With so many different businesses trying to stay afloat through the sale of their products, it is important to understand what makes consumers choose certain products over others. Knowing how the consumer market works and what drives consumers to certain businesses over others can greatly impact your sales and your customer loyalty.
What Factors Influence Buyer Behavior?
There are many things that influence the behavior of buyers in the CPG space. Buyer behavior is the hallmark for unlocking how to connect with your consumers. Here are four important factors that influence buyer behavior:
1). Psychological Factors – Human psychology can determine our beliefs, feelings, perception, and motivation to buy a product. This involves both what people know or perceive to know about a product.
To meet the needs of your customers, it is important to lay out all of the product specifications for consumers online. The more detail, the better. Since customers can not see or feel your product, they will want as much information regarding size, material, feel, etc.
In addition, be sure to include additional shipping costs on the product page. Oftentimes customers will end up not buying an item if additional shipping costs are added at the end.
Continuously changing up the products featured on your website, promoting deals/special offers, and including relevant recommendations can also play on the customer’s likelihood to buy your products.
2). Personal Factors – It is important to remember that every customer is different and will have different expectations and desires that will drive them to purchase a product. You must consider your target buyers. Who will be most likely to buy your products? Your answer to this question will help you decide how you should market your products.
Personal factors such as age, gender, social class, body type, and occupation can all determine how you market your products.
3). Social Factors – People are influenced by their environments. Around the world, people young and old are influenced by the choices of their friends, family, coworkers, influencers, peers, and other individuals that they see in the media.
Consumers are more likely to purchase a product with a good reputation even if the quality is not as good as another product with a lower reputation. For example, if you are visiting a new city and a friend recommends a place to get a pizza, you are more likely to buy this pizza than one that was not recommended to you.
In the same regard, influencer culture can play a big role in consumers choosing to buy one product over another. If a celebrity is seen promoting a new perfume, a consumer is more likely to invest in this perfume than one that is not endorsed by someone they admire.
Neglecting social media presence can be detrimental to your sales and should never be forgotten when developing a marketing plan.
4). Economic Factors – It’s understood that people with more money tend to buy more, but it doesn’t mean that you can’t sell to people of lower economic statuses. Offering monthly payment installments (EMI) or sales without interest can help people of lower income feel more confident purchasing your products.
Expand with RIVIR
The RIVIR Platform is a way for businesses to increase their product exposure by allowing them to engage with others across the industry. Manufacturers, suppliers, and business owners can enjoy the benefits of a connection that will help their businesses grow to new levels.
