Understanding consumer behavior is essential for a company to find success for its current products as well as new product launches. Every consumer has a different thought process and attitude towards buying a particular product. If a company fails to understand the reaction of a consumer towards a product, there are high chances of product failure.
What is consumer behavior?
Due to the changes in fashion, technology, trends, living styles, and similar other factors, consumer behavior also changes. Consumer behavior is the study of individuals and organizations and how they select and use products and services. It is concerned with psychology, motivations, and behavior. According to a survey, 76% of consumers expect companies to understand their needs and expectations. This means that if you don’t understand what a consumer wants before they can tell you, they’ll probably take their business elsewhere.
Role of consumer behavior in marketing:
Successful organizations build their marketing strategies with consumer behavior insights as the foundation. They are not generating products and marketing plans alone, they’re bringing external information into the fold to find out what customers want and how they want it. Consumer behavior plays a very foremost role in marketing. For example, let’s suppose the content your marketing teams could create in the coming months. If you’re a brand that specializes in products for men only, you might have a strategy to create a bunch of blogs about gifting for men this quarter.
Role of data science in consumer behavior:
The role of data science in consumer behavior and marketing is to unlock a new set of insights and answer questions such as:
- Who are your most promising customers?
- What alternatives does the consumer of your product have?
- How do people feel about your brand and product?
- What other products do your customers want to buy?
Data Science can also help you to create relevant content that will build a connection between your audience and you. Analyze all the content that you have created. Here are few examples of how data science can furnish your content strategy:
- Create the content on trending topics
- Opinion mining
There is a vast road ahead. Every digital marketer has access to tons of data. But it does not equate to better marketing to have data. It is how you use this data that will determine whether you’ll succeed or not. It’s time to grow from ‘WE THINK’ to ‘WE KNOW’ and reach your target customers before your competitors do.
In a nutshell, consumer behavior theories and concepts are of most importance to the sales people or the marketers. As products are made to cater to consumer’s needs and demands, therefore, the products should be carefully marketed for the successful achievements of organizational goals.