In whatever business you’re, Consumers are always the king of the business. They are the person who purchases products or services to consume or gift to other, rather than resell it. If you want to create a successful business then it is very important to understand, Why consumers buy certain products and not the others? In this article, we had discussed the Customer Habits and Buying Decision Process in detail.
Consumer buying decision is a decision-making process used by consumers for purchasing any goods and services. Every customer follows a process to make a buying decision. If you understand the process properly then no one can stop you from creating a successful business.
For example, consider Kaustubh, he is a married person, living with his family at Mumbai. For Kaustubh, typically the buying pattern may involve buying the necessities items in a bulk. If he went to small Kirana store located nearby home then it will cost him more. Instead, for him, it is preferable to go to any Retail Store to buy necessity items in bulk.
You will understand this if you study the buying pattern or consumer buying decision process thoroughly. Once understood, you’re successful.
Now, let us discuss the buying decision process below.
The Stages of the Buying Decision Process
Every Consumer pass through five stages before making any buying decision. These five stages are discussed below.
The buying process starts when the buyer recognizes a problem or need. This problem or need triggered by either internal or external stimuli. Once a problem or need is recognized, the buyer moved to the second stage in the buying process.
Of course, Without a problem or need, buying process can’t be started.
Simple, if you know these stimuli then you develop marketing strategies that trigger
consumer interest and lead to the second stage in the buying process.
Next step involved in the buying decision process is ‘Information Search‘. A person with a problem or need will search for more information. There are two types of Information search, which are discussed below.
Middle-Level Information Search
At this level, a buyer becomes more attentive to the information about the product or service. He/She will listen carefully, whenever there is a discussion going on the product or service.
Active-Level Information Search
At this level, a buyer is active and surfs the Internet, talks with friends, and visits stores to learn more about the product.
You need to ensure that the detail about your business is available from all the available sources. Simply starting a business and thinking that customer will find you automatically will not work. You need to advertise your business and ensure that your business is available at all the Source of Information.
Evaluation of Alternatives
Once the consumer collects the information, he/she then evaluate the collected information for making a purchase decision. Of course, at this stage, the consumer will compare your product or services directly with your competitor.
Simple, you need to ensure that your product is capable enough to stand outstanding while comparing the same with the product or service of other competitors.
Finally, based on the alternatives available, the consumer will make the final purchase decision.
But the buying decision process does not end here. There is one more step involved in it. The last step of the process is ‘After Sale Service‘. It is said that the ‘Marketer’s job does not end when the product is bought but it gets end when a customer gets fully satisfied and bring another customer to the shop’.
The entire Buying Decision Process is explained in the below Image.
Now, based on this decision model, let us understand the five basis habits of the customers.
5 Customers Habits
Here, the term ‘Habits’ mean a set of actions that customer will take before purchasing any products. These actions are the generally the habits of the customers that they implement it without any intention.
Actually, the customer themselves are not aware of these habits. But whenever they purchase any product or service they show this behavior or the habits.
If you’re running a business then you must be aware of this habits. Knowing about the customer habits will help you to increase your sale and thereby make more profit out of your business.
In simple word, if you are aware of the customer habits then you can easily sell a product or service to them.
Of course, these habits are related to buying decision process. At no place, the customer will break the decision process. These habits will be in relation to this decision process only.
Whether you are running an online or offline business these habits of the customers will definitely have an impact on your business.
So, let us discuss these customer habits below.
Source of Information: Internet
According to one study, around 81% of the customers reach online before making any purchase decision. They consult independent websites, blogs, and social network websites to know more about your products or services.
Unlike the traditional method of collecting information from the Newspaper, Advertisement, Friends, and Family, now customer collects all the required information directly from the Internet easily. In fact, today, the Internet is the biggest source of information for the customer.
So, if you want to create a successful business then it is mandatory that your business has an online presence. Further, your presence should be such that it represents your brand and showcases your products and services.
Price Comparision Websites
Next, your customers will compare the price of your product or service with all the other available prices online.
Nowadays, many comparison websites are available online. This website simply shows the lowest price available online. Trivago is the best example of this. Trivago is a search site that quickly finds the best and cheapest deal in a matter of seconds. The below screenshot will make it more clear.
So today, the modern customer often described as digital customers, has a habit of comparing prices before making a purchase decision.
If you want to sell your product or service to these digital customers then you need to ensure that your product or service is available at the lowest price.
Of course, you can even compare the price of the product or service which you will buy offline. This habit is applicable for both online and offline purchase also.
Festival Discounts and Offers
Except Impulse buying (Unplanned buying), customers always wait for a festival or event before buying anything. This is because on this day they will get the good offers and discounts.
For Example, If Kaustubh wants to buy to additional Second Mobile Phone, then he will wait for festival discounts and offers for purchasing it.
This is the only reason why the online website like Flipkart and Amazon get hanged on running any special discounts or offers.
So, if you want to increase your sale then you will require to provide good discounts and offer on the festival.
Of Course, you can say that based on these habits only the customers will make the purchase decision.
Now your turn. What do you think? How does customer make a buying decision? What are the customer habits that play a key role in making a buying decision? You can share your feedback in the below comment box.
Further, feel free to contact us if you face any problem in understanding any of the above content. We will be happy to help you.