For a brand to succeed, its consumers have to buy into the story being told by the company. They must believe that it is unique and that it can improve their lives in some way. To do this, they must experience satisfaction with their purchase and be willing to share that satisfaction with others. There are many factors like how well a product is designed, packaging and advertising, the store price point, size of purchase, etc. With so many factors at play, consumer behavior can sometimes be challenging. Here are ways consumer behavior can make a brand successful.
- Product Development
A product can only be successful if it meets the consumer’s needs. A company must create a unique product yet still works with its brand story. For example, suppose a beverage company is trying to show that they are innovative and forward-thinking. In that case, it may invent a new beverage container that has a fun shape or is made of recyclable materials. If they create something different from their brand story, consumers won’t want to buy it and may look elsewhere for what they want.
- Packaging and Advertising
Consumer behavior affects packaging and advertising. If a company’s product is not exciting to the consumer, they will avoid buying it because they want to avoid having that product on their shelf or in their home; therefore, it is not a positive experience for the consumer. Technology can also play a role in a product’s success. For example, if a new product uses a new type of technology that is innovative and previously unseen on the market, then it will likely be successful. Another way packaging can affect success is by using it to distinguish brands. A company must not only create an aesthetically pleasing package but also have the product inside appeal to the consumer.
- Store Price Point
A brand’s store price point can affect its success in various ways. If a company is selling its product at a large chain store, it must be competitively priced in the stores they sell in. They should also consider where they want to be on the market and how much of a markup to charge in stores versus online. If a company wants to stay more affordable, it may not charge a lot on its site and will focus on building name recognition through advertising and word of mouth.
- Size of the Purchase
A company can influence customer behavior in a couple of ways. They can take control and put their product where they want it to be seen and when they want to be seen. They can also use techniques like bundling products with other things the customer would rather purchase and placing them in a prime real estate area. For example, if they sell food, they may bundle their product with chips or other snacks that consumers are likely to buy together to make it more efficient for the consumer. Consumers are also likely to see something on a shelf they have seen in the past, so sometimes companies will place multiple products together with similar functions or brand stories.
- Marketing Strategy
A company will spend the most money on marketing when launching its product. During this time, their marketing is quick and opportunistic because they are trying to decide their message, who their target market is, etc. Once a company has decided on a strategy, it can focus its marketing and put more money into it. They can focus on their target audience, creating an experience for them so that the consumer not only wants the product but also wants to share it with others.
Consumer behavior constantly changes, so a company must keep up with it. Many businesses face this big challenge because changes can come quickly and unexpectedly. Many factors go into a product’s success. Still, a company wants to have its product sell well. In that case, it must design it to bring its brand story to life, create an emotionally satisfying experience for their consumer and establish how much it will be charging in stores.