Understanding consumer behaviour is very important to any marketer and/or brand. Understanding why your customers do a certain thing or how they do something is vital to creating a winning marketing strategy. Your customers expect you to know their needs and they want you to create products and marketing strategies around those needs. According to Salesforce, 76% of consumers expect companies to understand their needs and expectations. On this post, we would be sharing insights from 5 marketing experts on consumer behaviour.
What is Consumer Behaviour?
Before we jump into sharing the insights from the expert marketers, let’s define what consumer behaviour is. It is the study of how people spend their money. Typically, it is studied by economists but it is very beneficial to marketers. It helps marketers better market their products and service
5 Marketers Share their Strategies
Here we would share insights from 5 expert marketers on how they adapt consumer behaviour data to create winning marketing campaigns. These experts are from various industries.
David Cherry is an executive strategy advisor at Cherry Advisory. His preferred marketing strategy is to predict consumer behaviour. According to Cherry, knowing what a customer is going to do with accuracy is exponentially more valuable than knowing what they previously did or their demographic profiles. Cherry is stating that if marketers can accurately predict their behavior they will see great success in their marketing campaigns. He explains that predicting their behaviour essentially means to have the right product at the right price at the right time. “The right time not only refers to having inventory but also establishing that connection with customers within the right context. That’s a challenge that many are still working to resolve.” says Cherry.,
Alex Birkett is a senior marketing manager at HubSpot and his preferred marketing strategy is to collect consumer behaviour. Birkett is focused on achieving growth. According to him, the best way to understand their behaviour is to define your analytics strategy. He suggests that you map out critical behavioural events on the customer journey, define your business-critical goals and metrics, and find a way to instrument tracking for all of these. Birkett says that through experimentation, segmentation, and cohort analysis, you can begin to learn more about what factors actually influence their behaviour and what the impact of an experience is.
Birkett says that the worst way to predict their behaviour is to ask consumer directly. According to him, revealed preferences are generally different than stated preference. He says the best way to influence their behaviour is by running trustworthy controlled experiments.
Dayne Topkin is the marketing manager at Hubspot and his strategy is to understand their behaviour. He focuses on user experience (UX) and understanding user behaviour. Topkin talks about how there are different ways to capture customer motivation for interacting with your brand. He says that engaging with your customers can help you understand their decisions. Topkins says that marketers would be surprised at how willing users are to chat with you and share their experiences. He talks about how they have used interview sessions on Zoom to gain helpful insights from their customers. He advises organizations to think scalability, he says they should automate as much as they can.
Tim Friesner is a marketing teacher at Frisner designs online marketing courses and training. His strategy is to study consumer behaviour. According to Friesner, to study their behaviour, you need to provide value and customer satisfaction as well as effectively target your customers. He says you need to understand how customers view your product versus your competitors. What’s your competitive advantage? How can you improve your products and services? He says that if you know all these things you can understand how to market to your customers.
Lars Perner is a marketing teacher and he is an assistant professor of clinical marketing at USC. His strategy is to apply consumer behaviour. According to him, the most obvious application is for making better marketing campaigns.
“For example, by understanding that consumers are more receptive to food advertising when they are hungry, we learn to schedule snack advertisements late in the afternoon,” says Perner
He talks about how you can apply your knowledge on their behaviour to social marketing.