Marketers have to understand buying behaviour for their products or services to have any chance of success. Itвs a simple rule of marketing. The need to be able to understand what prompts a business to make a purchase by honing in to the needs of individuals, groups and the organization itself. Those marketers that can identify buyer behaviour are best positioned to more effectively target their audience with products and services. Data is key to telling marketers what buyers are purchasing and how theyвre doing it. When it comes to purchasing decisions, not only is it crucial to know who the organisationвs key decision makers are, their buying habits or the channels and devices theyвre doing it on в the golden nugget for marketers is understanding
why they made a particular decision. Itвs time to look one step beyond data and focus on buyer motivation and purchase intent. В Complex buyer journey tвs fair to say the buying process is far from simple. There are an array of internal and external factors influencing and impacting decisions. An individual begins by recognising the need for a specific product or service to solve a problem or fulfil a need. They then proceed to do their research, finding the information they require and evaluating alternative options until they come to their decision and make the purchase. Recognising this process is essential for anyone making marketing decisions в whether that be planning strategies or executing them. The buyer journey forces marketers to consider the complete buying cycle, rather than just the purchase decision, when it may well be too late to influence a decision.
This doesnвt happen in all purchasing decisions. Many low value purchases are made following a simple вneed-buyв pattern (If someoneвs thirsty, theyвll buy a drink without much or likely any evaluation or research). Marketers working with such products need to develop and implement strategies that encourage consumers to buy on impulse from their brand, rather than a competitors. The story is different when it comes to high value purchases that require thought and deliberation. Marketers need to spend time understanding behaviour and working out where to target consumers in their journey for maximum opportunity of success. Bringing the sales / marketing dynamic into the mix So what does this mean for marketers? For those purchasing decisions where companies invest a lot of time and effort, marketers need to provide plenty of information about the beneficial consequences of buying. If these company decision makers donвt know enough about whatвs out there, they just wonвt complete the purchase. Marketers need to ensure their own efforts are supported by the efforts of the sales team. They can then help highlight the unique attributes of a product or service, the advantages in comparison to competitors, and potentially an introductory trial or personalised agreement. Once this working relationship is mastered, marketers have the best opportunity to ensure theyвre visible in the buying journey. Various factors influence the buying decision of companies. They may be cultural, social, personal or psychological. Identifying what makes their audiences tick is key. Itвs important marketers distinguish who the individuals from their target businesses are and then work to establish a clear image of the business.
These range from, but are not limited to, success or profitability of the business, vision, market presence, procurement process, recent client wins and spending forecasts. Once this is achieved, marketers are much better placed to offer the right solution. Those marketers that will come out on top are those which can identify buyer behaviour and map the buyer journey. They need to make a conscious effort to be present and at the forefront of buyersв minds from the moment they recognise they need something. The challenge for the marketing team is to identify which information sources are most influential in their target markets, and getting there at the exact moment needed. Buyer behaviour is the study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society. Since, the needs of Buyer go on changing with the passage of time, a marketer should analyze and understand buyer behavior carefully. A marketer should understand buyer behaviour because in marketplace different persons, communities and organization have different needs because they exist in the different environment. When a marketer is able to understand the consumer need, especially the unfulfilled needs then he/she is said to be successful. At the same time, he must be capable of assuring the Six O s which can be explained as follows: 1. Assess the actual need of the consumer: The study of consumer behavior enables a marketer to asses, the nature of consumer needs and wants, and the best way of satisfying them. 2.
Establish the firm s marketing objective: The study of consumer behavior helps the marketer to develop several marketing objectives. With the effective marketing objectives, the company will be able the way it wants consumers to view its products. 3. Define, analyze and understand marketing requirements: The study of consumer behavior makes the marketer capable of identifying, analysing and understanding consumers needs which help them segment rightly the market and seek the advantage of market segmentation. 4. Reduce the uncertainty in the market: The study of consumer behavior helps the marketer to reduce the uncertainty that may affect marketing program, and hence enables a firm to anticipate the effects of its marketing decision variables on consumers. 5. Dynamic Nature of Market: The study of buyer behaviour focuses on dynamic nature of the market. It helps the manager to be dynamic, alert, and active in satisfying consumers better and sooner than competitors. Consumer behaviour is indispensable to watch movements of the markets. 6. Measure the impact of its strategy: The study consumer behavior allows a firm of measure the impacts of a strategy. Thus, understanding consumer behavior is a basis for performance evaluation of the firm. 7. Know about the use of product information by the consumers: A study of buyer behavior enables the marketer to understand how a consumer uses information about the product and company. This understanding of information use facilitates the development of marketing policy.