There are many reasons new businesses might struggle during their first years. Especially, when the small business is managed by someone with no marketing background.
New entrepreneurs tend to ignore a few simple yet crucial criteria effecting consumer behaviour. As 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 which you shouldn’t ignore is age. Such as the age of your regular customer, and the expected age of the type of business you run if you’re just starting up. A simple research would do wonders to the success of a startup. e.g. a study done in 2009, Catherine Hervé, Université François Rabelais, on age factors in consumer behaviour, shows that for younger customers, a low price was considered a sufficient reason to buy an item of clothing, and 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 influences purchase behaviour. 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. As they will 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 consumer behaviour. 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, as it can offer you many tips and tricks. Thus, help you create a sustainable profit and a prosperous business!