4 Consumer Behavior Every Business Should Consider

In business language, the consumer is the one who pays something to consume goods and services produced. For a successful business, you need to understand needs of consumers along with their behavior trends.

Here I am trying to throw light on key consumer behaviors which every business need to consider.

1.     A Consumer Does Time-Saving Purchases:

The gap between wanting something and expecting to have it has shrunk down to almost nothing

We’ve all heard the saying that money can’t buy you happiness, but a new study from the University of British Columbia and Harvard Business School suggests that might not actually be the case.

After surveying over 6,000 people from the U.S., Canada, Denmark, and the Netherlands, the researchers found that consumers were happier when they used their money to buy themselves extra personal time. While some people may balk at the idea of hiring a person to do their laundry, mow their grass, or take care of other chores and errands, lead author Ashley Whillans says that the reduced stress leads to greater happiness.

“People who hire a housecleaner or pay the kid next door to mow the lawn might feel like they’re being lazy,” she said. “But our results suggest that buying time has similar benefits for happiness as having more money.”

“The benefits of buying time aren’t just for wealthy people,” said senior author Elizabeth Dunn. “We thought the effects might only hold up for people with quite a bit of disposable income, but to our surprise, we found the same effects across the income spectrum.”

2.     They Follow Social Influencers (Growth of Social Influencers):

Another way that brands are augmenting the need for a greater quantity of authentic content is by turning to social influencers. Influencers, when deployed strategically, offer a number of benefits, including large and avid audiences of their own, and the ability to generate high-quality content consistent with both a brand’s aesthetic and the desired look-and-feel of a fellow consumer. At Olapic (The #1 Visual Commerce Platform), we believe that influencers can be utilized to kick-start organic content creation among user communities, who love the brand and various products but simply need the inspiration to begin creating on their own.

The influencer space is still rapidly evolving, as tech providers, brands, and influencers themselves navigate their value to one another.

As brands look to shift their programs to achieve success now and in the future, it will be interesting to see how these trends continue to evolve, and how consumer preferences and related technology adjust accordingly. It is important to find answers for questions like - How are you planning for the future of your brand? Are you taking the right approach?

3.     They Demand Authentic Visual Content:

At the same time, videos have become powerful tools for brands looking to communicate more easily with their readers. Most of the marketers said visual marketing was the most important form of content for their business.

To achieve authenticity, visual content must be in line with the values of the brand. A brand’s visual identity should derive from the larger branding, with easily recognizable elements effectively conveying at-a-glance brand recognition.

To triumph at targeting, that visual content must reach the correct audience, be thoughtfully framed, and arrive via media or platforms that showcase a brand’s familiarity and belonging to the audience. Each social media platform has its own nuances in culture, style and a brand’s own strategies around audience segmentation may further inform proper targeting for each unit of visual content.

4.     Need of a Mix of Intelligent Virtual Assistants (IVA) and CSR:

With businesses going digital, customers are increasingly preferring online interaction methods rather than telephonic conversations with a customer/sales representative. The real-time conversational nature and accurate personalized responses of IVAs have been critical in providing seamless and satisfying customer experiences. Customer experiences directly impact the overall revenue of a business. 

Customer service representative isn’t just about being courteous to your customers – it’s a vital element of business operations that can impact your bottom line and affect how your company is viewed in the public eye. 

Taking care of your customers conveys a strong set of moral values and beliefs in the company's mission. It means that it's transcending the necessity for profits by focusing on building its tribe.

GrassDew IT Solutions Pvt Ltd provides consulting services, software solution services, security services, digital marketing and knowledge services. Under our digital marketing services, we can help you to reach your future customers.

To know more about our services you can contact me at shekhar.pawar@grassdew.com

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