Consumer behavior is what drives the economy and company profits. It’s remarkable that this factor is so fickle by nature, but it can be harnessed by clever individuals in every industry. Take a look at NetbaseQuid’s guide to breaking down consumer behavior so that you can get ahead in the business world.
1. Narrow Down the Audience
Before you start any marketing campaign, it must be fine tuned for the audience. A well-defined audience is how you’ll have the most response in the marketplace. Many companies work by age group, such as retirees versus middle-aged consumers. Your product or service may only thrill one group or the other.
It’s very rare when you can market a product to two or three generations at a time. Not everyone will have the same need for the item, for instance. Focus on your particular audience so that any marketing strategy will have extra impact on your profits.
2. Create a Limited-Time Scenario
Ultimately, the best consumer behavior tool is psychology. Influencing people doesn’t have to be complex. One strategy to bring consumers to your product or service is by making it a limited-time scenario.
There might be a limited supply or time period where the item is available. Regardless of the product, people view a limited supply as attractive. They may feel a need to have that product merely because it won’t be available in the future. This psychological influence is extremely powerful from a marketing perspective.
3. Offer a Sample
Consumer behavior responds positively to reciprocation. Companies that give out samples, discounts and other incentives are creating leverage with consumers. When consumers gain something but don’t give back, there’s a feeling of imbalance. They feel like they should offer something in exchange. Purchasing an item from the company is the typical response.
Complimentary items don’t have to be the products themselves either. Giving out hats, t-shirts or mugs are other strategies that create reciprocity between companies and consumers. A small investment in branded, complimentary items can payback in major profits down the line.
4. Consider Group Influence
In psychology, there’s a term referred to as social proof. In essence, if everyone else is doing something, it must be a positive thing. People tend to follow the group.
Consider how group influence or social proof might help your product. Look at social-media influencers or online reviews, which can advertise your product with only a bit of suggestion.
Your company might have social media, and this platform is incredibly powerful when it’s used on a daily basis. Influence your followers to try and buy a product that might become a trend for the following public.
5. Work the Brand Angle
Brands are still powerful forces in any industry. They’re familiar to consumers, which offers a level of comfort. Consumers have seen the products in action, and they know what to expect.
The human mind is always looking for shortcuts, which allows the brain to work more efficiently. Trusting and paying for a brand means that there’s no extra thought process to the purchase. It’s largely reflexive.
Use your brand name to sell products, but items that don’t have a brand might benefit from association. Marketers might coin an advertising campaign by saying an item is like another brand’s product. Any association with a solid brand can move that product ahead of the others.
Work with NetbaseQuid today to see your marketability rise. Our team uses advanced, AI systems in order to break down data and offer you a way to advertise to the masses. Explore our services, and we’ll help you reach your goals every quarter.