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June 18, 2024Leveraging Consumer Behavior To Create Efficient Marketing Strategies
At the heart of all marketing communication are emotionally-driven humans. Most consumer decisions are guided by unconscious emotions and needs of the consumers. It may appear that purchase decisions are rational and guided by cost-value analysis. However, science tells us that this is not true.
Curious how to use this information to make your marketing strategies more efficient? Read this blog to understand how to leverage consumer behaviour to create efficient marketing strategies:
1. Identify your audience and their needs:
The needs of consumers are different according to their age, gender, socio-economic class and personality. A personality profile of the consumers during market research helps companies identify the motivations of consumers when they make purchase decisions. For example, for Gen-Z, an ecology conscious purchase is more attractive than an ordinary purchase due to their environment conscious tendency. Such insights can be used to position your brand strategically to appeal to your target audience.
2. Nudges:
Behavioural science suggests that small, non-invasive and gentle “nudges” towards a particular choice without limiting the choices of the consumers leads to increase in the consumption and engagement. App notifications, pop-ups, offers, aisle spots etc . are some ways of gently pushing consumers towards making their purchase decisions. Simply displaying labels like eco-friendly product, 100% vegan etc. can act as nudges. Thus, identify your product USPs and make sure that they are visible to the consumers.
3. Sludges and Customer Retention:
Sludges are obstacles in the path of the course of action. They slow down the consumers and discourage them from completing the purchase. Ever lost a customer due to a long line at the counter? Ever wondered why certain apps have an elaborate procedure to delete accounts but relatively easier process to create new accounts? Setting obstacles in undesirable consumer behaviour and removing sludges to encourage desirable consumer behaviours is key.
4. Decoy effect and Product Pricing:
Decoy effect involves presenting a third extra option that helps individuals make a choice between 2 main products. For example, to help a consumer choose the costlier packet between 100 and 125 rupees, a third option of 140 rupees can be offered. The consumer tends to choose the middle option when the third option is presented in most cases. This can be used to set prices of various products and increase sales of your products by influencing choice.
5. Identify your brand emotion:
Every brand evokes an emotion in the minds of the consumers which helps in creating a sense of belongingness towards the brand. This could be pride, prestige, fear, or happiness. For many years, advertisements have focused on creating nostalgia of the past and this is the reason for the same. Emotional branding, as it is called, has guided many brands to reach their target audience and helped in developing loyal customers.
These are some marketing strategies that are based on a basic understanding of consumer behaviour. At White Warbler Communications, we have accompanied many FMCG companies in their product journeys by providing valuable branding services. Our team of skilled and experienced professionals is keen on understanding your branding needs, brainstorming ideas for your products and implementing branding strategies to help your products find a place in the hearts of consumers.
Get in touch with us today for branding services here.