However, data is the king. Withdrawing untraced business models, an entrepreneur can come in win-win situation. But what if it is not analyzed? No matter how richer would you be by data, it’s evaluation that declares you the king.
Let’s see how consumer buying decision process helps to evaluate his behaviour.
1. Recognizing Problems: The marketer must acquaint what the customers require. Most of the marketers fail to connect what the customers have and what they want.For example, maggi has become a household name in India. A confectioner assumes that it’s the only noodle brand that every consumer loves. So, he stored it more than its predicted demand to cope up with its scarcity.
Meanwhile, the widespread popularity and commercialization of Baba Ramdev’s Patanjali Atta Noodles has swollen its demand. And it is cheaper by INR 10. Wooed with its health benefits & low price, consumers replaced maggi with it.
Eventually, it’s the seller’s wrong evaluation that unleashed loss. So, it’s not only the demand but also the price factors, availability and benefits that derive demand.
2. Internal & External Information Research: Internet has empowered buyers to google. Since every person is connected to it, he seeks solution on internet to browse solutions to every problem.
The consumer is habitual to hear his conscious mind. He finds it richer repository of information. Probably, the past experiences configure it. And if it does not satisfy, he prefers to consult it with his family, friends, relatives and some external media sources.
For example, a man wants to buy a new Volvo car by selling the old one. As per human tendency, he would consult it with his family, friends and relatives. In case his mind clashes in regarding with a number of choices, he can seek external information from press, TV, case studies (of customers’ experience) & newspapers.
3. Evaluation of Alternatives: The presence of innumerable alternatives creates confusion. Not only buyers but also do the sellers get trapped in dilemma.
Let’s say, a catering company has to shortlist the beverages’ brands for catering in a cultural event. And market has many soft drink brands like Coke, Sprite, Maaza and Fanta. At this point, recounting its past experience of catering its clientele will rescue to process data for evaluation. Rather than seeking external information from data processing outsourcing, the company would evaluate on the basis of research of its past experience.
4. Finally, Convince for Purchase! Finally, the consumer decides to purchase. In this situation a number of factors do influence. Such factors can be price, availability, place and convenience.
For instance, if I want to buy tailored-sleeve leather for men online, I will browse amazon, flipkart and Myntra. I would compare price on all eCommerce websites and check the brand. Eventually, I will buy Wrangler’s Jacket from Myntra since it assures free and early shipping. Moreover, discount and guarantee will be other factors that would convince me to buy from it.
5. Post-Purchase Feedback: Customer reviews mirror the performance of the business. When the customer used a product or is using it, it is the right time to approach for their feed. It takes the business a long way & access indefinite success.
Satisfied customer will rave and do mouth to mouth publicity. Conversely, enraged customers can stir negative reviews which can lead to loss.