Coaching Session 3 – Consumer Behavior

Timestamps

01:09 How to Understand the Customer

02:08 Identifying Needs and Wants

08:05 The Buying Decision

16:09 Creating a Customer Profile for Your Brand

 

Lesson Notes

In this Lesson

  • How to understand the customer
  • Identifying needs and wants
  • The buying decision
  • What is a target market
  • Selecting a target market
  • Creating a customer profile for your brand

 

Consumer behavior describes how the consumers choose among alternatives and use products.

  1. Need
  2. Want

Need – is anything you require for survival.

Major Hierarchy Needs

  1. Physiological needs
  2. Safety needs
  3. Social needs
  4. Esteem needs
  5. Self-actualization

Physiological Needs

  • Biological requirement for human survival
    • Air
    • Food
    • Drink
    • Shelter
    • Clothing
    • Warmth
    • Sex
    • Sleep

Safety Needs

  • People want to experience order, predictability, and control their lives. These needs can be fulfilled by the family and society ( e.g. police, schools. Business, and medical care).

Social Needs

  • The third level of human needs is social and involves the feeling of belongingness. The need for interpersonal relationships motivates behavior.

Esteem Needs

  • Esteem for oneself – dignity, achievement, mastery, independence
  • Desire for reputation or respect – status, prestige

Self Actualization Needs

  • This refers to the realization of a person’s potential, self-fulfillment, seeking personal growth, and peak experiences.
  • The desire to accomplish everything that one can, to become the most that one can be.

Wants – A want is something that is desired. Wants are not essential for living but they are important for the desired lifestyle.

  • Food = need
  • Steak = want
  • Desert = want

Want and need = must have

  • When you are able to identify the needs and wants you’ll be able to create a clearer picture of how you are going to design your brand or your campaign.
  • Effective brand marketing and advertising create wants and desirability for your product.

Consumer decision making

  • It is important to know the customers’ buying decisions so that you’ll be able to create a path towards your brand or lead them to your brand using brand marketing and advertising strategies.

5 step decision-making process

  1. Recognize the problem
  2. Search for information
  3. Evaluate alternatives
  4. Make the purchase
  5. Evaluate the purchase

Recognize the problem

The first step in the decision-making process occurs when the consumer recognizes a need, desire, or problem.

Think about NEED & WANTS of your target market

  • What are the NEEDS of your target market that your brand can meet?
  • What are their  WANTS that your brand can address so that ultimately it becomes part of their lifestyle?
  • What are the problems that your brand can solve?

The consumer then accesses tools that can help him search for solutions. Online, these would be search and social media platforms such as Facebook, Instagram, Google, Pinterest, and the like. Or it could be your online shopping platforms and websites.

Be Visible – If you have a physical restaurant, the secret to good business is location, location, location, It must be accessible to your target market.

  • Website
  • Mobile app
  • Other platforms

Think of the brand you’re developing now

  • What social media platforms are your target market using?
  • How can you make yourself more visible to your target?

Evaluation of Alternatives

When search results & options have been provided, the consumer then evaluates them and narrows down the number of choices.

  1. Have a great brand and product!
  2. Excel in customer service
  3. Good honest reviews.
  4. Testimonies
  5. Provide the benefits that your consumers need.
  6. Be on top of mind as the best alternative solution to the problem.
  7. Under promise, Over deliver.

What do you need to improve about your brand?

  • Review your product and brand quality.
  • IF you’re an existing brand, do you have good reviews?
  • Are you sharing customer testimonies?
  • Are you communicating your brand benefits?
  • Are you delivering on your promise?

Create a product features and brand benefits sheet

  • List down your product features.
  • What are the features of your product that will make you more appealing over your competitor?
  • List down the benefits of buying your brand.
  • What do you think is the best benefit of your brand that will make your target market choose you over the alternatives?

Marketing the purchase

For your brand to be the best option it will have to

  1. Satisfy the need or solve the problem at an
  2. Affordable price for the buyer,
  3. Be  at a very accessible platform,
  4. Be available at the right time when the consumer needs it.

Convenient Payment method – another factor that has become very important especially for online transactions is the payment method. It must be convenient to make the purchase as painless as possible.

Post-purchase evaluation – This is the stage when the consumer decides whether the purchase met his expectation and satisfied his needs and wants.

Creating a customer profile

Market segments

  1. Geographic segmentation
  2. Demographic segmentation
  3. Psychographic segmentation

Geographic – segment your target market on where the consumers are located.

Geo-targeting is marketing to a set of specific users based on their location. By using geo-targeting, you can find customers by zip code, city, or country.

Where is your target market located?

  • Identify your target market’s location.
  • Find out what you can about the consumer behavior of that locality.
  • What language do they speak??
  • What is their culture?

Demographic – include consumer characteristics such as

  • Age
  • Gender
  • Race
  • Marital status
  • Income
  • Education level
  • Occupation

The Female Economy – the female consumer confidence index increase 12 points over that time, from 91 in the fourth quarter of 2013 to 103 in the fourth-quarter 2018.   – www.nielsen.com

Psychographic – Describes consumers based on their interests, attitudes, opinions, and lifestyles.

Your target market Psychographics

  • Interests
  • Hobbies
  • Beliefs
  • Attitudes
  • Opinions
  • Lifestyle

 

Portfolio

  • Create customer profile
    • The customer’s Profile
    • Product/brand:
    • Name:
    • Age:
    • Gender:
    • Marital status:
    • Income:
    • Education Level:
    • Number of children:
    • Hobbies:
    • Interests:
    • Lifestyle:
    • Source of information:
    • Pain Points:
    • Challenges in accessing your brand:
    • Objections to purchasing and accessing your brand:
  • Using your portfolio 2 assignment and the customer profile, create your customer’s buying /purchasing journey.

 

Email Subject: BMAC-Portfolio 3

 

PORTFOLIO SUBMISSION GUIDES:

1. Video-On-Demand (VOD) Access
Submit your portfolios to courses@surgedigital.agency.
You can submit individually per coaching session or submit all required portfolios as one, in one email (attach your Google Drive).

2. VOD with Class Coaching
Send your portfolios to courses@surgedigital.agency.
Please submit individually per coaching session.

3. VOD with Mentoring
Send your portfolios to courses@surgedigital.agency.
Please submit individually per coaching session.

4. Premium Members
Submit your portfolios to courses@surgedigital.agency.
Please submit all required portfolios as one, in one email (attach your Google Drive).

 

CONTACT US!

For Technical Issues: members@surgedigital.agency

For Submission and Certificate: courses@surgedigital.agency

For any Concerns or Questions: info@thesurgemarketplace.com