Investor, Sales and Marketing Pioneer, Author, Technology Champion, Philanthropist, Leadership Mentor
“Nothing is as powerful as an insight into human nature…what compulsions drive a man, what instincts dominate his action… if you know these things about a man; you can touch him at the core of his being”- Bill Bernbach
If you are taking your customers for granted, you are losing your brand value as well as sales! True. Consumer behavior is no more one-time bound phenomenon with their confidence fleeted among trademarks, brands and products. Apart from the economic shock, marketers are affected by growing marketing shock resulting from shifting mind-sets and changing consumer behavior. The product choice of today might become a useless piece tomorrow. Products exist as long as it offers a value & as long as customer needs are met. Surprisingly, many brands who have anticipated certain changes in consumer behavior were often flummoxed by their magnitude.
Customers’ self-perception due to rising mobile obsession, brand consideration, brand liking, superior customer service, brand technology, brand’s social value, brand personality, customer lifestyle, peer communication, beliefs, attitude etc. is all that is going to make them search for value everywhere. And wherever the customer finds a value; he/she will not delay to nail the deal with the brand!
One-third of product sales variance results from consumer mind-set account as per a new sales response model. Consumer mind-sets have tremendous impact on sales and if integrated diligently with the right marketing mix can be an influential element to boost sales. To cite an example, remember exactly how Apple influenced its buyers by dint of which today it ranks as a top global brand generating revenue of $87.1 dollars.
Proper examination and identification of consumer behavioral attributes is vital for any brand. But what factors does influence this changing consumer behavior? Let’s find out.
Fluctuating weather conditions can significantly change consumer mood & their purchasing decision. The relationship between weather and purchase decision is drastically affected as the consumer switches between channels through which he or she is likely to buy. During cold season, there’s a steep increase of 12% online web traffic, unlike warm & sunny days that witnesses in-store customer presence across furniture & decors, food, wholesale, cloth verticals. E.g., in US, just a 1 degree F drop in temperature might trigger huge sales in soup, lip care, moisturizer products.
A product usage limited to certain age group, gender might not restore the same value for variant customers. Decision making might be based on unique habits, likeness and interests that are further backed by influencers such as culture, background, lifestyle & other personal issues. For example, an older person might choose an item differently that might not interest the younger generation.
The bandwagon effect
Knowledge about a particular brand and its ideological appeal boosts customer expectations and can motivate them to purchase more. Behavior is fragile; so if behavior driven by brand perception can easily cement their mind-sets and get it going. Those who keep faith on a bandwagon get other customers join their community that streamlines others’ buying experiences. E.g if you have a brand in mind let’s say the desire to drive “Ford” from a long time, the bandwagon behavior will automatically drive the self-fulfilling effect of owning it.