There are many reasons new businesses might struggle during their first years. Especially when it’s a small business run by someone with no marketing background. New entrepreneurs tend to ignore a few simple yet crucial criteria affecting customer behaviour. There are many we’re going to highlight a few which are easy to work on.
Regardless of what type of business you run, a huge factor that you shouldn’t ignore is the age of your regular customer or the expected age of the type of business you run if you’re just starting up. Simple research would do wonders for the success of a startup. In 2009, Catherine Hervé, Université François Rabelais, studied on age factors in consumer behaviour. The study shows that younger customers considered a low price a sufficient reason to buy an item of clothing. For older customers, suitability was a more important factor, while for the eldest people, durability was the most important.
Your store brand image and familiarity heavily influence purchase behavior. According to a study done in 2013 (Fall Diallo, M., Chandon, J., Cliquet, G. and Philippe, J. (2013), “Factors influencing consumer behaviour towards store brands: evidence from the French market”, International Journal of Retail & Distribution Management), and that’s why you should give great attention to trends, advertisement, promotions, customer reviews, and social media feedback, to help your target customer form a positive impression about your brand, which will influence their buying decisions.
SOCIAL STATUS, CULTURE, AND INCOME:
You might think some of those are obvious steering factors of customer behaviour, and yes maybe so. However, the more concert data you’re able to collect about your customers the better yield you will end up with.
To sum up, you’re definitely on the right track since you’re here reading this.
Research is essential, and can offer you many tips and tricks which can help you create a sustainable profit and a prosperous business!
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