Why do shoppers choose to buy what they buy?
Are they influenced by effective advertising, or brand loyalty? Are they encouraged by favorable prices?
Could it be a combination of these factors, or something else entirely?
The truth is that customer behavior is not something businesses can understand through quick surface analysis. Every shopper will react slightly differently to a variety of factors, both in and out of stores, and while there are certain trends that can be gleaned from this information, it requires deep analysis. It's crucial for businesses to collect shopper insights data along with other marketing information when they consider new ways to understand and influence purchasing behavior. However, many still struggle with this task.
Two things to consider when studying shoppers:
- Not all shoppers are the same. This may seem like an obvious statement, but it is still an important fact to document when studying consumers. Different age groups and genders typically have different needs and desires, as well as disposable income levels. Any analysis must establish the general makeup of the customer base and how they behave while in the retail setting.
- Not all shopping decisions are made at the store. Retailers cannot change shopper purchase behavior until they understand that behavior in the first place. An important question to ask is when shoppers make the decision to purchase an item. This not only depends on who the shopper is, but also the type of item itself. Is it a product that they buy regularly and are familiar with? Is it a new product that they are considering buying for the first time to solve a particular problem? Is it an impulse buy?
The answers to these points will help retailers decide how to market their brands. For instance, products that are not purchased regularly and do not yet have a reliable customer base need marketing that focuses on their comparative advantages over other products. Items that are often bought on impulse should be positioned in such a way so that they are visible near the point of purchase. And items that customers buy regularly should be branded in a way that emphasizes their consistency, so as not to push shoppers toward a competing brand.
These strategies can also be used to change customer behavior. Say a retailer wants to convince customers to switch to an in-house brand of a particular product. If it's something that shoppers are meant to buy regularly, the retailer may want to highlight price advantages, as this is the factor most likely to sway shoppers. Alternatively, if the product is meant to meet infrequent needs, perhaps the retailer may want to place more focus on its unique attributes relative to the competition. Shoppers who do not buy a product often may not know exactly what they are looking for. This is an excellent opportunity for marketing.
Support Brand Marketing Decisions With Accurate Data
Properly understanding shoppers and developing strategies to influence them demands the collection and analysis of significant amounts of data that can be used to create actionable insights. This can be time consuming without the right technology.
If you are looking for ways to be creative with data management, contacting Interactive Edge is a great first step. Take a look at the rest of our website to learn more about the services we offer to our clients, which will give you more time to focus on your most important business objectives.