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Consumer Behaviour Market Research

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Consumer Behaviour Market Research

Consumer behaviour market research is a type of research that studies how customers behave and what makes them choose certain products and falls under the broad category of behavioural science. This data can help the company know how to package and sell their products in order to make new customers and keep existing ones. There are many ways the behaviour of the consumer can be observed, including: face-to-face interviews, email surveys and direct observation. It is also an effective way of knowing what the company’s competitors are doing better in the eyes of the consumer.
A big part of consumer behaviour is system 1 and 2 thinking – how we make decisions. System 1 is initial thoughts and is how we make most of our decisions. System 2 is when we make a decision based on more in-depth facts. For example, if a customer is deciding which packet of cereal to buy, they will most likely make their decision on the packaging (system 1), however, they could make their decision based on ingredients or calories (system 2).
A further important factor to understand consumer behaviour is a company’s brand equity. Good relations between a company and their customers will create a positive brand equity and increase sales over their competitors. A negative brand equity, commonly instigated by poor products or customer services, will change the consumer behaviour.

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