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How To Buy Gold For $3 An Ounce

Consumer Behavior: What you need to know to read your Audience

Companies / Retail Sector Mar 08, 2019 - 12:37 PM GMT

By: Submissions


Studying consumer behavior is like learning to read minds. You will find out how your customers think, feel, and, most importantly, choose which products and services they will buy. A competitive advantage that allows you to create irresistible offers for your target market, precisely because you, more than your competitors, understand what your customers want, and need, without them having to express their desire in an objective way.

Have you stopped to think about how many decisions you make in your daily life? How many of them are related to the purchase of products and services? All of us are constantly influenced by the environment in which we are inserted. A mix of information that comes from the local culture, from our family and from other people. But also the main media that bombard us with messages every day.

Our personality and the way we see the world are individual elements but also affect consumer behavior.

While some people are more likely to be persuaded by a good copy and a sales pitch others will not be affected by this type of strategy. Knowing consumer behavior does not mean that you need to know absolutely everything about your customers, but rather what their relationship with your product, from the initial offer until the moment of purchase. And most importantly, how your thoughts and emotions influence your behavior at the time of purchase so that you can interfere in ways that draw attention to your solution. Most casino companies capture this phenomenon. Perhaps the best example is the Bingo game, a gambling game characterized by social relations. They catch that bonus codes like can stimulate more people to play.

When you can understand what drives consumer behavior and acts according to your findings, this is what happens:

- Customer satisfaction increases;
- The perceived value of your brand grows;
- The products and services you offer gain more quality;
- You get to understand how consumers see your product versus competitors and become more competitive.

Influent factors behind consumer behavior

All marketing mix strategies are based on consumer behavior. Therefore, it is extremely important to understand what leads a person to make a purchase. We all like to think we make 100% rational decisions. But the truth is that this is only a perception.

Consumer behavior is influenced especially by factors:


Let's get to know a little more about each one of them.

Personal Factors

They are characteristics that are basically linked to a single person, but which may or may not appear in the group in which that person is inserted. Personal factors can tell you a lot about how a person buys, how decisions are made, what their unique habits are, what their opinions are, and their main interests.

Cultural Factors

Culture is the aspect that most influences consumer behavior. As we grow older, we are bombarded with ideals of values, beliefs and perceptions from our parents and family, the school environment, and other institutions with which we have contact, especially in the early years of life.

Social Factors

When people come together in groups, their actions will often be different from what they would have if they were alone. This is because they want to please the group and be part of a social circle.

Psychological Factors

For most companies, the psychological of their clients is a real guessing game. They think they know what their customers want, test, harvest the results, analyze, and do it all again because they can't understand what lies behind their attitudes.

Copyright 2019 © Mark Adan - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

© 2005-2019 - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.

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