Factors Influencing Consumer Buying Behavior!

A business can blossom in the market only if a customer wants to purchase the product or experience its services. A business having huge customer base has more chances of success because it is the customer than has the ability to take brands to new heights. For this, a business needs to grab the pulse of a user and learn exactly how to grab his/her attention.

The key to establishing a successful brand is to offer a product or service which your consumers find useful and look for in their lives. A great product or service is one which offers an easy solution to a problem that a certain target audience faces. To set up a business or start your own venture, a good way to find out what consumers are looking for is to search for this information on various social media marketing platforms. Understanding recent trends in marketing can also help you set up a successful business.

Here are a few factors influencing consumer behavior:

The psychology:

The psychology of a person often plays a key role before going for purchasing a product/service. If a product was initially priced at a high cost, the user would think twice about purchasing that particular product or service. On the other hand, if you offer a good discount or announce a sale on the same product, the user will be more open to purchasing it. This is how consumer behavior works and is a good point to keep in mind when a business is thinking of manufacturing or offering new products or services.

Emotional connect

Are you able to connect with the emotions of the customer? Is your customer emotionally connected to your brand? Most successful brands are able to establish a great emotional connect with their audience. For example, Nike with their slogan “Just Do It” have a great emotional connect with their audience. The brand encourages its audience to reach new heights and take a shot at every opportunity that comes his/her way. To be successful, a brand needs to establish a strong emotional connection with its audience to establish itself in the market. This also reflects your brand value.

Influenced by the crowd

Very often, customers end up following the crowd and their behavior of purchasing products and services. They do so when they are not sure about the product/service that you are offering. In this case the consumer is afraid to take a risk or adopt a product or service, simply because he/she does not know what to expect. This happens because consumers see other people adopting various products and services and wait for their reaction, on the basis of which they make a purchase. If a brand is well established, the risk involved in adopting their product or service is much lesser. If Nike came out with a new pair of shoes, their audience would not be reluctant to try it out, simply because it is a well-established brand. However, with the small businesses you end up having more risk involved.

Unique content

Content is king, no matter what your brand is all about. Every time you put out content for your audience to consume, you are making an impression on them. If you offer content that is not original, interesting or useful, your audience is likely to move on to content they enjoy more. Content can refer to your promotions, announcements, status updates, picture captions, images, videos or even graphics communicated by your brand to your audience. To establish your brand in the market, you must communicate meaningful content to your audience that is relevant to your industry as well as impactful.

Graphics

Like we said above, content includes graphics that you push out for your audience to see. These days, images, videos and graphics are most impactful as compared to blogs, articles and written content. An image can convey what a thousand words cant. For your business to set the right foot in the market, it must make use to world-class imagery and images that are relevant and impactful on your audience. If your brand offers a particular product or service, it is imperative to let your audience know what they’re in for – and this is best done through pictures.     

Social media

Advertisement plays a big role in retaining existing customers and finding more for the future. If your advertisements are powerful and impactful, they results can be long term. Today, the greatest channel for advertising and promoting your brand is through social media. Often, people look to social media to know more about a brand, product or service. And more than often, if your brand isn’t visible on social media or doesn’t have a strong online presence, chances are your brand isn’t even an option.

A brand’s presence on social media and their ability to engage with their audience or target group can be a game changer for a brand. Having a good following, interesting content and constant engagement with your audience are essential for a brand today. Social media also plays a big role in advertising your brand because potential customers can find reviews for products and services from existing customers, in case they want to know first hand information from people who already user products or services from the brand 

Make lives better

A good brand offers products or services that solve problems. Facing issues with your mail server? Mail Chimp offers excellent email services. Don’t know who to go to for end-to-end digital marketing services? RedAlkemi solves your problems for you. Don’t know where to find affordable luxury? Vestiaire Collective offers second hand luxury products. Now, what is the common denominator amongst all the brands that we just named? They’re all offering good solutions to problems faced by millions of people.

If you want to really establish your brand in the market, you’ve got to offer a good solution to a problem that people face. Does this need to offer millions of people? Not at all! You can have a brand that offers a solution to a problem for just a small audience – establishing your brand in a niche market, which can be really good for your business.

Having customer testimonials is also a great way to let people know how your brand solves problems. Consumer reviews on your social media pages is a good idea! This will act as boost for your business

To conclude, establishing a successful brand is not easy, but it’s not too tough either. If you really understand what makes a consumer purchase a product, break it down and apply all the factors to your brand, we’re sure you’ll get there!

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