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Consumer behavior is not just important to attract new customers, but it is very important to retain existing customers as well. Therefore, marketing the product should be done in such a way that it will convince customers to buy the product again and again. Thus, it is very evident that creating customer and retaining them is very important.
Understanding consumer behavior allows you to create effective marketing campaigns. Each campaign can speak specifically to the separate group of consumers based on their behavior. For example, while targeting kids market, you may have to look out for venues such as TV ads, school programes and blogs targeting young mothers. Y ou will need to take different messaging approaches for different consumer groups.
A study of consumer behavior enables the marketers to understand what motives consumers to make purchases. Furthermore, the same motive can be utilized in advertising media to stir the desire to make a purchase.
Moreover, marketers should take decisions regarding the brand logo, coupons, packing and gifts on the basis of consumer behavior. Consumer behavior analysis will be the first to indicate a shift in market trend. For example, the recent trend of consumers is towards environment friendliness and healthy food. This changing market trend was observed by many brands including McDonalds. By conducting consumer behavior study, a company saves a lot of resources that might otherwise be allocated to produce a product that will not be sold in the market.
For example, in summer a brand will not waste its resources for producing a product that will not sell in summer. Based on consumer behavior the company decides on production strategy which will save on warehouse costs and marketing costs. One of the most important reasons to study consumer behavior is to find out answers to some of the questions:. Studying consumer behavior facilitates in understanding and facing competition.
Can you see the similarities in these products? Yes, they all failed!! The sad truth is that most new products and new ideas end up in failure. Companies consistently strive hard to improve the success rate of their new products or new ideas. One of the most important ways is to conduct sound and thoughtful consumer behavior study. With the help of consumer behavior analysis, Nike realized that most of its target audience is not professional athletes, but many of them were striving to be more like them.
It aimed to promote the aspirations of being an athlete, not just with high-performing athletes, but wanted to include all people regardless of their physical capability. The campaign was well planned and was data-driven, of course, carefully analyzed before taking any action. This message inspired many consumers and had enormous appeal for target consumers. When the world is changing as rapidly as it is happening today, the biggest challenge we all face is staying relevant to our target market.
Intelligent market segmentation — As everyone has different motivations, segmenting consumers into groups is vital to understanding your customers in a nuanced way. Offering up analysis and data on everything from the events of the day to the latest consumer trends. By Gemma Hall Jul By Sabrina Dorronsoro Jul 1. By Gemma Joyce Jun 3. We use cookies to improve your experience and give you personalized content. Do you agree to our cookie policy? By using our site you agree to our use of cookies — I Agree.
From May 8th, all Crimson Hexagon products are now on the Brandwatch website. Instant Registration. Marketing Published October 28 th What is consumer behavior? Collecting consumer behavior data As the motivations that influence consumer behavior are so wide, a research mix including a variety of data will be the most robust.
Social intelligence and consumer behavior The broadest thing social can help with is collecting consumer insights, found through social media research , which can take all sorts of forms. Kit Smith Content Writer. Categories Consumer Insights. Share this post. Brandwatch Bulletin Offering up analysis and data on everything from the events of the day to the latest consumer trends.
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