All companies, in any sector, need to get to know their customers well and constantly analyse their purchasing behaviour. This is the only way to anticipate their needs and adapt their products and/or services to satisfy them.
There is no doubt that developing a good commercial strategy that manages to adapt to the real needs of the customer will increase the demand for the company’s products/services, increasing its profits.
In order to understand the consumer’s purchasing behaviour and know how they perceive the brand, it is necessary to analyse some basic aspects, such as the factors that motivate the customer when making the purchase, the price they are willing to pay, the use they make of the product/service after the purchase, etc. But how is this analysis carried out? Market research focusing on customer behaviour will provide the data we need to know.
Where to start? When carrying out market research on consumer behaviour, different behavioural models have to be taken into account in order to assess which method is the most appropriate in each specific case. Let’s see which are the main ones and which theories each of them focuses on:
Consumer behaviour: Economic model
Achieving the highest profits at the lowest possible cost. This is the idea behind the so-called economic model. In order to predict consumer behaviour, certain economic indicators are analysed: the price of products/services (both brand and competitors’), the consumer’s purchasing power, etc. In other words, the consumer will act on economic motivations, always seeking to maximise profits at the lowest price.
Consumer behaviour: Psychoanalytical model
The basis of this model is based on the idea that consumer behaviour is influenced by both the conscious and subconscious parts of the consumer. It is a theory based on the work of Sigmund Freud, and emphasises the influence of the subconscious, which leads the consumer to act on impulse. This is what is known as “impulse buying”. The key here will be the company’s strategy to influence the consumer’s subconscious and their purchasing decision, getting them to choose our product/service, and not that of our competitors.
Logos with symbols and hidden messages are an example of this. Amazon, for example, includes in its logo a smile (symbolising the experience of satisfaction/happiness it offers its customers) or the letters A and Z in its name (to give the customer the idea that he/she can find any product among its offers).
Consumer behaviour: Sociological model
Does the consumer’s environment and social groups affect their purchasing decisions? Yes, according to the so-called sociological model of behaviour. It is based on the idea that the different roles and social groups to which we belong and which are our reference point influence our purchasing decisions: family, friends, company, social class, culture…
Consumer behaviour: Learning models
Knowing why consumers buy, what motivates them to make a purchase decision and how they learn is, without a doubt, something really complicated.
This theory (or theories, of which there are several within this model) proposes that there is a consumer learning process through stimuli. Their responses condition their behaviour. This would be related to Paulov’s theory in which, based on certain positive or negative stimuli, a specific behaviour is achieved.
In this model, the observation of the consumer and their responses to our stimuli (such as advertising) is the key, to then compare and analyse their current behaviour with that of the past.
These are just some of the models and theories for the analysis of consumer behaviour, which is also strongly conditioned by several key factors in their purchasing decisions. We will talk about them in our next post.
Do you need to know more about your target’s buying behaviour? A market study will help you define a more effective marketing strategy. If you are planning a new market research in Madrid and Barcelona, do not hesitate to ask for information, and we will advise you without obligation.