What Is Consumer Buying Behaviour
Consumer buying behavior refers to the study of customers and how they behave while deciding to buy a product that satisfies their needs. It is a study of the actions of the consumers that drive them to buy and use certain products.
what is consumer buying behaviour
It is important to assess the kind of products liked by consumers so that they can release them to the market. Marketers can understand the likes and dislikes of consumers and design base their marketing efforts based on the findings.
Understanding consumer behavior is essential for a company to succeed in its current products and new product launches. Consumers have different thought processes and attitudes toward buying a particular product. If a company fails to understand the reaction of a consumer towards a product, there are high chances of product failure.
Due to the changing fashion, technology, trends, living style, disposable income, and similar other factors, consumer behavior also changes. A marketer has to understand the factors that are changing so that marketing efforts can be aligned accordingly.
Though you have a targeted customer demographic in your business, you can still have variations between individual customers. Each group of consumers is different, and their needs and wants differ from other groups. When a marketer is knowledgeable about the differentiation of each group of consumers, he can design a separate marketing strategy.
Consumer differentiation will help to tailor your strategies to the needs of varying customer groups. When consumer differentiation is done, you can expand the width and breadth of your services. You will be able to effectively serve a wider group of people.
For example, while targeting the kid's market, you may have to look out for venues such as TV ads, school programs, and blogs targeting young mothers. You will need to take different messaging approaches for different consumer groups.
A study of consumer behavior enables marketers to understand what motivates 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 make decisions regarding the brand logo, coupons, packing, and gifts based on consumer behavior.
Consumer behavior analysis will be the first to indicate a shift in market trends. For example, the recent trend of consumers is toward convenience and quality food. This changing market trend was observed by many brands during a study conducted using 128K customer reviews.
By conducting a 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 producing a product that will not sell in summer. Based on consumer behavior, the company decides on a production strategy that will save on warehouse costs and marketing costs.
Consumer behavior analysis has emerged as an important tool for understanding your customers. By looking into consumer psychology and the forces behind customer buying behavior, companies can craft new products and marketing campaigns and increase profitability.
We have all experienced the moment when we walk into a store and see something that we just have to have. Retailers spend billions of dollars every year trying to generate that feeling in their customers. Web campaigns, video and print ads, social media campaigns, and branding seem to converge as the consumer finally feels a connection to a product and makes a purchase. So what drives that behavior? And how do you capture and then replicate that lightning-in-a-bottle moment when a potential customer turns into a buyer? This blog will dive into what consumer buying behavior is, what influences it, and what the different types of buyers are.
Consumer Buying Behavior refers to the actions taken (both on and offline) by consumers before buying a product or service. This process may include consulting search engines, engaging with social media posts, or a variety of other actions. It is valuable for businesses to understand this process because it helps them better tailor their marketing initiatives to the marketing efforts that have successfully influenced consumers to buy in the past.
Consumer buyer behaviour is considered to be an inseparable part of marketing and Kotler and Keller (2011) state that consumer buying behaviour is the study of the ways of buying and disposing of goods, services, ideas or experiences by the individuals, groups and organizations in order to satisfy their needs and wants.
Although the definitions given above are various, they all lead to common view that consumer buying behaviour is a process of selecting, purchasing and disposing of goods and services according to the needs and wants of the consumers. However, there is a general consensus among the researchers and academics that this process is subject to continual change over time as the purchase characteristics of the customers change due to their physical and psychological needs.
In the mean time, Kotler and Keller (2011) highlight the importance of understanding consumer buying behaviour and the ways how the customers choose their products and services can be extremely important for manufacturers as well as service providers as this provides them with competitive advantage over its competitors in several aspects. For example, they may use the knowledge obtained through studying the consumer buying behaviour to set their strategies towards offering the right products and services to the right audience of customers reflecting their needs and wants effectively.
To sum up all the arguments stated above, it is clear that better understanding the consumer buying behaviour through studying and identifying their needs leads to huge long term benefits to the businesses. However, as stated by Kotler et al (2005) it is essential to mention that despite the great efforts to learn and understand the buying behaviour of consumers, it is very difficult to identify the exact reasons why a consumer purchases and prefers one product or service over another one. This is because consumers sometimes make purchasing decisions based on their emotional beliefs which they even themselves are not well aware of.
The four types of consumer buying behaviors are complex behaviors, habitual behaviors, dissonance-reducing behaviors, and variety-seeking behaviors. These factors help marketers understand consumer behavior better.
Consumer buying behavior is the sum of a consumer's attitudes, preferences, intention, and decisions regarding their behavior in the marketplace when buying a product or service. This lesson explores the factors of consumer buying behavior and purchasing patterns, as well as how these choices can be best understood in order to develop a deeper consumer understanding.
Consumer buying behavior is the sum total of a consumer's attitudes, preferences, intentions, and decisions regarding the consumer's behavior in the marketplace when purchasing a product or service. The study of consumer behavior draws upon social science disciplines of anthropology, psychology, sociology, and economics.
While one might think that understanding buying behaviors is personal to each individual consumer, purchasing behaviors tend to follow the same path. The standard behavioral model is a structured model that outlines the most typical pattern of consumer buying behavior. When marketers have a deep understanding of this model, they are able to answer questions like:
Problem Recognition: The first step of the standard behavioral model is the moment that a consumer recognizes that there is a need or a want for a purchase to be made. This can be because their car broke down and they need a new one or they saw an ad on social media for a new phone case and they are thinking about replacing their existing one.
While consumers make purchases for a wide variety of reasons, those behaviors can be classified into four main categories: complex, habitual, dissonance-reducing, and variety-seeking. When marketers understand these four categories, they are able to reach potential consumers. Reaching consumers allows marketers to connect with them to influence their level of involvement in the buying process and their perceived range of choices.
Complex buying behavior is a type of buying behavior exhibited by a consumer that has a high level of involvement in the buying process. This is the buyer that wants to know everything they can - every option available, the range of prices for the product, and might even seek out assistance in making their purchase. For example, if Susan wanted to purchase a new home in the near future, she would reach out to a real estate agent to assist her in the steps of the buying process. Susan will have a high level of involvement in her purchase because she will make a detailed account of each consideration before buying. Complex buying behaviors often involve more expensive products.
As consumers move through the buying process, they are influenced by a number of factors. It's important for marketers to understand these factors in order to best connect with consumers. Factors that impact consumer buying behavior include:
Consumer buying behavior is the sum of a consumer's attitudes, preferences, intention, and decisions regarding their behavior in the marketplace when buying a product or service. Marketers use data to learn consumer buying behaviors in order to connect and market their products to consumers and increase revenue. No matter the consumers or the product, the standard behavioral model allows professionals to classify purchasing behaviors into stages. These stages include problem recognition, information searching, evaluation, purchase, and post-purchase evaluation. Once the process is understood, marketers can classify buying behaviors into four main categories. Complex buying behaviors have a high degree of involvement and might involve other professionals, like when buying a home. Habitual buying behavior is characterized by a low amount of consumer involvement to buy routine items (like flour or sugar). The third category of buying behaviors is those that have a high level of involvement, but the consumer doesn't consider many choices. This behavior is called _dissonance-reducing behavior. The final behavior is variety-seeking behavior. This is a behavior by a consumer that wishes to experience as much variety among products of a given category as possible - like when trying new restaurants, bars, or microbreweries. 041b061a72