You’ve probably heard the old saying, “The customer is always right,” and today, if you look at the customer or consumer, in general, it still holds true. If you own a company and/or have a brand, consumer behavior is something you should be paying close attention to. Technology and the world keep changing, but the customer experience will always matter. Today’s consumers have tons of choices and opportunities everywhere, which means they can easily switch to a company that offers better products and/or services. When you see how important the customer is to the market, your company can adjust to meet these challenges.
There are experts who study the consumer and how the individual buys things, how often they make purchases, why they buy this or that, do they purchase it online? etc.
These details help marketers develop a strategy to make decisions such as assessing the kind of products and services preferred by consumers so that they can release them to the market.
This is a big one, and many company owners realize it. For example, there’s a lot of competition in the consumer marketplace these days, and when you lose customers, it can put your business at a disadvantage.
Marketing pros estimate that it can cost your company 25 times more to acquire new customers than to keep the ones you already have. Customer loyalty speaks volumes.
Focus on customer retention. It’ll serve you in the long run. A few ways to achieve this are through loyalty and rewards programs. In addition, utilize data and analytics to enhance your existing customer relationships.
Social Media Influence
Another excellent tip for watching consumer behavior do its thing is via social media. Most customers enjoy sharing their shopping experience with others online, and if you have a brand you hope to maintain in popularity and sales, then, take a look at what folks are saying.
One survey showed that 88% of customers are influenced by online customer service reviews when deciding to purchase a product or service. Social media plays a unique role here.
People’s habits can change rather quickly, and sometimes, world events are the catalyst. Take, for instance, the global pandemic. Most folks have returned to a sense of normalcy now that COVID-19 is getting milder over time. The virus is still here, but things are better, and some have resumed their pre-pandemic habits. Maybe you’ve recently seen a movie at a theater, returned to frequent indoor dining or flown on an airplane.
Consumer behavior can change and surprise many. Convenience has become one major factor today, and you can observe this through same-day delivery or curbside pickup offers. These have become new shopping norms and are unlikely to disappear in a post-pandemic world.
Some customers are thinking strongly about their values now and choosing companies that offer products or services that boast sustainability, corporate responsibility or racial equality.
In some communities, there is a growing love of shopping local, buying fresh items and supporting their town or city.
Study consumer behavior so that your company can help you fulfill your brand strategy. Customers want to trust what you are selling to them. They expect a business to come across as transparent and true to its word.
Achieving authenticity in brand perception is key in driving business to your door.
The consumer expects much from a brand, so do your homework, study consumer research, and establish that all-important connection with the customer. It is vital to success.