Consumer behavior is the study of how customers select, buy, use, and dispose of ideas, goods, and services to satisfy their needs and wants. It is mainly concerned with the psychology, motivations, and behavior of the customers.
For further clarity, consumer behavior also refers to the actions of the consumers in the marketplace and the underlying motives and reasons for their actions. There are many factors to consider regarding consumer behavior –
- Age
- Occupation
- Economic background
- Lifestyle, personality and self-concept
- Social roles and status
- Motivation
- Perception, beliefs and attitudes
- Cultural stand
You cannot separate consumer behaviour from marketing as they are inseparable. Consumer behaviour in itself shifts when there is a shift in marketing, so you see they work together.
One of the easiest ways I know to convert customers for more sales is as simple as understanding consumer behaviour and learning what your buyer wants from you. Many people will say, but I have too many customers Tobi, how do I know what each of them wants? It is quite understandable that businesses often have many customers buying their products or services, at least too many to get to know each one of them personally.
Role of digital marketing and consumer behavior
With the advent of digital marketing, almost every brand now markets its products or services on digital platforms today. From Facebook to Instagram, Twitter, and so on. It’s more convenient for customers to research, compare, and select what they want online. Their final purchase decision is hugely influenced by the interactions they have with a brand online.
Hitherto, traditional marketing has had a huge impact on consumer behavior. It still does but with the advent of digital platforms, consumer behavior has significantly been influenced more than ever before. Individuals and organizations now select, buy, use, and dispose of ideas, goods, and services to satisfy their immediate or long term needs and wants more conveniently without leaving the comfort of their homes.
Research shows that marketing campaigns can influence consumer behaviors. This is because they elicit reactions, utilize imagery, and word associations. They also cause you to feel emotions such as nostalgia and fear which eventually cause you to make a buying decision.
One of the biggest changes in consumer behaviour due to digital marketing that has been observed is that modern consumers expect a more consistent and personalised experience because experience is now more important to buyers than before. Once they don’t get the experience they want, they are likely to try somewhere else within minutes without leaving where they are.
Let me quickly answer the questions asked earlier about how to measure what your customers want. While some businesses base their sales power on their intuition, some take out time to find out what exactly is needed to be done to understand what consumers want.
It is wrong market-wise for a business owner to think they know what their consumers want without proper study. I’ll be sharing with you three things to pay attention to regarding this case. Please note that these are not the only things you can do as there are several other strategies to employ.
Understand your customers need:
A study discovered that sales personnel who cater to the customer’s needs and wants are three times more likely to close a deal. It is very important that as a business owner, you understand what your customers need. Understanding what they want and helping them build bridges between their fears and solutions may increase your closing tendency.
Giving buyers clearly articulated information in the language they understand based on your understanding of their needs, will only draw them closer to you. The best way to actually know what they want is to ask them the right questions and listen carefully to their answers. You can get this done through online surveys asking them questions that really matter; I can recommend survey monkey for that.
Ask for feedback consistently:
Asking for feedback consistently is not exactly the same as taking a survey by asking them questions. While a survey requires some level of interrogation just like a questionnaire, this is just wanting to know about your service and process at every point of contact.
For example, when they buy a product or pay for your service, there is a short question that pops up, which asks them to express their experience with your business. This method can give you a quick information on if you should work more on your culture or fix something that has to do with your customers.