How consumer behavior shapes modern marketing strategies and business success

Consumer Behaviour in the 21st Century
Many big corporations use a lot of money in trying to understand consumer behavior. For instance, companies need to know how consumers decide to buy and the influencers to such decisions. Irrespective of the company size, when one understands more about what drives the target consumers’ decision to purchase, the more products one can sell. Therefore, one has to get creative in collecting and understanding consumer behavior information to operate a successful business. Therefore, consumer behavior refers to how customers, individuals, organizations, or groups choose, purchase, dispose of ideas, or utilize goods and services to fulfill their wants and needs. They are the conduct of the consumers in the market and the reasons behind such behaviors. For example, the market expects to understand the consumers’ choice and preference to determine the type of goods and services provided in the market. Consumer behavior assumes that the consumers are significant players and decision-makers in the market. (Hawkins & Mothersbaugh 2010)
The study of consumer behavior procedurally checks onto individual qualities like lifestyle, demographics, personality, behavioral variables like rate of product usage, brand loyalty, and advocacy, together with a desire to give referrals to understand the consumer’s wants and consumption pattern. Also crucial to consumer behavior analysis is influencing the consumer, like family choice, friends, social groups, and reference groups. On the other hand, consumer behavior in the market has been challenging to predict. However, new research methods like machine learning, consumer neuroscience, and ethnography currently hope to unravel how consumers decide. Consequently, the use of a customer relationship management database has helped in the analysis of consumer behavior. The consumer relationship management has detailed data that allows an extensive examination of consumer behavioral factors leading to customer retention, consumer repurchase motive, loyalty, and others like giving referrals. Moreover, the database also enables market segmentation to facilitate customized marketing strategies. (Gajjar, 2013)
Subsequently, consumers behave differently in response to marketing materials. For example, how does a target consumer behave when they view your social media post, how does the consumer react? So, as marketing and advertising form an essential part of running a business, if one does not understand how the target consumers respond to such adverts, there may be no significant influence even if you market daily for one year. Therefore, learning consumer behavior helps create better marketing strategies and materials; For instance, one would develop good copywriting, put more relevant graphics and send a message that resonates well with the audience. In other words, every step-in marketing a product should align with the consumer behavior, alert to the fact that consumer behavior also changes with the product. (Mothersbaugh et al. 2019)
Besides, due to changing market environment, businesses need to understand the consumer decision-making models; for example, while consuming and buying goods and services, consumers always align themselves with a particular set of motives. In general, the knowledge of the processes and needs that affect the formation and satisfaction of customers’ needs would enable marketers to devise the most appropriate marketing programs. Therefore, marketers are supposed to analyze various models that include, one, an economic view. According to this view, the marketer makes several predictions on customer behavior based on income, price, and substitution. Secondly, the passive view/model; depicts buyers as people whose decision to buy is influenced by the promotional efforts. Simultaneously, the cognitive model presents a buyer as someone who is constantly looking for those products that will satisfy their needs and enrich their lives. Lastly, the consumer’s emotional view presents a consumer as someone who may not undertake a search on what goods and services to purchase but instead makes the purchase based on emotions. (De Mooij & Hofstede 2011)
Nonetheless, consumer psychology such as; motivation and social persuasion also largely influences their decision-making processes on what items to buy and not others. Therefore, consumer psychologists play a vital role in helping businesses understand their customers’ need and want in terms of consumer perception, attitude, motivation, and belief. Understanding how to motivate consumers is a powerful tool because it addresses the internal needs of the customer. Also, they assist the sellers in marketing their products to customers. Besides, consumers occasionally involve in external information searches whenever they need product information beyond their knowledge. Therefore, good marketers should fill the gap by availing the word to potential customers through adverts and product publications. On the contrary, internal information search also helps many consumers decide which items to buy based on their past experiences. Internal information search mainly applies to the frequently purchased items like kinds of toothpaste. (Trudel, 2019)
Additionally, the consumers’ post-purchase is very vital because their experience with the purchase will likely determine if they become loyal clients or not. In some cases, customers may experience cognitive dissonance whenever they get product information contradicting their earlier beliefs. Therefore, marketers put various things in place to limit the dissonance level experienced by customers. For instance, some companies would have increased warranty period cover; others may have a toll-free number for clients to contact the company in case of dissatisfaction. In contrast, some companies provide a free trial period. However, customer dissatisfaction sometimes results when marketers establish inappropriate expectations in the consumers’ minds. Marketers should set moderate expectations while doing adverts; for example, if one sets the expectations too low, consumers won’t take the offer. If the expectations are set too high, there is an increased risk of getting dissatisfied customers. A business should always exceed the consumers’ expectations to keep its client base happy. (Lantos, 2015)
Consequently, businesses need to understand the process of decision-making regarding consumer behavior. This involves how individuals or organizations make decisions to spend their money. The decision is usually made based on the following criteria; the first stage identifies the consumer’s need. After the need identification, the consumer moves to the second stage, searching for information and available options. At the third stage, the consumer evaluates alternatives by comparing options to make a decision. Purchasing decision becomes the fourth stage where the consumer finally makes the purchase, yet the fifth stage is the last cycle. The fifth stage is also referred to as post-purchase evaluation because the customer weighs whether the decision was worth it and recommends someone else. (Jacoby, 2015)
Therefore, changing consumers’ attitudes towards a company and its products would hugely influence the company’s marketing strategy’s success or failure. On the other hand, memory retrieval is a process of remembering the stored information either for the long term or short term. Consequently, with frequent marketing messages displayed on various media sites, consumers can absorb the information. These marketing messages are then stored in consumers’ memory; according to the consumer decision process, they can retrieve some of the data, informing their purchase decision. (Chaharsoughi & Yasory, 2012)
Social status and culture also influence consumers choice over products. For instance, market research has evaluated a connection between social class and consumer shopping behavior attitude. Therefore, businesses ought to make offerings that suit the class of their target consumers. An individual’s social status plays a role in the purchase frequency; for instance, low-income groups prefer to buy vegetables in the evening while the prices are low. The middle class wants to buy vegetables in the morning while the vegetables are still fresh. Similarly, culture also affects the nature of marketing. For instance, different market segments may have different beliefs about what people eat, wear, how people travel, etc. Such values would then act as a guideline of consumer behavior making a purchase decision. (de Mooij, 2017)
Otherwise, some of these subculture and consumption patterns have posed a significant challenge to marketers. For instance, in the United States, language is considered a sign of cultural pride. Therefore, even though some foreign influence may be acceptable, some cultures would want to protect and preserve their cultural heritage. Marketers would have to align their adverts into language symbols that are acceptable to the target consumers. Equally, marketing targeting immigrants in the U.S that would communicate their country-of-origin native languages have to reach specific audiences. (Thøgersen et al. 2012)
Consumers can be classified based on their willingness to take risks and make a purchase of specific products. For instance, consumers may either be innovators or adopters of the technology products. However, some consumers are also more risk-takers, while others are more conservative. Innovator’s consumers are usually less reliant upon word of mouth. They are more adventurous and able to take risks. They also have more confidence and knowledge of the particular product categories. While early adopter consumers are more reliant on word of mouth, hence can be influenced by the innovator. Otherwise, they also carry out their product research apart from word of mouth. But they also have a high level of interest in the product category. (De Mooij, 2019)
Also, consumers tend to pay money probably to wear a particular logo or brand, not because the brand will keep them any warmer than other brands but due to the symbol associated with such brands. The provision of satisfying goods and services can enable the business brand to create symbolic value in products. On the other hand, consumers are also expected to conduct themselves ethically. Based on moral values, consumers make decisions and choices to buy particular products. Organizations must ensure the clients of their ethical value and worth. Thus, influencing consumers to choose companies with whom to make a relationship. (Tsai et al. 2015)


References
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Mothersbaugh, D. L., Hawkin, D. I., & Kleiser, S. B. (2019). Consumer behavior: Building marketing strategy. McGraw-Hill Higher Education.
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Tsai, J. L., Chim, L., & Sims, T. (2015). Consumer behavior, culture, and emotion.
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Chaharsoughi, S. A., & Yasory, T. H. (2012). Effect of sales promotion on consumer behavior based on culture. African journal of business management, 6(1), 98-102.