Know your Customer's Buying Behavior
Knowing your customers is crucial, and it is quite a different thing from knowing their buying behavior. URconnect India understands this difference and knows its importance, We also know that it is every company/enterprise decision making authority's dream to have real, up-to-date information about consumers: their preferences, opinions, attitudes, beliefs, interests, education level, behavior are the base of understanding their needs.
Maintaining customers happy is not a one-stick-guide-all-buffalos task. If you have family, you understand this completely. Knowledge is the key to customer retention and the knowledge is not about sales and marketing theory, but knowledge regarding your customers, their choices and behavior. URconnect India helps you gain access to such desired details of your customers from local/regional Indian markets. Once you have the required access and after knowing their behavior you can even start offering them your product and service (and the value) they desire and perceive it as entitlement.
If you as a marketer or owner/decision maker in your company then it is the right time for you to get into the drain and actually form a relationship with your customer groups who are helping your business flourish with higher profits.
The understanding of consumer behavior will help you in identifying the weak points and will also reflect the positive aspect of your business. The failure or success of your business is dependable upon the behavior of the end-user or consumer who finally uses your product or services. This is again vital not only to the manufacturer of the final goods but also the intermediaries(Channel partners) who play a major role in carrying the product from initial level to the final level i.e. from the manufacturer to the consumer. Of course the final player in the channel is important to a consumer but even a minor issue in the complete channel might affect the business of all the intermediaries.
It is the behavior of the consumer which impacts their decision to purchase or not purchase the product. Depending on their decision and their usage, URconnect India helps organizations to decide which products to manufacture and to continue, which channel is optimal for attaining satisfied customers, which market to target and how?. The positioning of the product is defendant on the consumption of the product and this behavior of consumers may be related to any kind of products or services. The consumer behavior also reflects the trends in the national growth and economy.
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If you take the time to understand your customers you will be far more likely to understand what they want from you and why. In order to successfully market to your customers you need to be able to 'identify and satisfy their needs profitably' and for that you will need to do a little bit of work to understand what makes them tick.
- Understand WHEN your customers buy
- Know HOW OFTEN your customers buy from you
- Know in WHAT QUANTITIES customers are likely to buy
- Know WHERE your customers prefer to buy from
- Understand WHY customers choose to buy from you
There is no point wasting valuable time and money marketing your small business to people who aren’t interested in what you are selling. You need to communicate with the people who matter most to your business and do it better than your competitors.
To start creating a profile of your existing and potential customers in your market you need to look at their characteristics (demographics and psychographics) as well as their attitudes and buying behaviors.
Your efforts should mainly focus on the following while creating Customer profiles:
- Buying Behaviour
Customers will base their buying decisions on both rational and emotional reasons. Usually customers will look at a category on a rationale basis and then decide, especially for repeat customers on the brand on an emotional basis.
To get your customers to have an emotional attachment to your brand is one of the keys to keeping them loyal and securing them from getting influenced by competitors’ offerings of lower prices or other incentives.
Gaining a better understanding of your customers’ buying behaviour is based on knowing the following:
- Awareness: How aware are customers of your brand or business compared to your competitors?
- Reasons for buying: The reasons include the rational eg. convenience and the important emotional reasons which is of course is to do with feelings eg. happiness.
- How often do they buy?: Such as weekly, monthly etc and this information can aid you with the timing of your marketing tactics.
- Current usage: This is helpful because sometimes the person buying the products or services may not be the person actually using the products or services. Think of parents buying for their family.
- Reasons for usage: This is simply the main reasons why they use or consume your products or services and again the reasons will be based both on a rational and emotional basis.
- What do they buy?: If you have a range of products and services it is a good idea to understanding which particular products or services they buy on a regular basis.
- Where do they like to buy?: This refers to the distribution channels eg. via your website. Understanding this will assist you to decide where you need to focus your attention.
- Where do they gather their buying information?: Today there are so many sources of information it is helpful to understand where they get the information to help with their buying decisions eg from friends or colleagues.
- Are they an exclusive customer?: In some product or service categories the customer may have a set of three or four brands they choose from and this may give you more information about your competitors.
- Needs provide motives for consumer behavior
- Motivation research
- Selective attention, selective distortion, selective retention
- Drives, stimuli, cues, responses and reinforcement
- Beliefs and attitudes