Buying Behavior: 5 Factors That Influence The Consumer Buying Behavior
Influencing consumer buying behavior is the goal of every business owner and marketer. When done well, a brand can be extremely successful at acquiring leads, conversions and repeat business. Understanding the consumer buying behavior allows brands to serve the right message at the right time to the right audience. Now let’s get to the point; here are five factors that influence a purchase.
#1 Awareness
The first step in the purchasing process is the awareness of a need. A consumer is either externally or internally coming to this realization that they need a product or service. Meaning, this awareness can be an organic behavior such as the feeling of hunger or it can be a feeling created by an experience such as an online advertisement.
#2 Seeking information
Once a consumer has the need for a product or service, they begin the journey to find the right brand based on their qualifications. If the consumer is on the prowl for toothpaste, and they have strong brand loyalty to Crest, it may be hard to sway their decision. However if your brand stands out among the big box brands with a red sale price sticker, or the Women’s Choice Award seal, it may help sway consumers with less brand loyalty.
#3 Evaluate contenders
At this stage the consumer is considering your product or service, however that doesn’t mean it’s a conversion yet. The modern day consumer has become extremely savvy and will take their time to compare your product against competitors. Time, price, quality, loyalty and need are a few things taken into consideration. Find ways to make your product or service stand out at this point in the funnel by leveraging a quality indicator such as the Women’s Choice Award logo to create proof of quality and loyalty.
#4 Making a decision
The deed is done, the consumer has made the purchase.
#5 Evaluate the purchase decision. Was the experience good or neutral or bad?
Did your brand deliver on everything that was promised? Was the consumer satisfied and would they buy your product again? Does the brand reward the consumer for purchasing or encourage them to buy again in a personalized way?
Buying behavior is not stagnant; it’s always changing. Brands must learn to keep up with the way consumers discover brands and shop. The power of a referral is gold in today’s digital world. Discover how the Women’s Choice Award is helping brands reach the female consumer in a unique and powerful way.
