Want to be a successful marketer? You must understand Consumer Behavior very well

An in-depth understanding of the consumer’s buying behaviour enables marketers to get an idea of what makes the consumer buy or reject their product if it satisfies their need. It enables marketers to understand not only the habits of consumers but also the factors that influence their decision to buy a specific product. 

Consumer behaviour empowers a marketer with rich insights about his target audience. The insights can be useful while they develop and launch a product into the market. Consumer buying behaviour also enables them to create the right messaging and positioning while promoting the products. It enables to create attractive marketing campaigns that resonate with the target audience and augment sale of the product. 

The study of consumer buying behaviour helps marketers to understand why customers buy their products, when they do it, and what is their frequency of purchase. It also enables them to understand their most preferred brands in the category, the price at which they are comfortable buying the product, and whether they like to purchase it online or at a physical store only after taking a close look at the product and the other options available. 

Why is consumer behaviour important?

Consumer behaviour enables a company to understand the positioning and timing of introduction of a new product. The successful launch, sales, and capture of market share are all related to how well a company has utilized its understanding of its consumer’s buying behaviour. 

As mentioned by Jack Trout in the book ‘Differentiate or Die’, the consumers already have a pre-decided preference in their mind on the products/ brands they want to purchase. To actually break their pre-conceived notions, a product or a brand must be presented with a ‘difference’. That’s where consumer buying behaviour insights can help significantly. Unless a marketer and his company can anticipate how a customer would respond to a particular proposition or differentiation strategy, the product may not get the desired response. 

Factors that influence consumer buying behaviour?

Consumers are influenced by a wide range of factors. They may have more disposable income which may lead to a change in their lifestyle and preference for more expensive brands. Technology, peer reviews, word-of-mouth, and many other factors could also make consumers change their buying behaviour. 

3 Reasons why Marketers should rely on insights from Consumer Buying behaviour?

Consumer behaviour helps a marketer to plan his strategy in order to ensure effective reach and recall among the target audience. It can also help to position the product with apt messaging or brand proposition. 

What else can understanding of consumer behaviour do for marketers?

• Consumer differentiation: A marketer can create new cohorts among the target audience if he understands consumer buying behaviour better. Each cohort or sub-group may have their unique traits and may respond better to certain aspects of the product such as price, usability, durability etc. Accordingly, a marketer can try to tweak positioning subtly and target these cohorts more precisely to drive better sales. 
• Anticipating Trends: By carefully observing and evaluating consumer buyer behaviour, marketers can understand emerging trends.  Once these trends are identified and evaluated for consistency, marketers can pivot their marketing strategies and campaigns by optimizing the use of budgets and human capital to align with these trends. With digital technologies at their disposal, marketers can ‘go-to-market’ faster with their new ideas, A/B test their strategies, and swiftly arrive at the best ones that resonate very well with their target audience and existing customers. 
• Create new and innovative products: Marketers who keep a keen eye on consumers buying behaviour can not only spot trends but also understand how to encash on some peculiar behaviours. Such marketers may identify some new opportunity or lacunae in the market that competitors may have missed or decided to overlook. It can lead them to a ‘blue ocean’ which is untapped. They can create new and innovative products to cater to this gap in the market and gain a definite edge over competing products and companies. In the process, they can gain market share and may also establish a new category in the process. 

In conclusion, understanding of consumer buying behaviour is one of the most potent weapons in the marketer’s arsenal. A marketer who understands, analyses, and applies this to his product/ brand strategy, segmentation, targeting, and positioning, can enhance sales of his products, build excellent brand recall, and also create newer variants of the products that enhance the appeal for a wider range of target audience cohorts. With digital technologies and data analytics advancements, tech-savvy marketers can further use the power of data to create remarkable products and brands.