- Business and Employment
Modern Marketing Strategies
Why you Need to Understand Consumer Behaviour
Top on the list of reasons for marketers to develop techniques to deal with consumer behaviour is to determine preeminent pricings. The determination of this is no longer a reserve of firms, but now depends on marketplace and what consumers are willing to pay. Of further factoring into this is competitive offerings being made by other sources. Take for instance the New York Stock Exchange. Here, stock prices are set based on the merging point of supply and demand. This deterministic approach is due to the fact that unless trading prices are perceived to be accurate and fair, they will not attract the investors. Unless the price is right, the consumer will simply not make the purchase.
The market arena today is different from what it used to be. Success of product sales now relies on consumer satisfaction. This has been made so by the ease in obtaining information about the products made and others consumer views on the product. These have gone further to be sought by consumers on a global scale, what with the emergence of social media platforms and all. This article shows how market strategies today are based on consumer needs and wants and how to satisfy them. They are responses to the various consumer requirements that have been witnessed in the market.
Make your Consumers Market you, Meet Consumer needs
Recommendation is the invisible endorsement. Under this comes the second reason, which is service and product promotion. Consumers seek experiences with products that are reported by its other consumers. The perception of products is no longer as much based on advertisements by firms as on testimonials by consumers who have accessed their services. These views are easily sought, what with the prevalence of social media and all. This trend in customer behaviour requires firms come up with measure to ensure consumer satisfaction so that they themselves can market the products to those around them.
It is important to provide the right product offerings. Product designs should be made so as to suit consumer preferences and requirements. Take for instance the evolution of the BlackBerry. Prior designs had drawn in to the executives and professionals, who utilised it for work. With the increased demand for designs that would satisfy both the personal and professional parts of life more additions and variations have been made in browser and multimedia capabilities and increase in other apps. At the end of the day, for the desired sales to be made, consumer needs require to be sufficiently addressed.
How a Marketer should Respond to Consumers
One of these strategies is the continuation of mass market for the commonly referred to fat spots. These are the large number of consumers for specific products. This is for profit maximization for already known and trusted products that have a wide market base. This is by utilising the huge influence brought about by large market share of a specific product to control its cost and secure its price thus in essence control market trends.
The next of these strategies is utilisation of sweet spots. This is mostly fundamental to start-up and growing firms and those that seek to expand their market share. These are the small fragments into which markets have been divided for similar products. They are great revenue sources where consumers are drawn by the numerous innovative products that satisfy each of their individual needs. The firms invest more in provide a wide range of varieties of a single product to meet unique consumer expectations.
Again a good reference is the phone industry. There are consumers who prefer phones with full touch screens and those who opt for a physical keypad on phones. The same product can be purchased in different designs, each built to satisfy uniquely the consumer needs. There is hence higher likelihood of them loving the products as they appeal to each of them individually. And with this in place, product purchase by the consumer is assured.
Make Platform Products
Another technique that can be applied is manufacturing of platform products. These are those that enable consumers to bring together the uniquely different products and form an end product that fulfils their need as required. They can combine them in the proportions they desire to have that impeccable final effect. This is commonly seen in products such as shampoos. Its result is increased product uptake ratings by consumers as can obtain their specific desires from a wide product range.