Long term business success is not only just about having a great product. A successful business understands its responsibility to meet customer’s needs, understand what grabs their attention, and presenting their brand in ways that make them want to engage. Businesses must turn to a number of surveys, reports, and tools in order to understand one very important topic, consumer behavior. Consumer behavior is vital to any company that is selling a good or service to consumers. As history has shown, companies that utilize consumer behavior best and align their marketing tactics to what their data tells them are successful companies. In a generic view, consumer behavior is a psychological study of how customers make their buying decisions and what motivates them to make the purchase. There are multiple factors of consumer behavior that exist:
- First consumer behavior explains how a consumer feels about certain product, brand, or services
- Secondly, consumer behavior explains what motivates a consumer to pick one certain product and why
- Thirdly, consumer behavior explains what factors in a consumer’s everyday life affect buying decisions or brand perceptions and why
- Lastly, consumer behavior explains how consumers make decisions when they are in groups or alone
There are numerous factors that exist that determine a buyer’s behavior such as social factors, personal factors, and even psychological factors. Businesses that are able to leverage the power of consumer behavior immediately have a huge advantage over their competition to reach their target audience.
By: Brandon Diaz