For businesses that seek to reach their customers and provide creative solutions, it can be hard to get inside the mind of the consumer. The tunnel vision of selling and the internal perspective of the product and business can make it difficult to understand what the true needs of the consumer are. A lazy business won’t worry itself with understanding its customers as long as products are selling. However, this laziness can have a negative impact when customers move onto the next fad. In order to have a truly lasting relationship with customers, it is necessary to understand what drives people to buy.
Business as Usual
While many businesses use traditional models of consumer behavior to model their customers and their customers’ decisions to buy, recent research in behavioral economics, psychology and marketing have demonstrated that these models are poor substitutes for a more nuanced approach that incorporates behavioral analysis and real-life data. Behavioral analysis and other recent techniques have revolutionized the field.
It’s not uncommon for businesses to use their social media presence as another means to advertise and generate attention for their products. However, doing so limits the outreach capabilities that are unique to social media. Utilize this medium to ask consumers what they would like to see. Give customers a voice by creating surveys or by providing a channel for them to discuss concerns and questions. Not only will this provide great feedback to assist the company, it will improve customer satisfaction.
Tricks of the Trade
For consumers, habit is an incredibly powerful impetus to buy; it is even more powerful than influences like price and packaging. Businesses can implement these discoveries by offering incentives and rewards to frequent customers. Other tactics can be seen in shopping malls, where stores play fast-paced electronic music and dim their lights. Supermarkets have optimized the arrangement of their products in order to coax the most money out of shoppers’ wallets. Businesses can research these trends and implement them into their own approach that best fits their business model.
Personalized advertisements based on demographic data and browsing history can provide added insight into consumer trends. Businesses can take advantage by optimizing best practices that fit their business needs. Regarding future business success, businesses can take the time to get inside the head of their target consumers in order to further improve their respective business models.
About the Author
Meghan Belnap is a freelance writer who enjoys spending time with her family. She loves being in the outdoors and exploring new opportunities whenever they arise. Meghan suggests taking a course in applied behavior analysis to further your knowledge on consumer trends and behaviors. Meghan finds happiness in researching new topics that help to expand her horizons. You can often find her buried in a good book or out looking for an adventure.