A clear knowledge of the preferences of clients is required to make a company’s product attractive enough for the clients and, consequently, enable the business to be profitable.
The role of a marketer is to find out the needs and wants of consumers through research because they are the reason why the business exists. Their request will determine the kinds and quantities of products and services offered in the market.
Market research
In order to optimally fulfill the needs of consumers, changes in their consumption pattern should be identified on time. A comprehensive market research is needed to get a better understanding of this concept.
Experts say market research is often needed to ensure that we produce what customers really want and not what we think they want.
A change in taste and preferences may also arise, especially since globalisation has been identified as a major factor that contributes to a shift lifestyle.
Moreover, in order to design an attractive marketing message that grabs the attention of the client, a discernment of what motivates a consumer is of utmost importance.
A business consultant, Mr. James Dickson, says research has shown that people purchase products for different reasons, thoughts, feelings, and attitudes. Patterns of behavior of individuals determine what they buy, when they buy it, and how they utilise such products.
An organisation needs to design products and services that give their client satisfaction by considering the categories of consumers they are targeting and their general characteristic.
Experts say the content of the research should comprise the identification of the market where it will be convenient to access the products and the acceptable price range clients are willing to pay. All the aforementioned information will then be used to generate an attractive marketing message that will motivate the target audience.
Determinants of consumer behavior, according to experts are:
Values
Dickson says the motives for the demand of a product may be determined by the values of the consumers. Values are people’s broad life goals that symbolise a preferred mode of behaviour. By nature, they may be honest, compassionate, or independent and as such these attributes will shape their demands. Consumers buy products that will help them achieve desired values; they see product attributes as a means to an end.
According to experts, understanding the means-end perspective can help marketers’ better position the product and create more effective advertising and promotion campaigns.
Another example of this is quality; when targeting consumers who value quality, marketers must sell them products that deliver and support their values.
Income
The Chief Executive Officer, School of Success International, Mr. Seyi Olawunmi, says consumers of high social status that earn a lot and have extra cash at their disposal will likely be more able to afford expensive products that have high quality than a middle income or low income earner.
Experts say that one of the central considerations for a consumer in deciding their purchasing behaviours is their overall income level, and, thus, their budgetary constraints. The higher the income, the higher the purchasing power – although other factors may likely influence their choice.
For consumers who don’t care about the quality of the product but are concerned about the price, Dickson says marketing strategies that are channeled at making the price attractive to them will do the trick.
Offering pricing and discount opportunities attract new customers looking for value and entice old customers to try your new products or services.
Promotional messages that focus on a price reduction with increased quantity and value.
Also, offering free services have been shown to be effective in motivating patronage.
Brand
Experts say for a business that is just starting out, the best option is to target clients within its reach, but gradually, with the right marketing message, others will be won over.
According to Olawunmi, an example of this is in a corporate world where formal mode of dressing is required, executives in an organisation may already have a brand of shirts and suits they favour and may not show interest in others. Therefore, for upcoming fashion designers, their target audience should be new recruits who do not have a favourite brand and can easily be convinced by a new brand.
Similarly, there are strong brands that have made their name in the market place and, hence, represent quality. Consequently, they are more preferred and even though some clients are unable to afford them; they will find ways of acquiring them.
Lifestyle
Experts say lifestyle is a pattern of living that determines how people choose to spend their time, money, and energy and that reflects their values, tastes, and preferences. It has been discovered that consumers often choose goods, services and activities that are associated with a certain lifestyle.
Analysis of consumer lifestyles is important in producing insights into consumer behaviour. For instance, lifestyle analysis is useful in segmenting and targeting consumer markets. But the lifestyle of a consumer can be influenced by a change in income level, geographical location and relationship with other people.
Written by Ife Adedapo
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