Consumer behavior and brand loyalty are the keys to brand management. People usually follow certain patterns when choosing or buying something. A good brand manager is someone who knows the pulse of the customer, knows their buying behavior and behavior, and is able to provoke consumer participation to test their brand.
It is true that in any market there will be customers who are loyal to a particular brand and those who are not. Those who are not loyal to your brand will stay loyal to other brands. Understanding the loyal and unbranded segments makes it easier for you to target specific promotional activities towards those brands in order to attract unfair prospects to try your brand. The key to getting a response from this promising new segment is to get greater engagement through awareness raising.
Proper knowledge of the customer buying model is the most important information for the brand manager's strategy to increase market share and market penetration. There are many market research companies that have been investigating and recording data on consumer behavior and buying behavior, particularly in the FMCG segment, for more than fifty years. Data analysis, based on actual consumer buying patterns, which have been registered for several years, gives us a real picture of consumer behavior. There is a kind of market research analysis covering different segments as well as regions and at the country level. Consumer behavior varies from country to country. While people in the UK prefer to order in the mail and buy items or items in smaller quantities, US consumers prefer to buy in bulk and keep them at home. Geographic distance and shopping location also contribute to consumer behavior.
Consumer behavior data alone will not be sufficient to make branding decisions. To know a consumer's heartbeat, you need to understand more about the market and buyers. While you'll find that brand penetration is steady with the most established brands, it doesn't work well with newer brands. Whenever a new brand is launched or a promotional event is held, while remaining loyal to other brands, consumers tend to try the promotional product.
The 80:20 rule is also good for consumer brand loyalty; Eighty percent of sales are made by twenty percent of loyal buyers of the brand. The challenge then is that promotional events aim to encourage more and more consumers to try the brand, paving the way for increased brand awareness. Brand managers then need to work at the next level to make test users more user-friendly.
The emergence of social networks has changed consumer behavior in general. Potential customers and brand loyalists as well as disgruntled brand users have direct access to a large network where they can exchange ideas, exchange information and experiences, initiate discussions and form opinions. Brand managers have no choice but to understand these platforms and engage with customers through social media. This channel is a powerful tool for brand managers as they build brand support communities and interact with brand prospects and users to grow relationships. The risk of negative advertising for brands is also very high and brand managers need to continuously monitor and interact with social networks to avoid such interactions.
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