One of the most important elements in the marketing is understanding the behavior of your audience because this will affect your marketing plan also will affect your product or your service.
By understanding the consumer behavior:
- you will understand their purchasing cycle and their needs even they are individuals or corporate or groups.
- This will help you to match their needs with your product or your service.
- You will be able to launch new product or service.
- You will be able to develop yourself.
- You will know what is the best type of Ads and the channels you are going to use, also you will know what is the best places for your offline campaigns.
- Will help you in the sales funnel cycle (Awareness – Interest – Desire – Action).
Now let’s move to factors that control the consumer behavior cycle:
1) Marketing Factors
- Product Design
- Customer relation management
2) Personal Factors
- Life Style
- Income Level
3) Psychological Factors
- Buying Motivates
- Perception of the product
- Attitudes towards the product
4) Situational Factors
- Physical surroundings at the time of purchasing
- Social Surroundings
5) Social Factors
- Social Status
- Reference groups & family
6) Culture Factors
- Social class
- Caste & Sub-Castes
After understanding the consumer behavior this will help your marketing plan in many ways:
- Product design & model
- Marketing Communication
- Place if distribution
- Adding Values for your audience through your product or service
- Deliver new Product
- Open new market
- Keep your current customers
- Gain new customers