Before trying to intricate about buying behavior let me ask you some questions so that we are having a strong platform to understand the things. Do you think that social media is the finest way to influence consumer? Can you differentiate previous and today’s consumer buying behavior?
Social media has become an indispensable tool for targeting consumers. 71 percent more likely people are using social media platforms before going to purchase anything. As per social media referrals, the consumer decides their products and services. It’s no surprise that all kinds of businesses are moving towards a social platform to know the target customers and buying behavior.
As of today’s generation that spends most of their time online, 47% to 48% of their purchases are swayed by social media. Another key thing to remember that without knowing the feedback of others, consumers won’t be going to add their products into the cart and this is the footprint of social media. A recent report from Deloitte reframes that it depends on the variation of the demographic sector as well because of using the pattern of the internet. Their report saying that 56 percent of consumer buying baby products are influenced by social media whereas 40 percent for home furnishing and 30 percent for health and wellness.
Taking the above figures into account, there are 5 phases of consumer buying behavior: Need recognition- In this stage, consumers try to find out his need and this is the opportunity for businesses to categorized their strategies as per the consumers’ needs.
Search for needy product-This is the stage where your website, blogs, SEO keywords, product reviews, branding helps you a lot to stand your product and brands different from others. It should be catchy so that consumers easily find your product.
Product evaluation-Marketing strategies should be aiming to convince consumers to buy your products.
Purchase decision-The consumer has looked at multiple products and start comparing your product with others. They are now at fastigial of the difficult decision whether to purchase or not the product.
Purchase and post-purchase use- It completely builds upon your product strategies and fulfills consumer’s needs, but the buying process doesn’t end the sale. Post-purchase surveys and tanking your email helps the consumer to get back to you. Consumer’s genuine feedback is crucial for you to advertise your product branding it will easily attract more consumers.
Referring to previous statements, social media affects the behaviors of your target market as well, reviews from influencers, social media connections, brands advertising, trending, and popular algorithms. Three factors can influence consumer buying behavior personal, social, and psychological. A personal factor that influences individuals what to buy and from where. It shows the interest of entities, which directly proportional to demographics. The psychological term deals with an individual’s perception, thoughts about the products, and attitude.
Consumer behavior is a youthful study that comes out in the 1940s and 50s as a sub-discipline in the marketing segmented area. Which help to examine how emotions, perception, and attitude work together while buying any product. But today’s buying behavior turn towards online decision making. The modern consumer process is quite dynamic and believes in proper research before going to buy any product. Communication through social media has found an impact on consumer decision making and marketing strategies, recommendations by friends and colleagues help in a decision a making process. The more retaliate on the products or services the more enticing for consumer purchasing. This is the reason why businesses are immersed in social media marketing because as per the consumer, marketing strategies need to follow.
Authored by-
Ms. Ruchida Zade – Management Trainee- TVC
Institute of future education entrepreneurship and leadership (iFEEL) Lonavala
Course name: Marketing , Batch details: 2019-2021
