In the above examples, both Tom and Mike are consumers. Every customer shows inclination towards particular products and services. Consumer interest is nothing but willingness of consumers to purchase products and services as per their taste, need and of course pocket.
Both Maria and Sandra went to the nearby shopping mall to buy dresses for themselves. The store manager showed them the best dresses available with him. Maria immediately purchased two dresses but Sandra returned home empty handed. The dresses were little too expensive for Sandra and she preferred simple and subtle designs as compared to designer wears available at the store.
In the above example Sandra and Maria had similar requirements but there was a huge difference in their taste, mind set and ability to spend. Consumer Behaviour is a branch which deals with the various stages a consumer goes through before purchasing products or services for his end use. There are infact several factors which influence buying decision of a consumer ranging from psychological, social, economic and so on.
It may be possible that the supplier may not have the best product or the customer may be having some problems with the supplier in respect of his supply of the product but the customer likes to ignore other options and prefers to continue with the same supplier as the customer thinks the supplier provides him more value and benefit than others.
Such loyal customers tend to spend more money buy more, buy longer and tell more people about the product or supplier. This type of long-term customer loyalty can only be created by making the customers feel that they are number one priority with the supplier.
Some customers are inherently predictable and loyal, irrespective of the supplier with which they are doing business. They simply prefer long-term relationships with him. Loyal customers are predisposed to stay with one product or supplier, resisting competitive offers and also recommend the supplier to others. In case the business is done directly the relationship is direct so also the loyalty.
But if the selling is through two or more intermediaries then the loyalty has to be measured at different levels. In that case the end customer loyalty is influenced by the loyalty of the intermediate customers. Then the supplier has to focus his loyalty retention plan accordingly and has to judge and analyze the loyalties of the intermediaries. This process depends on what amount of importance he gives to each of the intermediaries and how much to the ultimate customer.
But it is certain that well-managed customer retention programs are sure to give the ultimate customer loyalty. True, the customers who are targeted by a retention program demonstrate higher loyalty to a business. Therefore such customer retention programs should include regular communication with customers, and provide them opportunities to remain active and choosing to do business with the supplier. Loyalty is demonstrated by the actions of the customer.
Customer loyalty is not customer satisfaction.
Consumer Behaviour deals with various stages that a consumer goes through before purchasing any product or service. Lets understand the concept in detail with the help of few examples.
Consumer behavior is the study of how people make decisions about what they buy, want, need, or act in regards to a product, service, or company. It is critical to understand consumer behavior to know how potential customers will respond to a new product or service.
Consumer behaviour is the study of individuals, groups, or organizations and all the activities associated with the purchase, use and disposal of goods and services, including the consumer's emotional, mental and behavioural responses that precede or follow these activities. Consumer behaviour emerged in the s and 50s as a distinct sub. Customer Behavior Management Our product can help you know your customers and prospects better and learn what shopping habits they have now and are likely to have in the future.
Customer Behavior marketing guides and reports for the busy professional Influencer Marketing Success Stories With examples including Forbes Digital and Virgin America, this new Case Study Collection will show you how use influencer to boost brand awareness, introduce . Customer Behavior Modeling is the creation of a mathematical construct to represent the common behaviors observed among particular groups of customers in order to predict how similar customers will behave under similar circumstances.