Have you ever wondered why customers make certain purchases? Much of the buying process can be derived from something called consumer behavior.
By definition, consumer behavior is “the study of when, why, how, and where people do or do not buy a product or service.” And as an entrepreneur, it’s essential to understand the psychological processes behind why your customers buy from you so you can improve their experience and conversions.
It’s said that as consumers we undergo five various stages of behavior when making purchasing decisions. And as a mall business owner you can utilize these decision-making stages to fine tune various initiatives to coincide and overlap with the process.
Here are a few smart ways to optimize your brand and seek to impact consumer purchase behavior.
1. Problem recognition.
Put yourself in your customers shoes for a moment. How do you realize when you have a particular need (or problem)? What happens when you recognize it?
As consumers, if there is a gap between our current state and desired state — we’ll assess the magnitude and soon look to rectify the “problem.”
This is why it’s important to identify specific problems your product and service solves and clearly communicate solutions. If you’re not exactly sure what initial problems initiate a need for your brand, then you’re not well equipped to deliver solutions and complete the sale.
This is why many companies tout features (measurable characteristics) and put less weight against benefits — it’s much easier. But in reality, customers are only concerned about features once they truly understand benefits.
The question is, how does your product or service benefit me?
Tip: Market research can help you gain insight into the specific problems that led customers to recognize a need for your offering. In turn, utilize these finding to improve and mirror the challenges in your marketing messages. Then communicate why you’re company offers a simple and unparalleled solution.