Imagine you’re in a supermarket and planning to buy cheese. If you often go on grocery trips, you would know that there are a lot of cheese brands available. Among known cheese brands you see in the supermarket, which brand will you buy? What will influence your decisions to buy a specific brand over others?
There are a lot of brands around the world that offer similar products to the same target market. As a result, it can be overwhelming for these consumers to choose the one that will best satisfy their needs.
This is one major reason why marketing is an important part of a business plan.
The main purpose of marketing is to convince target customers to avail of your goods. It does not only involve flowery words and fancy promises. Rather, it involves some kind of science as well.
In other words, marketing and advertising are also considered an art of persuasion.
The link between marketing and consumer behavior
Working in the marketing industry can be a challenging yet fulfilling career. It involves critical thinking and creativity. Marketers should also have good observation and research skills. These will help achieve their brand’s business objectives.
Brands should also put the effort into getting to know their target consumers. Consumer behavior enables brands to understand their customers’ primary motivators.
There are three major factors that contribute to a customer’s buying behavior. These have something to do with their personal, psychological, and social attitude and behavior.
- Personal – the customers’ age, background, profession, and culture
- Social – the customers’ educational attainment, income, and social class
- Psychological – the customers’ attitudes towards a certain advertisement or life in general
Marketers often rely on these major factors in creating a successful campaign that will cater to their target customers. Meanwhile, the following factors can contribute to an advertising campaign’s success.
Emotions
Humans are capable of having emotions. This can be effective when used in a marketing campaign. For example, a brand can be associated with childhood or past love.
Or perhaps you can invoke fear to your audience. For example, marketers will influence decisions to buy a certain product to avoid social embarrassment or illnesses. This will trigger a reaction and ultimately a purchase.
Word associations and imagery
When you hear “I’m Lovin’ It” or see that iconic check logo on one’s shoes, you automatically know the brands they pertain to. You should also think of a tag line or catchy phrase for your brand that will be relatable to your target market.
Marketing strategies that can be successful
There are a lot of marketing strategies that can work on specific target markets. However, it will still depend on the abovementioned factors.
As a business owner, you want to be above your competitors. You would want to be on top of the game. Here are some popular and effective marketing strategies you can apply to your next campaign.
Limited edition products
These are products that only come by in a limited time and available in few quantities only. These can also be only available in selected stores or branches.
Availing a limited edition product can evoke a sense of accomplishment and bragging rights to a consumer. It’s like you are among the chosen few who are able to get that much-coveted item, no matter how expensive it can be.
Hiring an “expert”
There are brands that use doctors or other experts as part of a brand’s marketing efforts. It makes the brand look more professional-looking and trustworthy.
Giving back
Popular brands and multi-billion companies would not be where they are today if not for their loyal customers. As a way of thanks, companies can give discounts or free items. In return, customers would love to avail of products or services that can help them save money. It can even encourage word-of-mouth and positive reviews for these brands.
Humanity
People love companies who care for the environment and the less fortunate. In such cases, this may not be a marketing strategy but more of a part of the company’s social responsibility. Still, consumers prefer buying brands that support a noble cause.
Conclusion
With so many brands vying for customers’ attention, it can be challenging to influence someone’s decisions to prefer your brand over your competitors. It’s business, after all, you need to be aggressive if you want to achieve your business goals and objectives.
This is why having a good marketing plan is undoubtedly important in a business. It will help companies to persuade their target market into availing of their products or services. But to come up with a successful marketing plan, business owners should be aware of their customer’s purchasing behavior.
The abovementioned factors and strategies will help you come up with an effective business plan. Companies should not only take care of their business but their customers as well.
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