How Consumer Behaviour Influences Marketing Strategy

Consumer Behaviour

Consumer behaviour can be defined as “action of consumers in the market place and the underlying motives for those actions” – Ostrow Smith

It includes the study of 

1. What they buy, 
2. Why they buy, 
3. When they buy, 
4. Where they buy, 
5. How often they buy, 
6. How often they use it

Studying consumer behaviour also helps marketer decide how to present their products in a way that generates maximum impact on consumers. Understanding impact on consumer buying behaviour is the key secret to reaching and engaging your clients and convert them to purchase from you.

Marketing Strategy

A marketing strategy is a plan for reaching a specific marketing related goal or goals in a focused and achievable way. It takes into consideration what your business is currently doing well and what you are missing in regards to the objective you set so you are more likely to accomplish it. 

A marketing strategy is the long-term planning of business objectives that the company wants to achieve. For these to be achieved it is important to choose well the specific actions to consolidate the reputation of products and service or increase sales in the market. Utilizing opportunities is vital to find the target and to be able to make customers loyal to the organization so that the positioning of the company gets stronger. 

Importance of having a Marketing Strategy in Business

1. Increase Sales
2. Creating sustainable growth for the company
3. Understanding what your customer wants 
4. You will meet the needs and exceed the expectations of the customers
5. You will strengthen the relationship with the target market
6. You will build the brand in the consumer’s mind

Relationship between consumer behaviour and marketing strategy

Consumer behaviour can be used by marketers to create the marketing strategy, targeting each consumer effectively once they understand their needs and wants through the research of consumer behaviour.

Benefits for an organization

When the marketing strategy and consumer behaviour are intervened, marketers can expect success in their sales, higher profit margins and competitive sustainability in the market place.

The benefits of using consumer behaviour to create a marketing strategy are the knowledge marketers gain about the needs and values of their target market. Once marketers understand this, it is most likely their message will be delivered to the correct target market, resulting in an end sale.

What types of Marketing Strategies can you use to launch your Business?

Many types of marketing strategies available in a business today are unlimited. Still, marketing itself is a new concept – people and businesses have been engaged in marketing for centuries. But with the passing of time, the best marketers recognize and accept the fact that marketing is as much psychology as it is technique. Combining these two elements effectively can yield your business fantastic marketing results. There are three broad types of marketing strategies:

1. Offline (or traditional forms of) marketing - The term offline market is a term that acknowledges the fact that the Internet has radically altered the way the world relates and communicates. It refers to those types of marketing strategies which have long been accepted because of their proven and consistent results. It can be cheap or expensive, but if done correctly, is still highly effective. In fact, despite the introduction of the internet as a powerful marketing tool, offline marketing still prevails as the main form of advertising for many large organizations.
• Print - like newspapers, magazines, yellow pages, ads, flyers, coupons, etc.
• Television and radio
2. Online marketing - Today, the Internet is a goldmine for businesses because of the ability to reach and service customers globally while reducing operating costs significantly. It offers businesses opportunities which would be insanely expensive in the offline world - at a fraction of the cost. Imagine wanting to broadcast an advertisement globally on TV for a new product - how much would that cost you? With the Internet, you can accomplish that same goal at a relatively low cost. The ability to target your audience more finely - and more quickly. There are several types of marketing strategies online
• Performance marketing
• Banner marketing
• Email marketing and press releases.
• Social Networking and Social Bookmarking
• Affiliate Marketing.
3. Word-of-Mouth marketing - which is the oldest and arguably the most effective still today. By far the most powerful form of marketing is and will always be word of mouth. People trust their friends and family and other users more than they trust banners or ads. Word of mouth advertising transcends beyond all other forms of marketing because it can fit into any one of them. Take for example, the logo on a can of Coke. Someone drinks a Coke and leaves the can on the table. That in itself is powerful marketing. Even though there technically was no word of mouth, the mere fact someone drank a Coke.

Four Types of Marketing Strategies to Spice up Your Campaigns

1. Cause Marketing - It is also known as cause-related marketing, links a company and its products and services to a social cause or issue.
2. Relationship Marketing - It is focuses on customer retention and satisfaction in order to enhance your relationships with existing customers to increase loyalty.
3. Scarcity Marketing - It creates a perception of a shortage which aims to entice customers to purchase out of fear that they may not be able to get it in the future.
4. Undercover Marketing - It is also known as stealth marketing, involves marketing to consumers in a way that they do not realize they are being marketed to.