What's up brand builders Stephen Houraghan here at BrandMasterAcademy.com and in this
video you're going to learn what consumer behavior is
and how to influence it so you can understand the buying decision factors
most important to your audience and appeal to them and stimulate them through your brand experience
now if you're new to the channel and you want to build brands that go beyond the visuals using
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brand strategy blueprint it's a free download and the link is in the description now when it comes
to making buying decisions it's logical to think that we all weigh up the pros and cons and come to
a logical reason to buy but it doesn't happen that way which is why your brand of car is different
to your friend's brand of car on your tv is different to your neighbor's tv our privilege
of brains are constantly processing information at lightning speed and each person process that
information differently most buying decisions are made in the subconscious mind and there are five
powerful factors influencing consumer behavior so in this video you'll learn what they are and how
to use them to influence your audience and grow your sales so what exactly is consumer behavior
well the science of consumer behavior is quite new relatively speaking it began back in the late 40s
or early 50s as a subset of marketing but it's now evolved into an independent field blending
psychology sociology marketing economics and more the study of consumer behavior in marketing
determines how consumers make buying decisions to choose products services and brands so as a brand
leader or a marketing manager it's never been more important to understand how and why consumers
make their buying decisions the more brand builders understand about the thought process
emotions environmental and motivational factors that influence buying decisions the better
position they are to influence those decisions ultimately the more you know the more you can
influence and the more you can grow so why is consumer behavior so important well studying and
analyzing consumer behavior allows brand builders and marketers to understand what influences their
target market to buy having a solution to a want or to a need quite simply isn't enough more often
than not it's not the product or the service on offer that influences the decision to buy but
the right combination of buyers psychological requirements that are actually met that will
influence that decision brand leaders who study the behaviors of their customers can determine a
few things from those studies they can determine what their customers think or feel about market
alternatives so what they think or feel about those competitors the products the services and
the brands that are out there in the market they can determine the most influential buying factors
in their buying decision the impact of consumers environment on their purchase and much much more
as well the more brands understand about the pattern of behaviors of their target market
the more likely they are to influence those patterns now every market is different and to
go on further every market segment is different while some of the most important buying decision
factors for one market might include price and quality for another market they might be
convenience and value many businesses and brands become fixated on being the best though the best
is subjective depending on which market you're playing in so being the best on price and quality
won't influence the buying decision as much in a market where the priority is convenience and value
so in other words psychological buying factors influence decisions based on the importance to
their target market now when it comes to influencing consumer behavior there are
five major factors that you need to consider which are psychological factors social factors cultural
factors economic factors and personal factors now in my next video i'm going to dive a lot deeper
into each of those so you can understand how to influence them now although every individual
is different and their buying decision factors are different the more specific you become with
your target market and market segments the more likely they are to share important buying decision
factors so categorizing your market segments is simply the first step once you've determined who
your audience is and the important buying decision factors that they share you can then tailor your
offering to appeal to those factors that matter most but it doesn't stop there either you can also
create environments and situations that stimulate these factors as you'll see with the ikea
example coming up now when it comes to household furniture there are plenty of market segments out
there now ikea have become an iconic brand by appealing to two very specific buying decision
factors in both price and convenience their budget prices and their convenient flat pack designs
allow for low cost purchases that you can take home and build yourself on the same day there's
no overpriced pieces with long waiting periods and expensive delivery but ikea didn't just appeal to
those important buying decision factors they then stimulated them by creating the perfect
buying environment every ikea store requires you to walk through a journey of furnished rooms
and sections with everything that you could need for a new household at a low cost and a convenient
design so chances are if you're in the market for a new sofa you just might be in the market for a
new coffee table and a plant and some cushions to go with that sofa as well this model just shows
how influencing the customer behavior is not just about appealing to their existing buying decision
considerations it's also about designing an experience to stimulate their behavior
now look at the end of the day building a brand is about understanding your customer where do they
come from what's their subculture what's their economic situation what's their social factors
what are their motivations in life what are their motivations for the problem that they have right
now the challenges that they want to overcome the goals that they want to achieve now when you
clarify the buying decision factors that are most important to them then you want to do this number
one speak to those factors number two create an environment to stimulate them and that's pretty
much it now if you want to dive deeper into those factors that influence customer behavior then my
next video will help you out until next time brand like a master and I'll see you in the next video
you