KNOW THE UNRIVALLED IMPORTANCE OF CONSUMER BEHAVIOUR IN BUSINESS SUCCESS
Smart brands are beginning to learn to bring consumers into the picture of the development of their business. Based on popular research, people are constantly looking for environments that offer varied and non-common services. Consumers are seeking space of products and platforms that allow culture (practices, talents, work ethics) to be experienced. Consumer behavior is pivotal to the existence and long running of a business.
Consumer behaviour is the study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy their needs and wants. It is also concerned with the social and economic impacts that purchasing and consumption behaviour has on both the consumer and wider society. Customer relationship management (CRM) databases have become an asset for the analysis of customer behaviour. The voluminous data produced by these databases enables detailed examination of behavioural factors that contribute to customer re-purchase intentions, consumer retention, loyalty and other intentions such as the willingness to provide positive referrals, become brand advocates or engage in customer citizenship activities.
According to www.consumerpsychologist.com , the study of consumers helps firms and organizations improve their marketing strategies by understanding issues such as how
// The psychology of how consumers think, feel, reason, and select between different alternatives (e.g., brands, products);
// The psychology of how the consumer is influenced by his or her environment (e.g., culture, family, signs, media);
// The behavior of consumers while shopping or making other marketing decisions;
// Limitations in consumer knowledge or information processing abilities influence decisions and marketing outcome;
// How consumer motivation and decision strategies differ between products that differ in their level of importance or interest that they entail for the consumer; and
// How marketers can adapt and improve their marketing campaigns and marketing strategies to more effectively reach the consumer.
In all, without in-depth analysis of consumer behaviour, there will be no data for marketing strategy (consumers should always influence campaign strategies and advertising), there will be no content for digital marketing via social media platforms (which is a must for all growing platforms/businesses).