Businesses have always placed value on identifying the causes of certain consumer behaviors. After all, determining why a person preferred one product over another is crucial to developing effective marketing strategies. In truth, companies can only do so much to sway any given consumer. Yet, by studying the factors influencing consumer behavior, businesses can gain a rich understanding of their customer base and cater to them with greater accuracy. Here are four consumer-behavior factors worth focusing on:
Knowledge Restrictions
Plain and simple, if you’ve never heard of a product, you can’t buy it. Increasing exposure, online visibility, and brand awareness is key for all companies, but especially so for startups that incorporate new technology, for instance. One way to ensure that your target markets are informed about your product or service is to create content that addresses their needs. Rather than optimizing blogs for your product’s name, for example, you might want to try focusing on what problem your product solves.
Peer Pressure
No, adults aren’t affected by peer pressure in the same way that children on the schoolyard are. However, that’s not to say that consumers don’t take note of the purchase decisions their colleagues make. The reality is, modern shoppers value consumer reviews and are more likely to buy a product if a friend recommends it to them.
Budget
Some purchases are impulsive in nature. Others –– like most B2B transactions –– are carefully calculated. In many instances, professionals who make purchases on behalf of their company don’t actually set the budget themselves. So that means they’ll only look for solutions within a fairly rigid price range. While businesses can’t adjust their prices to cater to every possible lead, there is an argument that posting said prices online is beneficial. B2B companies that openly state their prices for goods and services will 1) reduce irrelevant traffic on their site, and 2) gain consumer trust through their transparency.
Timing
In business as in life, timing is everything. A lead may have a great interest in your product, but for one reason or another, not be ready to pull the trigger and make a purchase. Savvy professionals don’t let these opportunities pass them by, though, and find ways to retarget and re-engage with these leads down the line. Consumer preferences change over time, and businesses that recognize and react to those changes hold a distinct advantage over their competitors.
Final Thoughts
The best marketing campaigns are based on a deep understanding of consumer behavior, motivation, and preference. At Agile & Co., we employ unique tactics for every client we partner with, and use data and analytics to determine the best courses of action. Contact our team today if you’re ready to see the difference agile planning can make for your marketing and advertising efforts. Plus, to get an inside look at how to make your website more appealing to consumers and generate more leads check out our free eBook here:
