Factors Driving Consumer Behavior- An Insight
The bygone era saw most companies concentrating on cost management, but the recent trend seen among various organizations is to have a serious focus on improving the business.
This growing trend to focus on consumers to improve the business has posed before the businesses a new hurdle in the form of understanding the behavior and attitude of consumers so as to tackle the same effectively for achieving and sustaining the peak of success. This is in total contrast to what the businesses have experienced all these years.
Most organizations have set upon themselves the task to seek answers to certain crucial questions such as how to influence the consumers effectively? How to provide the best experience to consumers so as gain their loyalty? What steps need to be taken to retain the company’s position in the market and secure their share from competitors?
Noticeable Changes in Consumer Behavior
The critical part played by consumers in the domestic and global market is for everyone to see. But in recent years, there has been a tremendous shift in the consumer behavior, making organization take notice and act upon the same in the form of bringing shift in the brand vision, understanding the consumer need and requirement, by adopting technological up gradation etc.
- The modern day consumers think twice before spending their money. The reason for the same could be attributed to an already existing home loan, lack of guarantee in employment or even considerable slow growth of the economy.
- The consumers of the 21st century are not only well informed but even well empowered. They are fully aware about the different products and service options that are available to them. They are smart enough to not react immediately to the advertising messages seen on print and television media. The modern day consumer do their homework thoroughly through the different online sites of social media, internet, online forums and by making comparison of the different websites before making any kind of purchases.
As there is a shift in the decision making trend of the consumers for products and services due to the issues faced by them such as lesser money, more information and a doubtful brand image, it becomes imperative for companies to respond by seeking novel and newer ways to address the issues of consumers by adopting different ways and using latest technologies.
Marketing Concepts for a Company to Adopt To Get Better Response
As the decision of a consumer to buy a specific product or service depends on various factors. Companies need to constantly strive in understanding the same. The biggest reason for a customer to choose a specific product or service depends on the following factors:
- If the product meets the goal, purpose and need of the consumer.
- The time i.e. how frequently they need the product and the quantity that is needed along with the time to dispose it off.
- The psychological as well as cultural influences including emotional factors play a key role when it comes to the purchasing decision of the consumer.
Organizations aiming to respond in a positive way to the consumer needs should concentrate on the following tools:
- Clear goal in knowing the consumer, the value proposition and a clear modus operandi to deliver.
- A well laid out strategy to define structured and unstructured data. This helps to collect and disseminate the information available by perfectly blending the right and latest data with the already available data.
- Perfect analysis of the collected data to understand the consumer behaviour, attitude, demography and the financial information about the consumer. This helps the organization to gain a perfect insight about the customer’s view of the company.
Last but not the least, using multi-channel entry to approach the consumer to engage the consumers at the time and place they want. Similarly use of the latest technology to meet the changing consumer behavior is another novel to address the modern day consumer issue. The only care that companies need to take is to use all these tools in an organized and cohesive way when undertaking consumer behavioral study.
iResearch Services specializes in undertaking studies involving consumers spread across the globe. See here how we conduct the consumer behavior studies for some of the world’s leading brands.