What is Consumer Behaviour – Types, Factors, And More

Introduction

Consumer behaviour allows the company to obtain the necessary information to conceptualize and execute effective advertising campaigns that can generate close links with potential customers. Knowing consumer behaviour allows:

Design Personalized Advertising Campaigns

With the information obtained, consumers’ needs can identify tastes and preferences to translate them into advertising campaigns in which consumers can feel identified. This element is essential since around 90% of users say that personalizing company communications is attractive and better captures their attention.

Increase Customer Retention

Customer retention and loyalty are one of the most neglected tasks by companies. Still, it represents a wide margin of opportunity since it costs 500% more to get new customers than to retain them. Moreover, by knowing the behaviour of consumers, it is possible to understand the actions carried out by the client after the sale and implement strategies that increase the company’s lifetime.

Improve The Management Of Your Products And Services

Knowing consumer purchasing trends allows companies to know the best season for products and the ideal narrative for the marketing strategies of the products or services they have.

Save Time And Financial Capital On Effective Marketing Strategies

You save time converting leads by making strategies that connect more quickly with consumers. It is because they are qualified for the purchase from the beginning and the transformation process is more straightforward since there is a closer link between the parties.

Increase sales volume since potential customers is more willing to consume the product or service because a personalized experience and more effective marketing strategies will offer to the audience.

Factors Influencing Consumer Behavior

Many factors can influence the consumer’s purchase decision.

Internal Factors

They are all those that originate in the subconscious of the consumer or the decision makers of the companies. This categorization can divide into the following:

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Personal Factors

They are the characteristics of the ideal consumer or buyer persona. For example, the age range, gender, lifestyle and interests are any element that helps describe people’s purchasing behaviour.

Situational Factors

It refers to the context in which the consumer is living. In marketing, there is a trendy phrase that states, “you have to sell to situations, not to people”, because the same person can motivate their purchase decision based on past or present experiences. For example, a person who has never suffered a traffic accident will hardly invest in life insurance. Still, if that same person lives through that moment, their purchase decision will be completely different.

Psychological Factors

They are the ones that form the consumer’s personality and therefore are challenging to classify.

External Factors

They are not under the individual’s control and can be subdivided into more specific factors.

Social Factors

They are the actions carried out by the social circle close to the consumer that affects or motivates a purchase. At this point is the social status of the person, as well as the aspirations to belong to a particular group or community.

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Economic Factors

They are focused on the financial situation of the country or place where the consumer resides.

4 Types Of Consumer Behavior

Traditionally in marketing, four types of consumer behaviour are recognized.

Usual Behaviour

It is the most expected behaviour by the consumer since he does not participate directly in the purchase decision and only perceives some differences between brands.

Variety-Seeking Behaviour

The consumer is constantly looking for various products in this behaviour, which is why they are continually changing brands.

Purchase Behaviour That Reduces Dissonance

In this behaviour, it is not easy for the consumer to identify the differences between the different brands. Hence, they decide to consume the same to avoid regretting their decision.

Complex Behaviour

The consumer is directly involved in the purchase decision and will not carry out the transaction until they are sure that the product or service will give them the desired results.

How To Analyze Consumer Behavior

Analyzing consumer behaviour is essential to obtain all the benefits outlined in the article. To do this, we leave you two actions you must implement to achieve.

Collect Information And Quantitative Data

Check the analysis of your social media accounts and website, collect statistics on offline sales, and verify the quantitative data of your previous marketing campaigns, such as the number of people reached and leads generated.

Conduct Interviews To Learn About Purchasing Processes

Ask consumers about their purchasing processes and questions that provide relevant information about your customers.

Conclusion

Consumer behaviour can reveal relevant information for your business, so you must establish strategies to know it. Do not forget that research and information obtained from the consumer is the key to successful strategies in marketing.

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