The simplest rule in marketing is ‘knowing thy customer’ and understanding how they make their purchasing decisions. Without knowing how consumers make purchasing decisions then marketers will be one step too late in influencing the consumer’s decision. Consumer’s choices are influenced by several factors. The main ones are; cultural factors, social factors, buying price and personal factors. I will discuss why it is important for marketers to understand how consumers make purchasing decisions. I will also further discuss how these factors affect decision making.
Marketers need to correctly time customers. By this I mean, one must approach a customer before all their options have been laid out. In order to this, marketers must research the channels and devices that consumers are using to make their purchases. They must also evaluate the market and identify the key decision makers in that market. When they have this information, they can approach the consumer using the channels the consumer has grown fond of and explain in detail why their product or service is more beneficial then the latter.
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Consumers are greatly influenced by culture. Norms, values and habits of society influence how consumers behave. In a community where education is highly valued, then products like, textbooks, shoes and school facilities are on high demand. Communities that enjoy leisure will accept drinking, and won’t mind spending if it means they will have a good time.
Consumers are influenced by social factors. People will live a certain lifestyle to fit the status quo. They will buy big houses and purchase ridiculously expensive products to look expensive.
One’s choices and preferences are crucial in decision making. Certain people prefer juice to wine, and others wine over juice depending on their preference. So, a marketer must make sure he is aware of the markets preferences.
Price is one of the most crucial factors. If a marketer can provide a cheaper substitute for an existing product in the market, then he has won over consumers. Offering better quality product at affordable prices is also a critical factor that will make a consumer leave their regular product for another new one.
Therefore, marketers must know and fully understand their market. They must be able to identify the right channels to advertise their products and know what a consumer is looking for in a product. If he or she can do this, then they will likely succeed in making sales.
References
Kingpin, (2016, April 25), Why marketers need to understand buying behavior, retrieved from www.kingpincomms.com
