Predicting consumer behaviour is crucial for marketers

New Ideas in MarketingEssential news for marketers, summarised by YouGov
October 14, 2019, 9:00 AM UTC

Consumer behaviour information can find application in social marketing.

This article suggests strategies to understand and influence consumers. Usually studied by economists, consumer behaviour, a study of how people spend their money, can inform brands of insights which can help them market their products.

To better understand consumer behaviour, the article recommends considering the psychological, personal and social factors impacting a purchase decision. Dave Cherry, executive strategy advisor at Cherry Advisory states that accurate information about what consumers are “going to do” is far more valuable than their demographic profiles or transactional data. And so, marketers must look to predict consumer behaviour.

To study consumer behaviour, Tim Friesner a marketing teacher notes that marketers could do well by providing value and customer satisfaction. Lars Perner, assistant professor of clinical marketing at USC recommends applying consumer behaviour learning to social marketing.

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