Marketing campaigns can elicit emotional reactions from consumers, influencing consumer behaviour. Psychology plays an important role in influencing consumer behaviour. It is essential for the marketing department to understand the science behind influential marketing techniques. It can help them in framing marketing strategies and gaining insights into how marketing influences consumer behaviour.
What is consumer behaviour in marketing?
Consumer buying behaviour refers to the study of consumers and how they behave after viewing an advertisement of a product or service and making a purchase decision to solve their problems. Understanding consumer behaviour can help marketers identify consumer expectations and the reason why consumers make a purchase decision. Eventually, it also helps companies establish a strong foothold in the market. There are various factors influencing consumer behaviour, including changes in lifestyle, technology, trends, and disposable income. Let’s have a look at the major factors in detail.
What are the factors influencing consumer behaviour?
As mentioned above, there are several factors influencing consumer choice, including the following:
These factors play a critical role in steering a consumer to purchase a product or service, and from a particular brand. Studying these factors and understanding the role of consumer behaviour in marketing can help marketers in connecting with their target audience on an emotional level and establish long-lasting relationships, eventually gaining brands new customers through referrals.
Importance of consumer behaviour in marketing
Understanding consumer behaviour is only one aspect of marketing. A marketer also needs to study factors influencing consumer behaviour, buying patterns, and buyer trends. It can help marketers and brands figure out what influences consumers’ buying decisions. Marketers can identify gaps in the marketing strategy and how their brand’s products can solve consumer problems. A better way of marketing products that have a maximum impact on consumers can also be agreed upon after consumer behaviour research has been conducted. You can also get to engage your target audience and convert them into loyal customers.
Your consumer behaviour analysis should reveal what consumers feel about your product and different alternatives available in the market, what influences consumers to choose your product from different options, their behaviour while shopping, and how people around them influence their buying decision.
To have a complete understanding, marketers should understand different types of consumer behaviour, including complex buying behaviour, dissonance-reducing buying behaviour, habitual buying behaviour, and variety-seeking behaviour. Knowing what types of consumers your marketing campaigns attract can give you a better insight into how to segment your market. Eventually, segmenting the market can help you identify potential buyers and generate more leads.
Highlighting the significance of consumer behaviour and marketing, a Salesforce report revealed 76% of consumers expect companies to understand their needs and preferences. If you’re not aware of your consumers’ needs and preferences, they’re more likely to buy from your competitors.
Effecting marketing strategies are formulated keeping consumer behaviour in mind. Consumer behaviour analysis is the essence of marketing strategy and building positive experiences, eventually creating a loyal customer base.
Consumers don’t buy what you sell, instead they buy why you sell it. A marketing strategy is successful when it conveys the answer to why you are selling that product or service, particularly when the market is saturated with similar products. Companies that leverage data from consumer behaviour analysis are one step closer to winning the race against their competitors. A company is less likely to miss out on opportunities in the market if its marketing strategy is driven by consumer behaviour data.
Having a clear understanding of your target market’s behaviour, their purchase patterns, and how marketing influences consumer behaviour helps in more than just generating more sales and revenue. Procuring data on consumer behaviour in marketing can help in designing production policies, analyzing the effects of product prices on purchases, exploiting market opportunities, designing marketing mix, implementing segmentation targeting and positioning strategies, and achieving higher customer satisfaction.