Ever wondered what really drives customer buying behavior? There are many theories on this topic with varying degrees of accuracy. For the purposes of this article, I will present a framework that can explain the various components of customer buying behavior. From there we can start to define categories such as reward, expectation, competition, price, and other factors. By doing so, we can better understand where some of the friction and conflict occurs within the marketing process.
In today’s global marketplace, customer buying behaviors have changed radically. Consider how consumer behavior has evolved over the years. In the past, consumers were primarily focused on quality and value. They tended to seek bargain-priced products. Over time, however, the nature of business has changed, and customers have become demanding.
Today, marketers spend more time focusing on building relationships. New technologies like social media have introduced new aspects of customer buying behavior. These days, many consumers shop online for the latest trends and top-of-the-line products. Therefore, it is not uncommon to see brick-and-mortar retailers catering to these types of consumers through their websites.
Another important component of customer buying behavior analysis is how businesses respond to customer feedback. Historically, many businesses took customer complaints seriously, addressing them in a reasonable manner. As new technology brought new products and new methods of interacting with customers, business owners and managers have needed a way to better serve their customers in an informed and polite manner.
Surveys are one way that businesses address customer buying behavior. With these surveys, businesses gain valuable insight into how customers truly feel about the products and services they purchase. Moreover, online survey software allows companies to collect detailed information about customer buying behavior and its impact on their bottom line. This helps businesses create and implement more effective strategies to increase profitability.
There is also a need for companies to understand their target market. If a company is marketing to a high-end group of consumers, it may not be as efficient or effective as marketing to a different, lower-end group. Online research can help determine which groups of customers would be most responsive to a particular product or service. In addition, by understanding whom their target market is, a business can tailor its marketing efforts to better resonate with potential customers. In order to understand who is most likely to purchase a product or service, online research campaigns often test specific advertisements or offers against specific demographics. By collecting this data, marketers can target their efforts in an area that will have the greatest impact on overall revenue.
Another way to understand customer buying behaviors is to look at how customers search for information online. Studies show that people search for specific services, including health and beauty products, according to what they are looking for. The same is true when it comes to buying behavior. A simple search for a particular service such as “fishing equipment” might bring up websites geared toward fishermen, or websites that focus on snowboarders, mountaineers, or skiers. The user has a clear purpose in mind and can therefore determine which website will most likely provide the information that is desired. Therefore, instead of viewing websites that focus on only one niche, buyers search for general information about a product or service, which can be narrowed down based on the type of audience desired.
The final aspect of customer buying behaviors to consider is where users find information or buy a product online. Social media provides valuable insights into how customers gain access to the information they need, as well as where they look. For instance, if a user searches for a particular service on a social media platform such as Twitter, they may put the words in a search engine to find the site that can answer their questions or solve their problem. If a website has a strong social presence, it can increase the amount of traffic directed at the website, which can potentially translate into sales. In addition, if the product or service offers an incentive to purchase, customers will be more likely to take the initiative to buy since it offers them a chance to get something for free.