Why is it important to study consumer behaviour identify factors influencing consumer buying behaviour?
Understanding the importance of consumer behaviour is critical for any marketer. By learning how and why people choose one product or service over another, marketers can: Show
What is consumer behaviour?Consumer behaviour is the study of people’s motivations and reasons for selecting the products and services that they buy. It also examines things like people’s buying patterns and habits. It’s an area of interest for marketers as well as psychologists, economists, and even biologists and chemists. There are several categories used to label the different facets of consumer behaviour:
Studying consumer behaviour: how to get startedConsumer behaviour studies can be as cursory or as in-depth as a business likes – but the more high-quality data and information a marketer has to work with, the better their marketing strategy will be. Collect dataMarketers typically have a wealth of information and data already at their fingertips, and by collating it and reviewing it, can glean insights from:
Group – or segment – customer typesEvery business has at least a general understanding of its target market. But digging deeper, through customer or market segmentation, means that marketers can better understand the individual wants and needs of each of their customer types. Crucially, this differentiation means that they can then effectively tailor their marketing strategies and messaging to each of these groups. Segmentation should consider a number of characteristics and demographic traits, including:
Once the customer segments have been created, they can each be given a persona, which is a fictional archetype that represents the segment. Consider customer motivationsAfter identifying and segmenting their customer types – both existing and potential – marketers should consider the purchasing motivations for each of these personas. Studying consumer behaviour typically considers three general motivators. These are:
Create a customer behaviour analysisA customer behaviour analysis is a hugely useful piece of research. It takes the qualitative and quantitative data from each of the previous research stages – data collection, market segmentation, and motivation analysis – to create a thorough understanding of customers’ behaviours and influences. This data should be compared against the existing customer experience to gain:
Marketers can also consider questions such as:
Apply the analysis to a marketing strategyEquipped with a comprehensive customer behaviour analysis, marketers can create data-driven strategies and campaigns that maximise their consumer research. Within their marketing mix, they can optimise marketing content, select the most effective marketing channels for their target audience, and simultaneously focus on new customer growth as well as existing customer retention. Using the available research and analysis, marketers know:
Take your consumer behaviour studies to the next levelThe study of consumer behaviour is a key component of the 100% online MBA Marketing degree at North Wales Management School, part of Wrexham Glyndwr University. You’ll learn how to create strategic marketing campaigns and use analytical techniques to turn data into actionable insights. This flexible Master of Business Administration degree is taught online and part-time so you can study at your own pace on your own terms, making it perfect for busy working professionals who want to transform their career prospects. Why is it important to know consumer behavior?Understanding consumer behavior is a valuable tool for product and service providers. It enables them to increase sales by identifying their target market, determining the needs of that market, and developing products and services that meet those needs.
What are the factors that influences consumer behavior which is the most important explain?Psychological (motivation, perception, learning, beliefs and attitudes) Personal (age and life-cycle stage, occupation, economic circumstances, lifestyle, personality and self concept) Social (reference groups, family, roles and status) Cultural (culture, subculture, social class system).
What factors influence consumer behaviour and why it is important for companies to understand it?There are four psychological factors that influence consumer behaviour: Motivation, perception, learning, and attitude or belief system. Motivation speaks to the internal needs of the consumer. Understanding how to motivate your customer is a powerful tool.
What are the factors influencing consumer buying behaviour?Factors Affecting Consumer Behavior. Psychological Factors. Human psychology plays a major role in understanding consumer behaviour. ... . Motivation. Motivation to do something often influences the buying behaviour of the person. ... . Perception. ... . Learning. ... . Attitudes and Beliefs. ... . Social Factors. ... . Family. ... . Reference Groups.. |