Social group influence on buyer’s behavior

It is the customer, who makes the decision of buying something, right? But how does he/she reach to that decision? There's a complete procedure and different stages to this decision and as a marketer, you must know the process. For the reason that you are not going to win a customer unless you are well in terms with the factors that influence the buying behavior. Generally, the process starts from the moment a customer feels the need of a particular product (or service), next step is to look for different options available, after weighing up these options, the customer then reaches on a final decision to pay for one of these options.

Very few customers are capable of making an entirely independent and rational decision, without getting influenced by any of the external factors. One of the most important factors is the social influence, which plays a very important role in a customer purchase decision. Let’s have a look at how these social influences can affect the buying behavior.

Family Buying Behavior:
Among all social groups, family of course is the closest, hence the most influential. Knowing the answers to the questions like … who in the family is going to make the final buying decision, or who is going to pay the bill, can help a lot. Because even if your product has got nothing to do with parents, and is mainly intended for the children use. It is actually the parents who are going to pay the bill, therefore you are supposed to market the product from parent’s perspective and not of children (unless the product is some inexpensive toy or candy that the child can purchase from their pocket money).

Social Class:
Society is normally divided in three classes by sociologists, namely upper class, middle class and lower class. Some divide it in further sets like upper-middle or lower-lower classes. All of these classes have their own characteristics, social values, set of needs and spending patterns. Obviously, the buying behavior is going to be different for people belonging to any of these classes, you need to address the right set of needs when marketing for a specific class of society.

Cultural Influence:
American, European, Indian, Chinese … all of these cultures are poles apart when it comes to the people’s needs and preferences, who are a part of some specific culture. Your marketing tactics should be strictly in line with these cultures and their moral values.

Source:
Wholesale
Wholesale Suppliers

Marketing for small businesses with low budget

If you are running a small/home based business, you are supposed to be low on budget. That's quite obvious; consider it an advantage or disadvantage, but small or home-run businesses can't spend fortunes on marketing that is not generating sales in real time. For this type of enterprises, this is just so important to ensure some return on all investments they make on marketing. Small businesses do not have the funds for unproductive marketing; they need sales to keep up. In this regard, first advice and the most important one as well, do some research and make sure that the product you are going to offer is already in demand. Remember, if you fail to do this, you are most probably in for a disaster.

Choose a market segment and stick to your niche market:

Targeting the whole market may sound more lucrative but that's not practical for small businesses, at all. They do not have resources, funds or skills for that kind of penetration, for them the best option is to choose a particular segment and design their products in line with this segment's needs and requirements. Remember, by choosing and serving some specific segment of the market, you can effectively kill half of the competition, straight away.

Be consistent and steady:

Don't judge the success of your marketing campaign on day to day basis, some days your cold calls, promotional e-mails or other marketing attempts may generate lots of leads, while on other days you'll find yourself not up to snuff. But you need to be consistent and patient, especially when the times are tough like recent economic crisis. Keep a note of your conversion rate, work extremely hard to put the required finishing touches if your conversion rate is somewhat below average. You can boost it up by working on minor things like your landing page copy or improving the quality of your follow-up calls.

Internet & Social Media Marketing:

Internet can prove to be a stroke of luck for small businesses, in particular with the inception and growth of social media networks. For many small businesses, Internet and social networking websites can prove to be so effective that ignoring them should be declared a crime, for their own betterment. Using these social networks and social media websites, with a little creativity can produce unbelievable results, and the best part is that it won't cost you a dime, as long as you can come up with something interesting, informative and valuable to share with your targeted customers.

Source:
UK Wholesalers