To Buy or Not To Buy: What Factors Affect Buying Behaviour?
When a business is developing its success strategy, one of the key considerations they must make is the buying behaviour of their customers. Analysing the decision process of your customers and how they act can be a very revealing process and information that you can use to your business advantage.
What Does Buying Behaviour Tell Us?
Analysing the buying behaviour of people who purchase and use your products can help you better understand:
- Why consumers make their purchases
- What influences their purchases
- What factors can affect the decision-making process
This can be quite complex as attitudes towards purchase and consumption of products will differ. But by studying consumer behaviour, you can get a better idea of how to market your products and meet your sales objectives.
Factors That Affect Customer Decisions
So what factors affect a consumer’s decision to buy? There are cultural, social, personal and psychological considerations that come into play when a customer makes a purchase.
- Cultural factors include the customs, values and traditions that exist in society.
- Social factors involve the groups that consumers belong to. They’re likely to have certain roles and statuses and will spend accordingly.
- Personal factors include the age of the consumer – their motives for buying are likely to change as they are further in the life cycle. Also, occupation and financial situations are major factors that will affect the consumer’s decision to buy.
- Psychological factors includes their goals and their needs, as well as their past experience and emotional reactions or attitudes.
Whether the customer is browsing through your website or in one of your brick-and-mortar stores, these factors will all come into play before they complete a transaction with you.
How Your Business Can Use This Information
By understanding these rational and emotional reasons why a consumer might (or might not) buy a product, businesses can tailor a marketing strategy to attract more customers, keep them loyal and hopefully recommend your business to others.
Knowing their reasons for buying, the frequency they do so, who they prefer to shop with, their product preferences etc allows a business to estimate how customers will make decisions in the future. From this, businesses can put a strategy in place, such as identifying which of their products are most popular and giving them a prominent position in-store.
Here at PresenceOrb, we focus on the buying behaviour of customers in your store so you can get a greater insight into their decision-making process and behaviour whilst shopping.
We use the WiFi signal to track a customer’s journey and from this data, we create heat maps to show which areas are hotspots and which get the least traffic, as well as visitor flow charts to help you visualise a typical customer’s journey.
This data can help you rearrange your store to influence the customer’s decision to buy, whilst also encouraging them to take certain routes and see particular products you think might appeal to them.
With these unique tools, along with a sound knowledge of the cultural, social, personal and psychological factors that play a part, you can improve your services to better cater for your target customers and potentially increase your sales figures.