Every consumer has experienced the moment when they walk into a store and see something that they just have to have. Retailers spend whopping amounts every year trying to generate that feeling in their customers. Web campaigns, video and print ads, social media campaigns, and branding seem to converge as the consumer finally feels a connection with a product and makes a purchase. But the question that is most important while planning is, what drives that behaviour? Marketers and ad agencies need to understand how to capture and then replicate that moment when a potential customer turns into a buyer, making a successful sale.
Buyer behaviour refers to the decision and acts people undertake to buy products or services for individual or group use. It is the same as “consumer buying behaviour,” which often applies to individual customers in contrast to businesses. It is a fact that buyer behaviour is the driving force behind any marketing process. Hence, understanding why and how people decide to purchase a product against another one or why they are so loyal to one particular brand is the number one task for companies that strive to improve their business model and acquire more customers.
what are the factors that affect buying behaviour?
Psychological Factors:
This is one of the major influences for buying behaviour. These factors are powerful enough to influence a buying decision for a buyer, but very difficult to measure. Factors like motivation to buy a product, perception of other people towards the product, learning about the product, especially the pros and cons, attitudes and beliefs of previous consumers and other people also have an impact on influencing a buying decision
Social Factors:
Humans are social beings. They live around many people and influence each other’s buying behaviour greatly. It is often seen that people try to imitate other people and also wish to be socially accepted in society. Hence the buying behaviour gets influenced by other people around them. Some factors that influence the buying behaviour socially are family, reference groups, roles and status, etc.
Cultural Factors:
Each one of us is associated with a set of values and ideologies that belong to a particular community. Whenever a person comes from a particular community, the behaviour is highly influenced by the culture relating to that particular community hence influencing the buying behaviour. Factors that influence the buying behaviour culturally include culture, subcultures, castes, religion, etc.
Personal Factors:
Factors that are personal to the buyers influence their buying behaviour too. These personal factors always differ from person to person, thereby producing different perceptions and consumer behaviour, which is a very important point for a marketer to take note of. Some factors that influence the buying behaviour personally are age, income, lifestyle, etc
Five stages of consumer behaviour
Stage 1: Need Recognition:
The buying behaviour starts off with the buyer having requirements with the product/service as well as with the problems they had with the previous product/service which was either offered to them or bought by them. This is visible or obvious in a number of ways from the seller’s point of view. In some cases, the buyer might not be aware of the product/service they are looking for or unsure of the requirements. Whereas, in some cases, the buyer knows exactly what they are looking for and are well prepared with the requirements they want to have in the product/service. In such cases it is imperative to ask certain questions to understand the buying behaviour like what scenarios, incidents that will push people to look for the brand’s offerings or the different ways to create a demand for a certain product, and getting people to realize a need that the brand can fulfil.
Stage 2: Information Gathering:
This stage might seem simple to do at first, but as soon as any potential buyer realizes they have a problem/issue with the service/product they use, the number one tool the people turn to is Google. This is where the brand comes in targeting the buyers through SEO and making sure the brand comes in the sight of the right buyers whenever the buyer googles their problems/issues with a product.
Stage 3: Evaluating Solutions:
After doing the necessary research, buyers typically make a shortlist of brands or products for their needs. At this stage, the buyers look at specific solutions to their problems regarding the product they are looking for. The objective here for a brand is to position the needed product as the best choice for the shopper. One of the best ways is to allow the consumers to ask questions through Q&A or FAQs on the brands website.
Stage 4: Purchase Phase:
All the efforts have now led buyers to choose a particular brand at the purchase phase of the customer journey. This is where the buyer is ready to buy the product. It’s an excellent position to be in for a brand but brands need to make sure to offer them a smooth checkout experience. Brands should always strive to make the process as quick and painless as possible for the buyer or consumer.
Stage 5: The Post-Purchase Phase:
This is the final stage where a brand has successfully converted a looker into a buyer who is now a customer. This is the time to gather feedback regarding the onboarding experience of the customer, their experience with the product and services offered. This can be done by requesting them to leave a review and rating on the Google platform. This will help increase incoming traffic and help in optimizing SEO. The more the lookers, the more are the chances of converting them into buyers!