A regular and exclusive series addressing some of the major challenges facing SMEs today. Icehouse Insights also highlights some of the possible solutions you can weave into your business to solve common issues.
Consumer behaviour is the study of individuals, groups, or organisations and all the activities associated with the purchase, use and disposal of goods and services, and how the consumer's emotions, attitudes and preferences affect buying behaviour. Attracting, winning and keeping customers is the most important challenge facing any business.
Inside are the explanations, tips and tricks you need to understand consumer behaviour to enable you to fulfil expectations and maintain long-standing transactional relationships with your customers.
The 1000s of white papers, eBooks and video explainers out there and the billions of dollars larger organisations spend on research only tell us one thing - no-one has a magic wand when it comes to understanding consumer (or customer) behaviour and how to turn it into a competitive advantage.
Research also shows that consumers behave the same regardless of the size of enterprise they're interacting with.
That's good news for SMEs because it means you can cherrypick tried and trusted methods from larger enterprises while putting your own identity on everything you do in your sales and marketing, and without smashing your budget.
Why is consumer behaviour important?
It's important because it helps owners, managers and sales and marketing teams understand what influences consumers' buying decisions.
If you can find out why customers do, and don't, buy from you then that can help you improve areas in your business to sell more, and make money.
Omniconvert.com say there are three categories that influence consumer behaviour:
Personal factors: interests and opinions shaped by demographics (age, gender, culture, etc.)
Psychological factors: individuals respond to marketing messages based on perceptions and attitudes
Social factors: family, friends, social media, income...
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