In the ever evolving marketing landscape, one thing that always remains constant is that knowing and understanding your customers is very essential for your success. But understanding consumer behaviour can be quite tricky, as it is trapped in numerous layers of social, cultural, psychological and even economical trends.
Consumer behaviour and marketing strategy go hand in hand. So what is the best way to go about and craft marketing strategies that contribute towards sustainable business growth?
Why is Consumer Behavior important?
When you are running a business one of the most essential things is to understand how the minds of your target audiences work. By knowing their wants, needs and decision making processes, you gain the power to achieve the attention and loyalty of our customers.
Consumer behaviour and Marketing strategy put to work
1. Crafting target messages:
Drafting and putting out messages that speak directly to the needs, wants, pain points and aspirations of your customers will contribute to ensuring that their problems are solved and you add genuine value to their lives.
2. Developing products and services that are genuinely useful:
Providing your customers with products and services that add genuine meaning to their lives and solve a problem they have been dealing with.
3. Building meaningful relationships with customers:
By understanding the expectations of your customers and doing your best to fulfil them and even exceeding them fosters trust and loyalty.
4. Effective allocation of funds:
Allocating your funds effectively means focusing on tactics and channels that are most beloved and used by your target audience.
So, you can say that the correct understanding and knowledge of consumer behaviour and marketing strategy contributes to decisions that result in a loyal customer base and also ensure a sustainable business growth.
What influences the buying decision of consumers?
Some key factors that influence the purchase decisions of your consumers have been talked about below:
1. Psychological factors:
- Needs
- Motivations
- Perception of products or services
- Subconscious biases
2. Social factors:
- Family
- Friends or peers
- Other social connection
3. Cultural factors:
- Tradition and beliefs
- Personal and family values
- Societal expectations
4. Personal factors:
- Age
- Lifestyle
- Interest and personality
- Income
Unlocking Consumer Insights:
Now that we understand the importance of consumer behaviour, it is important to gather data to assess consumer behaviour and market strategy, so, let us study how we can gather valuable insights:
- Market research:
Conducting surveys, holding focus group sessions and investing in competitor analysis helps to gather a lot of valuable insights on your target audience.
- Customer analytics:
Leveraging website traffic data, social media engagement metrics, and customer relationship management (CRM) softwares to understand customer preferences.
- Social listening:
Monitoring online conversations to understand how audiences perceive your brand and what are the rising industry trends they are growing fond of.
By employing such tools, you get the opportunity to understand and adapt to the current consumer behaviour and marketing strategy. And you can also build a collective picture of your customers and their journeys and preferences and tailor your marketing strategies to suit them.
Sustainable business growth can be achieved with the values of:
- Authenticity
- Transparency
- Innovation
- Collaboration
- And lastly a genuine will to make a positive impact in the lives of your consumers.
By prioritising these aspects, businesses can take their operations to sustain for a long time and secure a firm foothold in the market and earn the loyalties of their consumers. Thus understanding consumer behaviour and market strategy is very vital.
