brand or service, changing that belief will not be very easy and can be long-lasting.
Several external factors influence the decision at the time of a service or product purchase. It is inclusive of culture, subculture, groups, and household structures. These are called external influences because the influence comes from an external source and influences the internal factors. They mainly consist of socio-cultural influences because they stem from individuals' formal and informal bonds. Understanding said influence is an essential part of studying consumer behaviour. Some of the external factors of influence are elucidated below:-
Culture: Culture is an umbrella term under which values, beliefs, attitudes, and opinions fall. It is a fundamental constituent of consumer behaviour that majorly influences people’s attitudes towards buying particular products or services. It even fulfils emotional needs because it caters to the need to protect the sanctity of one’s cultural beliefs and values.
Social class: Social class is referred to as the hierarchical order based on which society is arranged and divided into various segments. Each of these social segments has a social status or standing and plays an important role in consumer behaviour. It influences consumption patterns, media patterns, lifestyle, interests as well as activities of consumers. Income differences greatly contribute to the divisions in social status and can highly impact customers' buying behaviours.
Reference groups: These are groups of individuals that influence an individual's buying attitude or behaviour. They act as points of reference for adopting attitudes, behaviour, or beliefs in their life. They can include family, close friends, neighbours, schoolmates, colleagues and basically those people with whom you have everyday interaction.
Consumers need to go through a set of steps in sequential order to buy a product. This entire process is called the buying process that eventually leads to the purchasing decision. The decision-making process of buying a product comprises five basic steps. They are as follows:-
This is the first step that influences consumers' purchase decisions. In this step, consumers recognise and acknowledge their need for a particular product or a service. Need recognition can be either externally or internally prompted, resulting in want for a product or service. Upon recognition, customers will try to gather more information about the product in order to understand how to fulfil that want. In this particular stage, customers can be easily influenced by an internal stimulus that constitutes impulses like cravings, lifestyle changes, and the like.
In this stage, companies need to focus their sales and marketing tactics on external stimuli to garner maximum results. With an extensive and creatively thought out brand campaign, you can easily help develop brand recognition and awareness via which consumers will begin to know you and place their trust in you. Most importantly, in this step, you will need to make them feel that only you have a solution to their problem.
In this stage, as a brand, you will be required to provide access to the required information that potential customers want and hope that they will buy your product or service. Companies usually meticulously plan out the kind of content people might want and present themselves as a source of knowledge that can be trusted. Another great strategy is verbal reviews or, in other words, word of mouth. Consumers are likelier to trust someone who is unbiased and has already used the product. Ensure that consumer-generated content such as customer reviews and, if possible, video testimonials are included on your website.
In this stage, your marketing strategy should be at the top of its game and focus on drawing consumers towards your product by convincing them that the product you sell is better than the other available alternatives. Be prepared for objections as well as rejections in this stage.
In this stage, you will realise that you have done either a good job with your marketing strategies if a consumer decides to indulge in your product or one that requires more refining if a consumer seeks another alternative.
As a company, you need to be prepared for the worst. Make sure that you offer customers a straightforward and seamless exchange or return process. Customers might want to leave reviews which you can fulfil by building a platform where they can submit them personally.
It is important to keep the three vital factors affecting it in mind to have a complete understanding of how consumer behaviour makes an impact on marketing. They are as follows:-
Some major examples of consumer behaviour to comprehend it better are as follows:-
Children’s influence: A new trend developing in the market is the significant influence children have on their parents' purchase decisions. Today, kids have become a major factor in the purchase of products that are more on the expensive side. For instance, parents today will not buy a car if their kids are not fond of it.
Eating habits: Another major example is the significant change in the eating habits amongst consumers. The eating habits, over the years, have drastically changed. There is an increased demand for sugar-free and gluten-free products.
Social Reference: Many customers tend to use their social references to buy expensive products. For example, customers buying a MacBook Pro laptop will more likely be inclined towards buying it if their closest friend has the same brand with which he/she is satisfied.
Marriage: It has already been established that family plays an integral role in customers' purchase decisions. For instance, if you are married, you are more likely to prefer products that would benefit you and your partner.
With the Covid-19 pandemic bringing in a dynamic global change in the education system, online classrooms have emerged significantly in the educational market. Yes, physical classrooms have their own set of advantages. Still, online courses on Consumer behaviour are more likely to be flexible, cheap, and convenient, especially if you are taking other major courses or even if you are a working individual looking to upskill yourself.
We cannot deny that despite the dire circumstances the lockdown had imposed upon us, technology has kept education alive by inculcating online learning in the lives of millions of students. Online education might not be a new concept but has proved its importance and capability in times of need.
A consumer behaviour course is bound to deliver the required professional knowledge you need in the comforts of your home. While consumer behaviour courses are highly important if you are into marketing and want to gain professional knowledge in this field, it is important to have a flexible as well as an instructional learning experience where you do not have to worry about missing classes and can easily attain access to course material.
Introduction to the Study of Consumer Behaviour
Defining Consumer Behaviour
Scope of Allocation of Consumer Behaviour
Why Study Consumer Behaviour
Evolution of Consumer Behaviour as a Field of Study and Its Relationship with Marketing: Behaviour Dimension
The Interdisciplinary Nature of Consumer Behaviour
Marketing Research and Consumer Behaviour
Relevance of Marketing Research with Consumer Behaviour
Approaches to Consumer Behaviour Research
Market Segmentation and Positioning
Basis for Segmentation
Alternatives available for Segmentation
The Consumer Decision-Making Process
What is Consumer Decision
Consumer Decision-Making Process
Levels of Consumer Decision Making
Models of Consumers: Four Views of Consumer Decision Making
Types of Decision Process
Models of Consumer Behaviour
The Economic Model
The Sociological Model
The Howard Sheth Model of Buying Behaviour
The Nicosia Model
The Engel-Kollat-Blackwell Model
Engel, Blackwell and Miniard (EBM) Model
Psychological Influence on Consumer Behaviour
Personality and Self-Concept
Sociological Influences on Consumer Decision Making
Consumer Reference Groups
Family and Life Cycle
Diffusion of Innovation
Nature of Organisational Buying
Influences on Organisational Buying Behaviour
Organisational Buying Decision
Consumer Behaviour Analysis and Marketing Strategy
Consumer Behaviour and Product Strategy
Consumer Behaviour and Pricing Strategy
Consumer Behaviour and Distribution Strategy
Consumer Behaviour and Promotion Strategy
Customer buying behaviours have greatly changed during the lockdown and permeated their psyche even after it. The e-commerce industry has seen an upward growth trajectory that the pandemic has helped accelerate at light speed. Travel bans imposed during the lockdown have significantly changed the way we purchase products and have forced consumers to purchase products that they would not usually buy online such as medicines, groceries, eggs, milk, and the like.
This has created a significant amount of competition amongst e-retailers. Retail giants have developed online platforms that have forced smaller businesses to adopt newer and improved marketing strategies. It has transformed how entrepreneurs establish, operate, and grow their businesses and has also shaped how consumers buy and pay for products. This significant change in consumer, as well as entrepreneurial behaviour, is going to reshape the future of online business in the future
It is a well-established fact that companies must study consumer behaviour in detail to help them understand the purchase decision of consumers as well as how they make them. This information aids business managers in discerning the reasons behind a product purchase or rejection by the customer. They have dedicated marketing departments to understand and study consumer behaviour and therefore have a significant demand for specialists in this field. Therefore, students and marketing aspirants are greatly inclined toward taking consumer psychology courses because of the lucrative prospects it has upon completion.
Consumer psychology courses provide students with the necessary knowledge and skill set to conduct thorough research, comprehend consumer behaviour, and develop unique marketing strategies.
There are numerous factors upon which the salary of a consumer behaviour specialist may depend abroad. They are similar to the ones in India, and they are as follows:-
The starting salary of a Consumer Behaviour And Marketing Specialist after completing a course in any of the reputed consumer psychology courses can range from 80,000 USD (63,99,340 INR ) to 120,000 (95,99,010 INR), and the median salary can be around 100,000 (79,88,550 INR) which is an amount earned by nearly 67% of them in the US.
Average Salary Hike
Analyse the environment, conduct user research across online and offline retail shoppers, suggest features of improvement for a seamless experience and metrics to measure your success for a niche e-commerce apparel brand.
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Analyse and improve the transnational funnel of the online ticketing platform.
Help increase the number of recharges for Freecharge by improving the growth hack funnel. Propose retention, referral and revenue growth hacking strategies to achieve business goals.
Conduct an analysis of key competitors of a healthcare product
Create a business plan for cab-sharing app’s expansion to the Indian market and represent it using the Business Model Canvas
Design and sketch a wireframe for a hypothetical health-based app that tracks and monitors health and fitness
Create a product backlog and figure out epics and user stories for a feature for an OTT platform
Prioritise tasks and feature updates for a cab-sharing app’s operations
The factors that significantly influence consumer behaviour are endless and cannot be clearly defined. However, the five primary driving forces are self-interest, perception, barriers, culture and demographics.
Income has a major influence on the buying behaviour of an individual. The more the income, the higher the purchasing power the consumers have.
Consumer behaviour helps organisations decide which product or service they want to manufacture and sell. Knowing what customers are more likely to spend money on can help companies easily discern a need yet to be satisfied.
A customer purchases the goods or services that a company offers and are directly related to driving revenues. In other words, without customers, a business cannot exist.
Consumers are the primary demand source for all goods and services, and demand controls the market or production.
Consumer education is important because it is via education that they learn about important factors like safety, nutrition, health care, and environmental issues that can influence their personal factors that lead to purchase decisions.
The main societal factors that affect consumer behaviour are family, status, and roles. Social factors are highly influential on the purchase decisions of consumers.
Down below are five basic strategies to change the buying behaviours of customers:-
Consumer attitudes can change based on the change of ideas as well as marketing strategies.
The five basic steps of consumers' purchase decision are recognition of problems, a search of information, evaluation of alternatives, purchase decision, and evaluation post-purchase.
Thorough research in consumer behaviour aids marketers in discerning the wants and needs of consumers as well as the reasons behind choosing specific products over others. By conducting this, companies can analyse the needs of their target audience needs and expectations and work towards meeting them.
Customer loyalty can be attained only when they make a repeat purchase from a company over time. To ensure customer loyalty, make sure that your product or service has great value. Also, make sure that the customer experience stays seamless consistently.
When a consumer spends more, it helps the economy expand and sustain it consistently. If there is a decline in consumer confidence, they lose confidence in financial prospects leading them to spend less money. This directly affects businesses when they see a significant decrease in sales.
Age is an integral demographic factor affecting consumer behaviour. When a person grows with age, there is a change in their needs leading to a change in the patterns of their buying decisions. Health needs also change with age, and so do several other needs.
A significant percentage of consumers are more likely to be influenced by price and quality. However, according to statistics, around 52% of consumers are more likely to be influenced by convenience.