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“Buyer behaviour is focused upon the needs of individuals, groups, and organisations. When a marketer can identify consumer buyer behaviour, he or she will be in a better position to target products and services at consumers,” – MarketingTeacher.com
Businesses and enterprises rely on marketing departments to sell products and merchandise to a wide range of customer segments. Marketing professionals need to study and leverage the phenomenon called customer buying behaviour in an effort to market merchandise, products, and services to customers. We must note that every customer segment is animated by a different set of needs, wants, requirements, choices, and tastes. This makes it incumbent on marketers to fashion unique selling strategies that appeal to the buying instincts of different customers. We intend to examine some of the factors that can help brands and businesses to decode customer buying behaviour and construct selling strategies in light of such information.
The Millennials represent a significant section of modern customers and therefore, marketing teams should speak to this segment in a voice they understand and relate to. Research indicates that this customer segment is heavily connected to electronic networks such as the global Internet. Brands and businesses should work to engage Millennials through Internet websites and social media handles. Online defines the customer buying behaviour of the Millennial generation; hence, marketers can frame honest and authentic marketing campaigns to engage members of this large customer segment through social media handles. The direct connection between the enterprise and this customer segment can help to boost customer engagement, enhance sales, and establish stellar corporate reputations. We must note that this strategy can be augmented when brands and businesses create mobile-friendly content that engages Millennials on a one-to-one basis.
Cultural factors often cast a disproportionate influence in customer buying behaviour. Brands and businesses need to acknowledge this factor when they operate in different markets. For instance, consumers in certain geographies may culturally regard a pack of four products as a bad omen and therefore, brands that operate in such geographies need to sell packs of five products. These may include tooth brushes, pairs of socks, razor blades, packs of pencils, sets of towels, etc. A lack of cultural sensitivity can create hurdles in marketing products in competitive markets, and therefore, enterprises should be aware of major trends in customer buying behaviour that attends certain markets. In a similar vein, low income populations in certain countries may favour sachets of products, such as shampoos, hair oil, toothpaste, and shaving gel. This preference should be foremost in the creation of marketing campaigns destined to operate in these countries. Imposing a family-size pack on low income populations may lead to negative outcomes and the loss of significant market opportunities.
The youth comprise a large segment of consumers in every market landscape and hence, marketers should create a separate class driven by their customer buying behaviour. Different types of products such as automobiles, smartphones, furniture, residential units, motorbikes, and clothing can be customised to appeal to the young sections of a given population. The youth also represent significant buying power in many economies and this should help to drive a hard focus on this consumer segment. In addition, innovating food marketing campaigns can be explored wherein the visual texture of the consumables should be highlighted to boost product appeal. That said, brands and businesses can also undertake to educate young consumers about the need to preserve the natural environment. Interesting marketing campaigns can be fashioned to mould the customer buying behaviour of this segment and thus fulfil key objectives in corporate social responsibility.
The key value proposition presented by a brand or business can be highlighted to influence customer buying behaviour. This is significant because it enables businesses to carve a higher mind share among consumers and lay the foundations of an enduring brand reputation. For instance, a manufacturer of earth moving equipment and machinery can spotlight the superior quality of metallurgy that helps to create the various metals used to build its products. This campaign appeals to quality conscious customers and can help the brand or business to expand its customer base through said marketing campaign. We must note that product quality remains a universal concern and underlining a superior product helps to enhance brand reputation and create an enduring brand image.
Information and the constant flow of data pervades the modern world. Therefore, brands and businesses can choose to share information with their customers in an attempt to gain the customer’s confidence and shape customer buying behaviour. This holds true for both online and offline businesses and must feature prominently in every marketing strategy. For instance, a retail shopping destination can choose to create information kiosks in a bid to help customers to make up their mind about the various shopping choices. Certain staff members can be encouraged to mingle with shoppers and visitors to enable information sharing about products and services. This strategy seeks to promote the sharing of information in terms of product attributes and the norms of service delivery. Customers will likely favour this approach because the said business is taking a pro-active stance in a bid to boost consumer awareness and delineate the various choices available to customers. We must note that this strategy gains additional significance in light of the fact that modern consumers face a huge range of choices when shopping for products and services.
Purchase timing significantly influences customer buying behaviour in modern markets. This is triggered by various factors, such as product and sales promotions, end of the year sales campaigns, festivals, etc. The common factor that operates in these scenarios is the commercial impulse to complete the sales cycle within certain time lines. For instance, businesses can offer special discounts to clear inventory at the end of each calendar quarter or create sales promotional campaigns when a new product is launched in the market. These triggers typically add momentum to customer buying behaviour and businesses can profit from such actions. Businesses can also harvest significant uptick in sales momentum when they leverage festivals and special occasions with selling campaigns. Businesses that are closing operations (for good) add a special flavour to mass sales and this illustrates a different facet of campaigns that hinge on purchase timing.
In the previous paragraphs, we have examined some factors that influence customer buying behaviour. Brands and business entrepreneurs should carefully evaluate these factors in order to gain maximum market traction for their products and services. We reiterate that every customer segment hinges on a different set of motivations and these can be assiduously cultivated to impart momentum to selling campaigns. Businesses can also seek to mould customer behaviour by using innovative approaches that hinge on appeals to the customer’s sense of probity and fair play. That said, every business enterprise should commit to offering the best value for money to its customers in an attempt to win customer loyalty and expand the customer base. Luxury businesses remain an exception to this norm because the clientele of such businesses is motivated by different triggers, such as exclusivity and social standing. That said, we note that customer buying behaviour is an evolving field of study and therefore, additional trends based on market data may emerge in the future.
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