Marketing Terminals

The Importance Of Understanding Consumer Behaviour

All business owners surely agree that it’s a must to advertise your business. It’s important, however, to know exactly who you’re marketing your company to. An ice cream parlour isn’t bound to have the same target audience as a car dealership. Factors such as age demographic, income and living location of your audience all matter when it comes to creating a marketing campaign for your potential customers. This is why it’s so important to understand consumer behaviour.

As digital marketing company, DemandJump makes clear, a smart marketing strategy takes into account the needs of consumers. It understands what “makes them tick” and speaks to them in engaging ways. “In order to do this, marketers turn to a variety of reports, surveys, and tools to understand one thing – consumer behaviour,” says the website, “It’s a marketer’s gold.”

What is consumer behaviour?

How do consumers make their buying decisions? What motivates people to make purchases? Answering these questions help to define a consumer’s behaviour or habits. One’s personal life most certainly comes into play. DemandJump.com offers the examples of “a single mother in her 20s choosing to purchase an SUV instead of a minivan because of her personal perception of the minivan being a vehicle for a middle-aged mother.”

Consumer behaviour also refers to how a consumer feels about certain products, services and brands. It is what motivates consumers to pick certain products over others. Customer habits are formed by people’s everyday environment and their perceptions about how their buying decisions will fit into or improve them.

Why is understanding consumer behaviour so important to your business?

In today’s world, high-quality products and service are no longer all that is necessary in order for customers to come your way. Consumers want to know that the companies they support truly care about their best interests. Customer relationships mean everything today. People are well aware they have options. And many of those options offer the same quality products and services as your company. So what sets your company apart from the others?

DemandJump points to a Salesforce report that reveals that 76 percent of consumers expect companies to understand their needs and expectations. “This means that if you don’t understand what a consumer wants before they can tell you, they’re probably taking their business elsewhere,” warns their website.

What drives consumer behaviour?

According to online business marketing, Kajabi, there are three main factors that drive consumer behaviour. They are psychology, personality and external motivators. The psychology factor is evident when one’s mood motivates his/her buying decision. One example is buying comfort food after the breakup of a relationship.

Personality comes into play when a consumer is drawn to a brand based on its attachment to certain causes or beliefs. External motivators such as peer pressure round out the third factor.

How can Unity Payments help you to learn more about consumer behaviour?

By using the Virtual Terminals offered by Unity Payments, you can charge your customers from any device. All you have to do is log in, input the customer’s information, choose a card and it’s done! As well, you’ll be able to take advantage of an online ordering system that helps you to get to know your customers better. Get instant reporting of your sales, revenue and customer habits!

For more information, please don’t hesitate to call us at 1-800-661-3761 or email us at info@unitypayments.ca.

Author

Dan Faraldo