1 year ago
Understanding consumer behavior
It’s not a consumer’s job to think what they want. Offer them something new and different, they will like it and subsequently will purchase it.
Any private company is established with a motive to be in the market for a long run and with a profit-making motive. Once they come up with an idea about any product, they research their potential market and about their consumers. Today, in a scenario comprising multiple organizations, competing for market dominance with a similar product, it is very difficult for new companies to attempt to gain a foothold in the market. It is necessary for organizations to know their consumer behavior.
Consumers are unpredictable in nature. If they are not satisfied with the product performance, they don’t hesitate switching to other product of a similar nature of a different company. So, it is very hard to induce consumers toward a product for a long time. Companies like Apple, Microsoft, Samsung, Sony, LG, Philips, Facebook, Wal-Mart, McDonald’s, Google, etc are among few lucky companies that have a huge fan following and have many loyal consumers. That is the reason why they are successful. They know how to hold their consumers by updating and evolving themselves. The constant evolution is a present-day necessity and what people all around want.
A few years back, it was difficult even to think about connecting oneself with people from another corner of the world. There were some means of connecting but they were very costly. Mark Zuckerberg realized this need and he came up with the idea of Facebook, and the rest is history. Let’s take another example of Patanjali. Today everyone is health conscious but because they are so busy with their day to day work, they don’t have time to go to the gym. All they want is to find an escape to stay fit. Baba Ramdev realized this need and he came with healthy and organic products which became an instant hit among people.
What we can assume from this is that people have problems and if a company can solve it then people will come to them and will make their company profitable.
In our country, roads are not accessible to many remote areas. People living in particular areas have difficulties commuting. If a person realizes this and opens a grocery store there, a lot of people will flock to his shop. This is how any business works, whether big or small.