How Leveraging Consumer Purchasing Behaviors Will Help Your Business

Knowing your consumers’ preferences and buying habits can help you devise ways to entice them to purchase your products or avail of your services. While consumer behavior is a complex topic, it is crucial to note that leveraging this can help your business in the long run.

Entrepreneurs who understand the psychology behind the different factors that affect the consumer’s buying decisions already have an advantage.

Consumer behavior is influenced by six factors: Perception, Motivation, Emotion, Cognition, Social Influence, and Scarcity/Urgency. Leveraging these factors can help you create effective marketing strategies and advertisements to woo your potential customers.

1) Storytelling
Creating narratives that resonate with your customers can help you establish a connection with your consumers. A story can create a strong brand identity and help consumers learn more about you. Stories engage emotions, capture attention, and connect with customers more effectively.

Advertisements from Jollibee are a good example of this. They create stories of families dining together in their restaurant, which sends their customers a message that a happy and loving family dines at Jollibee.

2) Emotion-Driven Marketing
Understanding the different emotional triggers plays a vital role in how consumers decide. This allows you to create marketing messages that connect with your target audience’s emotions.

A great example of this is the iPhone. Apple has positioned the iPhone as a symbol of status and sophistication. The iPhone is a status symbol that triggers the desire for recognition and admiration from peers.

3) Evoking Scarcity and Urgency
Using scarcity and urgency can also be an effective marketing tactic. Making your product perceived as “limited” stimulates a sense of urgency in your customers and the fear of missing out on an opportunity.
You can create limited-time offers and exclusive releases or indicate that your products are in limited stock.

4) Testimonies and Endorsements
Using endorsements from celebrities and influencers is a common marketing tool used by companies. This strategy helps build trust in your brand by showing your potential customers that others have benefited from your product, thus influencing them to purchase your products.

Social proof is a powerful marketing tool. You can leverage this by displaying genuine reviews or testimonials on your website or social media platforms. You can also let your customers share their experience with your product and post it on your social media outlets. You can also partner with credible influencers to help promote your product to their followers. (ASC)