Buyer Behavior & Buyer Personas
All consumers’ perspectives and journeys are different; there is no one perfect way to market or connect with your audience. In this episode of the 301: The Redirect Podcast, Jailyn and Morgan converse about two marketing elements: consumer behavior and buyer personas, and how they will help determine how to specifically target your company’s audience.
Consumer behavior is “learning how one individual or a group of consumers purchase a product or a service.” Companies will understand the decision-making and buying process that appeals to their audience out of the many alternatives each market offers. For example, a lot of companies make cell phones, but Apple’s iPhone remains one of the most-purchased devices over the past decade for many reasons. Some consumers can explain their decision to purchase an iPhone, while others see it as a popularity choice.
It’s important to be aware that consumers consider a lot of factors when making a purchase decision. Buyers subconsciously prefer one brand over others, which also influences their buyer behavior and loyalty. This behavior is also influenced by factors like cultural, psychological, economic, environmental, and much more. Economic choices stem from companies when offering incentives or discounts; psychological choices come from having a website and an online presence, user experience features, and perceived feelings when visiting the brick-and-mortar stores.
Brands and marketing departments should consider learning how buyers purchase your products and/or services. Understanding their journeys and learning why they specifically buy from your company increases your ability to maintain loyal customers and create new repeat customers, too. Companies can learn this information by sending out quick post-purchase surveys and doing other marketing research. Surveys should target a minimum of 30 buyers to remove outliers for the best results. Both of these tactics are sure ways to get information and insights directly from the buyers and increase how the company can implement additional efforts.
While buyer behavior serves as an important element in knowing your audience’s demographics, incorporating buyer personas into your marketing efforts will help you learn and continue to market accurately to your audience.
Buyer personas are fictional character profiles that are created to better-understand the demographics, interests, hobbies, etc. of a business’ audience. Use market research, social media and website analytics, and any other relevant information your company has access to to build these profiles.
Personas are important because they allow companies to truly learn and understand the type of individuals who support their brand as well as those don’t. The number of personas you create is dependent upon your company’s size, market, geographic location, and target market – TM targets medium-to-enterprise-sized businesses, therefore, we created 5 personas based on the types of clients we do and do not want to reach.
General Persona Information
Here are some ideas of what information to include in your buyer persona profiles:
- Demographics (age, sex, location, etc.)
- Income status
- Profession and industry
- Likes and dislikes
- Pain points
Once you’ve created your buyer personas, update them regularly to ensure your information stays up-to-date. We recommend reviewing the buyer profiles every quarter, or twice a year, to make sure all information is relevant and takes the latest trends into consideration.
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Understanding buyer behavior is crucial to anticipate what your customers are going to do next. If you’re interested in gaining more insight on your customers and potential clients’ purchase behavior, feel free to reach out to us via our Contact Us page or leave us a comment below!