What is Buying Behavior?
Buying behavior is a marketing term that defines the ability of a customer to evaluate their purchase decisions. Customers become shopaholics for all sorts of reasons, be it personal or professional. Some people shop for the sake of it and others shop for a purpose. Understanding the purpose and the reason behind the purchase will allow you to figure out how to retain and keep loyal customers connected to your business and its products and services.
Factors that Influence Buying Behavior
Product Quality
In the customer experience of products, quality may matter more as compared to quantity. The quality of your product reflects the attitude and work ethic of your business. When customers purchase a product, they want a flawless experience with it. So, how do we decide the quality of a product? Product quality is commonly decided by doing extensive research of the same product sold by other brands. For example, let’s look at a winter jacket from North Face and compare it with Patagonia. Before deciding to purchase the product, customers would want to know the following details – jacket material, cold protection percentage, number of pockets, waterproof rate, and level of filling to stay warm. Customers do extensive research on third-party websites such as Amazon to compare the qualities and properties of products before deciding which to purchase.
Pricing
Every customer wants a “fair price” for the product that they purchase. Customers are not always loyal to one place for shopping. Typically, customers compare prices between online and in-person shopping and between various websites and stores, especially for more expensive or lasting purchases. Most of the time, online shopping wins when it comes to a “fair price” because online shopping contains massive discounts. But experiencing a product in-person can also help customers decide whether the online or in-store price is more worth it for the physical perceived quality of the product they want to purchase. So customers have to figure out the balance they want to strike between the perceived “fairness” of the pricing and the quality of the product.
Customer Reviews
Customer reviews come part and parcel with brand reputation. As a business, you need to make sure your messaging and marketing are targeted to the relevant audience so that they stay unique to that audience’s needs. This way, customers may stay loyal to your brand through this engagement strategy and, at the same time, invite new customers to check out your brand. In the business world, your product revolves around the customer and their expectations. As a brand, it’s your responsibility to live up to the promise you make to your customers. A bad review can spread like wildfire. Accepting feedback is not a bad thing. It’s a chance for you to improve your brand. You want to embrace feedback in a positive manner so that your business can soar rather than fall.
Gauging Customer Experience with PxidaCX
Customers want the best products and experience when they go shopping. As a business, you can use PxidaCX as a feedback tool to figure out what matters most to your customers when they purchase your products. By understanding their needs and expectations, you can continue to evolve your business to meet and even exceed these and provide impactful customer experiences. Give PxidaCX a try today!