Well, there are a lot of people who are exposed to brands and it’s an intoxication for longer than I could imagine. The brands have to be segregated from the product and the products have to be isolated away from the flashy advertisement – to get access to the true consensual buying aspect of the target audience.
There are many reasons and steps to cover the customer’s to induce purchasing their products/services. And with social media in tow, the customer’s preferences and the promotional activities are so intertwined. It gets difficult for the brands to find more angles that could be utilized to reach the customers better.
What could be the Buyer’s Persona?
A buyer’s persona is a semi-formal way of interpreting the likes, needs, and wants of the potential customers. Buyer personas could help you describe what kind of people are your ideal customers. And importantly what trends the customers are into these days.
It helps to find what kind of challenges they face while looking for a particular product or service. And how advertisements, the internet, and social media help them make their buying decisions. It’s so common to have multiple buyer personas for one kind of business.
Let me tell you a personal experience with a brand frenzy. The brand Diesel, one of the subsidiaries of Only The Brave (OTB), an international fashion company. The loop started with one teenager buying a Diesel branded bag to look cool. And it spread like a wildfire – sooner or later most of the teenagers bought one in that academic year.
No one cared about what they wanted! They just wanted to look cool and that is how the buyer’s persona could change from one stage to another. It is just that one of your end-users needs to gain the approval of other existing customers before making the purchase.
That’s all it takes to make a mass get to be your customers. But mind you! the trend changes rapidly.
Aspects that fit into buyer’s behavior:
There are a few aspects in which the buyer’s behavior is fit into by the brands for ease of market research.
1. Demographic aspects:
Age, gender, and location are the major factors of engaging with the audience using market research. The products and services must be revolving around the demographic needs of the target audience.
2. Buying capacity:
The income of the buyers is the primary element to consider when a product or service is marketed to them. They must not only have the willingness to buy but also the ability to buy it.
Status supersedes all the other factors when it comes to getting influenced. There may not be a ‘need factor’ present, just because status prevails buyers might be interested in purchasing a product or availing a service.
4. Brand loyalty:
There are buyers at par with and without brand loyalty. Understanding consumer buying behavior is also based on strong psychological factors. But still, it is one of the factors to consider while compiling a market research report.
What is the role of millennial marketers in consumers’ buying behavior?
1. Influencers in Instagram:
Millennials play a vital role in buyers’ behavior – especially in India with the highest youth population, we follow Instagrammers and Vloggers before buying anything. Instagram likes, Reels views and the Snapchat streak are everything to us – our lifestyle is decided by most of the influencers (nano, micro, or macro).
- Nano Influencers: They are small-scale content creators. They engage every day with people who have followers between 1,000 and 10,000. If they are paid they’ll advertise products on their social media account. They are highly utilized by brands to cover the local to a small circle as they tend to be a trusted voice with their followers.
- Micro-Influencers: A micro-influencer has medium-scale followers ranging from 1,000 to 100,000. They market products/ services focusing on a specific niche. They are sometimes referred to as industry specialists or subject matter experts. They have stronger relationships than any typical influencers.
- Macro-Influencers: They are large-scale or mega influencers who include celebrities from various domains. Their followers range from more than 1,50,000 and above 5,00,000. The brand might find it tricky to select the macro-influencer that suits them. Brand trusts these influencers with their brand identity and their advertising campaign.
According to Hubspot consumer buying behavior research “73% of the buyers depend upon the influencer’s content while making a buying decision”. Now that’s a lot!
And 80% of the marketers say that influential marketing is one of the highly trending aspects of buyer’s purchasing decisions.
With all these stats we now know why small to big brands go with influencers to reach their target audience.
2. Content creators:
Clothing, make-up, and lifestyle choices could be marketed by influencers. What about automobiles, electronic gadgets, etc?
Content creators include photography or video creators, writers, and artists. They come up with a fresh piece of content that could be educational, inspirational, attention-grabbing for a product or service. They do have followers but that is not the sole purpose of posting or giving away content on social media.
Automobile vlogging in Autocar has viewed more for comparison’s sake and multiple fact checks before going to an actual showroom to check out the actual vehicle. Vlogging causes 11% of buyers’ influence during considering a product/service.
Even Meme Marketing comes under Content Creation. The meme is a viral sort of marketing technique that has been used to excite relatability to people. A meme in the form of video, GIF, and image templates reaches much better with the general audience.
A blogger bases his content on niche-based and topic-focused writing. A combination of storytelling and fact-establishing writing is called Blogging.
Bloggers are a writer with a pinch of salespeople characters. They end up telling the features, benefits of using your product or availing your service backed with review and ratings.
Textual form of content could be included in any medium like website blogging, guest blogging, social media description, writer’s columns in magazines, Content Management System (CMS)- WordPress, Medium, etc.
Bloggers influence purchasers by 50% as they give out every useful purchase information. Most frequent readers instate that blogs sway their purchases more than social networking sites.
Blogs are not only for tech-related stuff; It also covers 15% from entertainment and media, sporting goods and gaming gadgets 14%, travel spots are 12%.
The concept of brand loyalty remains very less, even corporate giants are no exception. People who move away from the brands are moving towards content.
The buyers are aware and have excessive product/ service knowledge even sometimes more than the sales executive is because of these mediums in which content reaches them. And are also deeply influenced by the color, results, and celebrity endorsements.
So it is the responsibility of the brands to know the consumer buying behaviors and to take charge of giving out legit content for the buyers to be influenced in the right way.