The Holistic Approach to Consumer Behavior Studies
The reason behind the choice of one product over the others or the factors influencing the consumption preferences of the customers or why certain consumers always prefer buying the same product every time are some of the questions for which most organizations like to seek an answer.
The success of any new or leading business or launch of a new product or service is primarily dependant on how well a business has understood or sought answers to the above-mentioned questions alternatively known as consumer behavior studies.
Purpose behind undertaking consumer behavior studies by companies
The ultimate purpose of undertaking consumer behavior studies by most organizations is to look at their product or services from the point of view of the customer.
- Why and what do my customer need?
- How and what are the different ways to seek customers for my products?
- What is the reason behind specific consumers using my product?
The sole purpose of conducting consumer behavior studies by companies is to obtain information about the actual behavior of the customer. The timing of carrying out such consumer studies may be either at the time of purchase or consumption.
The consumer behavior study primarily enables businesses to understand the perspective from the manufacturer’s angle as well as the actual consumer behavior pertaining to the product.
In short, the findings throw light on the fact of how consumers tend to behave differently from the intentions of the manufacturer. The findings many a time have helped organizations to find new or different applications for their products thus working to their advantage.
Similarly, the consumer behavior study done by us also provides information about the impending obstacles thus acting as a guide and alerting many companies about the use of their product’s intended applications and functions at the product development stage itself.
Working of consumer behavior studies
Consumer behavior studies primarily focuses on amalgamation of both qualitative and quantitative research techniques. The primary qualitative study is done by thoroughly exploring the subject.
The secondary quantitative analysis pertaining to the depth and timing of specific consumer behavior is done with the aid of the internal sources of information.
Benefits to companies undertaking consumer behavior study
Organizations undertaking consumer behavior studies are benefitted in more than one way as they are able to improvise on their marketing strategies by understanding the following key issues:
- Consumer psychologies – How consumers feel, thinks and choose between different competitive brands and products?
- Consumer behavior –Especially while shopping or while taking marketing decisions.
- Insight and understanding of factors influencing the psychology of consumer mainly culture, family, media or any other signs.
- Steps to improve marketing strategies and campaigns to be adopted by organizations so as to effectively reach consumers.