Consumer behavior encompasses the actions that people take to satisfy their needs and desires through the acquisition of products or services. There are cultural, social, personal and psychological factors that influence decision making consumer behavior.
Consumer behavior research examines how consumers make purchasing decisions and how companies can act to positively influence that process.
Learn about consumer theory and the 7 elements that motivate purchases .
Price is a key factor influencing consumer behavior. According to a PWC survey , 17% of people abandoned a brand after a price increase or the end of discounts .
Some strategies to influence consumer behavior based on price are:
Market penetration : setting low prices to quickly enter a certain niche.
“Prestige” pricing : setting high prices to position the product as exclusive and high quality.
Bundles and Discounts : Create limited-time offers and promotions or those that purchase multiple items.
Value strategy : Basing prices on the value perceived by the customer rather than on the cost of the product or service.
offering competitive prices in relation
Learn how to calculate the price of a product in 4 steps .
2. Offer online security
Online transactions require users to share both personal data and sensitive financial information, and this can become a barrier when making purchasing decisions.
According to Zendesk’s CX Trends 2024 report , 70% of consumers will not buy a product or service from a company if they c level executive list believe its security measures are poor.
Therefore, ensuring data security is another possible strategy to influence consumer behavior.
Provides detailed and artificial intelligence in marketing accurate information about products or services, as well as warranty and return policies.
Deploy AI chatbots to deliver real-time responses based on user intent.
Provide proactive assistance, anticipating consumer behavior potential problems or questions.
Offer an omnichannel experience so that the conversation with your customers flows without interruptions.
Influence strategies based on personalization
According to PwC , 8% of consumers say they make repeat purchases from a brand as a result of a personalized experience.
Personalization marketing offers several benefits for businesses: It can reduce customer acquisition costs by up to 50%, increase agb directory revenue by 5% to 15%, and boost marketing ROI by 10% to 30%, according to McKinsey .
To add personalization to your list of strategies to influence consumer behavior, consider these suggestions:
Adopt an omnichannel customer service consumer behavior system that allows you to serve your customers on their favorite channels.
Offer help centers with specific resources, articles and answers tailored to their needs.
Maintain a history of interactions that gives agents contextual information to individualize future interactions.