3 Reasons Consumer Behavior Will Improve Your Marketing
People are complex individuals. We know that from many, many, many years of simply living amongst other human beings. We have our own habits, quirks, talents, histories, etc. Let’s use this understanding of humans and approach it from a marketing standpoint. Why should you pay attention to consumer behavior?
Understanding consumer behavior gives you an inside scoop into what your customer wants. Depending on the product or service you’re offering, there could be a loophole into encouraging a purchase. It’s important to approach your marketing as if you were the customer. What would you want to see if you were to purchase this item or service? Think about what people are searching for, what they’re craving. Perhaps you can entice a purchase by making an emotional connection. Consumer behavior varies with different people and products. The more you know your target customer, the better you can sell your item or service.
The Types of Decisions
People make decisions every day, oftentimes without even realizing it. The thought probably never even crossed your mind, but there are four types of consumer buying behaviors that you should pay attention to. Depending on what you’re selling, your customers may have different types of decisions to make.
The first is a “routine decision.” This is a quick trip to the grocery store to buy your standard loaf of bread. It’s the bread you always buy, so it’s an easy pick. Or maybe there’s a different loaf on sale, so you choose that one instead to save yourself some money. There’s really no genuine thought going into this purchase.
The second is a “limited decision.” You’re in the market for a new couch. You may look into the best couch to purchase, and which store will give you the best experience. However, you end up sticking to what’s in your budget, because you know that’s the most practical thing to do.
The third is an “extensive decision.” You and your partner are looking to buy your first house. You hire the best realtor in town, you look at houses every weekend (bringing your beloved Mother-in-law along for added expertise), and you narrow it down to 3 potential choices. You sit down over dinner to discuss your options. The neighborhoods, the schools, the closeness to your families, etc. A LOT of thought goes into this decision.
Finally, the fourth, “impulse decision.” We’ve all made this decision at least once or twice, maybe even more depending on your self-control. You’re standing in the check-out line at the store and you notice a travel-size bottle of moscato wine. How cute, right? You have to buy it. You can bring it on your next flight to make the trip that much better. Grab two, your best friend Jenny might want one too! This is a decision that you never intended to make, but it was right there in front of you, so you had to!
These four types of decisions are crucial to consider when marketing your product. You can’t sell a house in a check-out line, and you can’t expect someone to spend hours deciding which pack of gum to buy. Evaluate your product, determine which type of decision it will require, and market accordingly.
Similar to the types of decisions we make, it’s important to take note of what works vs. what does not when marketing your product. Based on consumer behavior, you can plan your next phase of marketing with more confidence than the last. Once you understand consumer behavior, you will be able to predict what will encourage a purchase vs. what will push a buyer away. Treat your customer like a friend: listen to their needs and find solutions to their problems!
Understanding consumer behavior will put you three steps ahead of your competition. Research the “what” that will make them buy, the type of decision they will need to make, and what will keep them coming back for more. Gray Otter can help you in your discovery, contact us today!