We are all customers or have been at least once before and we all have different behaviors that put us in certain target markets, from a business point of view it’s essential this is done effectively. In essence, this looks into a customer’s buying habits/patterns and influences what encourages purchases, and social trends so a business can better market their products and services, this also takes into account how natural tendency and inclination can impact the decision to purchase.
All of these factors correspond with each other but need to be looked into separately. Customer buying patterns are usually influenced by an external factor some of the time this can be social media however, these social media trends need to be categorised and adapted to marketing strategies for example, with the summer months coming soon, this means hotter weather, therefore, summer clothes are in demand and so customers may buy now during sale periods so they have summer clothes for the occasional hot weather that’s occurring now and for when it’s at its peak. So, for a fashion brand, you could market a sale of summer clothing going on, attracting customers and increasing sales. An article created by Forbes magazine found that 80% of consumers were more likely to purchase a product if a friend highlighted it on social media, stating that “the era of virtual word-of-mouth recommendations is in full effect”. Therefore, showing the significance social media has on purchasing behaviors.
Consumer behavior can be dependent on several factors, one proven is the color emotion association theory, this means that an individual may be more drawn or more likely to purchase a product depending on what colors are on the packaging, the brand, the product, etc. Color is a key element in any business brand/package process as you want the color to be associated with your brand. For example, in supermarkets green would be ASDA, blue would be Tesco, red for Sainsbury’s, etc. This also goes hand in hand with the actual brand logo and association with that but having the initial color trigger the familiarity with your brand creates awareness and customer loyalty. If customers are reminded of your brand by seeing certain colors they will most likely purchase again, creating retention. A study conducted by the student, Satyendra Singh found that 90% of consumers make purchases dependent on their color by making ‘snap judgments’- the initial thought of the product. This also took into account the perception of the brand and also associations/traits that came with that certain color, this study was called ‘Impact of Colour Marketing’.
It’s also important to take into consideration the key differences between old and new customer behaviors and how they differ. Although your targeted audience may stay the same it’s also important to understand what has influenced your target audience to change their purchasing habits. This can be highlighted by measuring purchase intention, this can show what is encouraging purchasing and how retention is formed (and upheld). The main way to do this is through customer feedback via surveys, by asking them scaled questions where they are able to provide a rough estimate as to when they may purchase a certain product again can provide information on which demographic should be targeted when that time comes. This can be done through tailored and directed marketing strategies like a personalized email during the post-purchase stage.
Overall, understanding consumer behavior can be very difficult without extensive research into the targeted audience and has elements of psychology, chemistry, and economics that need to be taken into consideration but when the understanding part is achieved it’ll make marketing and selling goods easier, more effective and efficient for the business and customers will feel more satisfied when their needs are met.