Ask Effició: How do I learn more about consumer behavior?

March 10, 20150 Comments

Question:  “You keep talking about consumer behavior as an additional step for target marketing.  Can you explain what this means?  I’m aware of the definition but not sure how to “think” in this way.”

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Sherese Answer:  Let’s go through my favorite scenario with you so you’re clear on how to proceed.

First you have to answer the question, do you know what motivates people to buy?  Then take it one more step and ask yourself, do you know what motivates people to buy from you?  If not, you have a lot of research to do.  Not only do you have to understand who your target market is, but you also have to understand their buying behaviors.  To start, you have to understand consumer behavior, but remember, you are also a consumer, so let’s begin with you.

Let me give you a case study and keep in mind that you cannot change the dynamics of the case…

You have to go to two stores, the grocery store is on the right and the discount store is on left.  Let’s say you need to buy deodorant, which store will you buy your deodorant from?  Remember, you have to go to both.

I have done this scenario many times and here is what happens including what happened on the GTCB Hotline call I’m speaking of…

  • Some people say I am going to the discount store because the price is better; so I say “the price is the same.”
  • Some people say I am going to the grocery store because it is more convenient for me; so I say “but you have to go to both.”
  • Some people say they will go to the grocery because the packaging is better – so I say “the packaging is the same.”

Clearly, at this point, I am driving them crazy.  The point is – understand the motivation of your target market to buy your solution over your competitor.  And the motivations are not always price, convenience and packaging – it could be many other things.

In order to understand this from your perspective.  Think about the top three brands you buy from all the time.  Whether it’s your laundry detergent, your car, or your bread.  Really think about “why” you buy from these particular brands.  The answers will reveal a lot more than you think.

As you continue to develop your target, always include characteristics that motivate them to buy from you…it must be more than price, convenience and packaging.

Your Transmogrifyer,

Sherese Duncan

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Effició is an entrepreneurship education company. Our education is for executives (CEO, CFO, COO, and Founders of small to medium sized businesses) who are ready to participate in advanced educational experiences including executive level learning, masterminding and execution of visionary business initiatives.

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