What is Consumer Psychology
What is consumer behavior
“The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.” – Peter F. Drucker. Consumer behavior and psychology are important to mark a brand’s territory.
With many competitors, we need to observe consumer buying patterns. Consumer buying behavior helps to know the consumer’s preferences.
Consumer psychology deals with how people, both as individuals and as a group, use their thoughts, emotions, etc while purchasing a product. In simple words, it studies why people buy things.
We know how advertising is all about convincing people and making them buy the product. As an advertiser, studying consumer behavior acts as a key success factor. A simple mind game is an ultimate trick to grab the eyeballs of your customers.
It is not what the consumer sees, it is what they think after seeing your product. We know that a lot of thought process goes in before purchasing a product. And that is why consumer behavior in marketing and advertising is so crucial.
The science behind consumer psychology:
- How consumers choose the products
- The emotional thought process behind the decision
- Environmental Factors that affect the decision
- Brand Loyalty
- What aspect of Advertising helped the decision.
Understanding Consumer Behaviour
Most firms undertake consumer psychological techniques in advertising to get information.
1.Market Surveys
Consumer Psychologists conduct market research through surveys, questionnaires, etc.
Market research helps in understanding consumer behavior and mindset. In simple terms, it is conducting a complete market study on several parameters and aspects of the market.
Surveys are among the best options to gather comprehensive data and do data analytics.
It is the first step that has to be taken in order to analyze consumer buying behavior.
2.Advertising Messages
Advertising messages can be drafted in an effective way after knowing what the consumers are anticipating. Delivering the right Advertising message can help a lot in triggering the emotions of the consumers and thereby understanding their reaction to the message delivered.
3.Attitudes and behavior testing
Attitude testing is the way consumers behave towards a certain product/service. These types of testings can help in knowing how well your product will be received in the market by your target consumers.
4.Pre Ad and Post Ad Testing
These are a lot of pre Ad and Post Ad testing techniques that can be used to measure the effectiveness of the advertisement with respect to the consumer mindset, buying behavior, brand loyalty, etc. This can also help in measuring how well an Ad campaign has worked in favor of the brand.
How consumer behavior can help in marketing strategy?
1.Right targetting
Understanding consumer behavior can help you with the right targeting of consumers. Unless you know who your consumers are, it is difficult to choose the target audience. Consumer behavior sets the platform for the right targetting.
2.The relevance of the product
Consumer behavior is knowing what your consumer prefers and what are their requirements. Thus, it becomes compulsory to know what type of products and services your target customers prefer and how relevant your product is to them.
3.Building trust
By observing consumer behavior, brands can strategize in building trust and loyalty among consumers. Trust is very important for a brand to expand its territory.
4.Creating Brand Awareness
Using tools like market surveys, Advertisement messages, etc consumer buying patterns can be measured. This in-turn helps in taking marketing strategies thereby creating brand awareness.
5.Tackling competitors
With many competitors in the market, a brand should do everything in its capacity to stand out. Knowing how the consumer behaves helps a lot to tackle competition.
1.Cost Reduction
Want to save big bucks? Study your customers and meet their demands.
What are the factors considered?
1.Psychological
The psychological factors include the cognitive thoughts of a consumer before purchasing a product. The perception, motivation to buy the product, the attitude of the consumer, etc impact the purchase decision-making process.
2.Personal
Personal factors are the basic demographic factors like age, location, salary, etc of the buyer. These factors are with respect to the personal choice and capacity of the consumer.
3.External
Cultural, political, social, etc are the various types of external factors that affect consumer behavior in purchase decision making.
81% of shoppers conduct online research before buying. This survey shows that the consumers are well aware of what they want to buy, where they want to buy, how they want to buy, etc. Therefore, businesses should aim in understanding consumer behavior rather than just selling their products.
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