Introducing Behavioral Marketing

Name: Introducing Behavioral Marketing
Author: Tracy Abbott

Learn the definition of behavioral marketing and identify its benefits.

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Course: On-Demand

(simple music) In these lessons, we'll learn about consumer behavior, customer engagement and the data analytics marketing professionals use to make strategic decisions. You'll also explore behavioral segmentation, behavioral marketing, and how technology and information can impact your marketing strategy. Think about the last product you purchased and how marketing and consumer behavior came together to make that transaction happen. When a transaction occurs, two things generally happen. Consumers become aware of a product or a service, and they consciously determine their need for it. Keep in mind that these don't need to happen in that order. Sometimes the customer will determine their need before encountering a brand and they might discover the product or service during their own research. Needs can also trigger memories of past brand encounters. Regardless of how these steps occur, they're an example of how marketing and consumer behavior contribute to transactions. To encourage transactions, marketing professionals learn about their target consumers. This involves developing a solid understanding of consumer behavior and the consumer decision process. The American Marketing Association defines consumer behavior as the study of how customers, both individuals and organizations, satisfy their needs and wants by choosing, purchasing, using and disposing of goods, ideas, and services. Understanding consumer behavior involves learning about customer's preferences, demands, and expectations. It can also be beneficial to know when, where and how customers make their purchases. Having this knowledge can enable you to provide products or services that will satisfy your customers. And it can also be beneficial to understand the consumer decision process. Think about the last time you were shopping for household goods, either online or in store. You may not have been conscious of it, but you made your purchasing decisions using the consumer decision process. The team at Animas Marketing, a digital marketing agency, explains that the consumer decision process includes the following steps, need recognition. During this step, customers will recognize their needs for something or identify a problem that needs to be solved. Information search. After recognizing their needs, consumers may conduct research about possible choices. Alternative evaluation. This involves weighing the pros and cons of the different possible options available. Purchase decision. During this step, consumers will make decisions based on their needs and research. And post-purchase behavior. After their purchases, customers will consider their decisions, their feelings, and whether the products or services adequately met their needs. Let's look at an example of this process using laundry detergent. Initially, a customer might notice they're running low on laundry detergent and determine that they need to buy more. After recognizing their need, they might conduct research to determine the best laundry detergent brand for their purposes. If they already have a preferred brand, the research might include examining the different sizes, scents, and price points available from that brand. Using their research from the previous step, the consumer will compare different options. Certain options may be less expensive or have a higher volume of product. The consumer will then determine which detergent best fulfills their needs and decide to purchase it. If the consumer has a positive experience with the laundry detergent, they may recommend the product to others or leave a good review. While many consumers go through this process during their purchases, the time spent on each step might vary. Someone might spend more time researching a new vehicle as opposed to a new laundry detergent. Keep this in mind when considering the consumer decision process for your products or services. Many factors can influence consumer behavior and the consumer decision process. The following are some possible examples. Culture, age, income, location, lifestyle, personality, economic circumstances, personal experiences and market trends. Understanding consumer behavior and expectations is important for effective marketing. According to recent research from Salesforce, 66% of customers expect companies to understand their needs and expectations. When a marketer has a good understanding of consumer behavior and their consumer's decision making process, they can reap several benefits. Clootrack, a customer experience analytics platform, explains that possible benefits might include increased customer retention, improved customer service and more relevance in the market. When you understand how and why your customers are influenced to make purchases, it can help you create more compelling campaigns.

Intermediate Provider : Tracy Abbott 6 Lessons · 21m in Arabic, German, English, Spanish, French, Portuguese, Urdu, Chinese

Course Description

Observing and analyzing consumer behavior are important parts of behavioral marketing. Before you purchased your last product, you likely recognized your need, conducted research, and ultimately made a decision. Many consumers go through a similar process without realizing it. When you understand this kind of consumer behavior, you can guide customers to purchase your products and engage with your organization. You can also effectively customize your marketing messages using behavioral segmentation. To start understanding your audience’s behaviors and creating segments, you can learn how to use data analytics, technology, and information throughout your marketing strategy.

In this course, Introducing Behavioral Marketing, you’ll learn the definition and understand the benefits of behavioral marketing. You’ll develop an understanding of consumer behavior, the consumer decision process, and customer engagement. You’ll explore how marketing professionals use data analytics to make strategic decisions, and you’ll learn about behavioral segmentation. Finally, this course will explain how technology and information impact marketing strategy.

What You'll Learn

Define behavioral marketing and consumer behavior
Understand the benefits of behavioral marketing and the consumer decision process
Explore how marketing professionals use data analytics to make strategic decisions
Apply behavioral segmentation to customize marketing messages
Identify how technology and information impact marketing strategy
Examine customer engagement within a behavioral marketing approach

Key Takeaways

Observing and analyzing consumer behavior are important parts of behavioral marketing.
Consumers often move through a decision process of recognizing a need, conducting research, and making a decision without realizing it.
Understanding consumer behavior lets you guide customers to purchase products and engage with your organization.
Behavioral segmentation allows marketers to effectively customize their marketing messages.
Data analytics, technology, and information can be used throughout a marketing strategy to understand an audience's behaviors and create segments.

Frequently Asked Questions

What will I learn in this course?

You will learn the definition and benefits of behavioral marketing, develop an understanding of consumer behavior, the consumer decision process, and customer engagement, explore how marketing professionals use data analytics to make strategic decisions, learn about behavioral segmentation, and understand how technology and information impact marketing strategy.

What topics are covered in the lessons?

Lessons cover Marketing and Consumer Behavior, Data Analytics and Customer Engagement, Behavioral Segmentation, Technology, Information, and Marketing Strategy, and Defining Behavioral Marketing, followed by a Test Your Knowledge assessment.

What is behavioral marketing according to this course?

The course explains that observing and analyzing consumer behavior are important parts of behavioral marketing, and that understanding consumer behavior lets you guide customers to purchase your products and engage with your organization.

How does this course address marketing strategy?

The course explains how marketing professionals use data analytics to make strategic decisions and how technology and information impact marketing strategy.