How You Can Use The Change In Consumer Behavior To Better Market Your Business
People everywhere are constantly making decisions, choosing “this” over “that,” “one,” versus “another,” “here,” versus “there,” and more. The modern world is engulfed by consumerism, and so, every decision made by an individual, however small, affects the overall consumer sector.
Many businesses, especially the small ones, do not entirely understand what marketing is all about. Marketing is not an A-to-B string but is an A-to-B loop. It is not just about throwing your products and services out into the world for everyone to see but is also about recognizing, analyzing, understanding, and evaluating the needs and wants of your past, present, and future customers. This is especially important in the healthcare sector, which you can learn more about by being on the front line by getting into healthcare marketing.
What is Consumer Behavior?
Consumers of a company are regularly faced with many dilemmas from various sources. If they are loyal to your company, your competitors would work hard to get them to convert into their customers. All of this influences the way customers and consumers engage and interact with your products and services, which, as a result, changes their behavior.
Now, here comes the catch. The customer’s personality, which enabled you to persuade them into opting for your brand’s services, would have completely changed over a period of time. Hence, if you fail to tap into their new behavioral characteristics, there is a high likelihood to lose your customer.
Consumer behavior refers to the mass psychological study of an organization’s or a company’s consumers’ decision. It includes:
- Studying how their interaction and engagement with the brand has changed over time. For example, a consumer who used to buy shoes from your store is now only buying slippers, or somebody who used to actively engage via a desktop device now seems to be preferring your mobile app.
- Understanding how consumers feel about the products and services you are offering to them. For example, if you are selling an electronic product, consumers expect it to be future-proof, i.e., the product should get regular updates and stay on par with the latest technological advancements. This is one of the major reasons for Apple Inc.’s and Tesla Motor’s unparalleled success.
- Evaluating the behavioral patterns of consumers in different scenarios. For example, consumer behavior is different when they are at home and when traveling, or when they are alone versus when they are part of a group.
Why is it Important for Companies to Study Consumer Behavior?
Marketing is a means for the company to not only attract new customers but also to retain older ones. Although the challenge of attracting new customers is difficult to complete, customer retention is another task that is almost as difficult, which the marketers and business analysts are tasked with immediately.
According to Salesforce, one of the world’s largest customer relationship management (CRM) platforms, 76 percent of consumers expect companies to understand their needs and expectations.
Studying consumer behavior and behavioral changes help companies to continually update their business models in order to be more customer-oriented to improve customer satisfaction. Of course, you cannot personally cater to every requirement of every individual customer; however, by studying consumer behavior at large, you can use SaaS tools in a way that will help to transform your customer relations by addressing their concerns individually in a customized format without any manual intervention.
All of this works in harmony to keep your business intact, retain customers, and form long-lasting relationships with them.
How to Tap into Changing Consumer Behavior to form Better Marketing Strategies?
As mentioned before, by analyzing a lot of data on consumer behaviors and changes, companies can come up with new and innovative marketing ideas. These new marketing strategies would be more powerful and impactful than the previous one because they arise out of newer data and facilitate such that the company is able to address a larger part of the consumers’ problems. Moreover, their marketing strategies also curated to becomes more customer-oriented and also personalize the experience customers have when engaging with the brand.
Here are some consumer behavioral parameters you could evaluate to improve your marketing game:
1. Medium or Location of Purchase
It will be very beneficial to companies when they keep track of the mediums, platforms, and locations that the consumers seem to use to make decisions and payments regarding availing the brand’s products and services.
This will help the company decide where they should invest more on to get new customers. It will also help you figure out how your website is performing against your mobile applications and how you can improve each other using their cumulative data.
2. Content Engagement
Keeping track of which of your content is receiving more traction will help you decide what kind of content your consumers are looking forward to from you. For example, if your video-based content is receiving the highest engagement on a platform like Facebook, then you can make plans to up your video marketing strategy.
3. Type and Frequency of Purchase
By analyzing the types and frequencies of your customers’ purchases, you can gain better insight into parameters that will potentially save you thousands of dollars per year.
If you run a company that provides both products and services, then you could evaluate which of the two is performing better and which one requires more attention.
For a company that is only offering services, the frequency of purchase matters a lot. The regular payments of the customers should be ensured in order for the company to stay profitable. Hence, in this case, regularly communicating with the customers and catering to their needs in a personalized way matters a lot.
Furthermore, by analyzing the dates and times of most frequent purchases, you will know when to launch your ad campaigns and when to hold back to reap maximum results.
All in all, only the brands and companies that are able to communicate and interact with their consumers to solve their problems as humanely as possible get ahead in the world of trade and commerce. Understanding consumer behavior and leveraging the data to support the company’s marketing motives play a pivotal role in this.