It’s no secret that consumers are the backbone of any successful business. For a company to be successful, they need to provide products and services that will satisfy its customers. So it is crucial for companies to know how consumer behavior affects the success of their brands. However, most of the time, companies do not fully grasp how consumer character affects the success of their brands. This article discusses how consumer behavior affects the success of a brand.
1. Brand identity
The brand identity is the core of a business. It defines what people believe their products and services represent. Brand identity can be a powerful tool to stimulate consumer habits, but it can also be misleading if not designed correctly. Most often, companies will focus on the “good” parts of the brand without putting equal thought into the bad parts. This results in consumer confusion over their relationship with a brand truly means to them. Consumer confusion is one of the biggest factors that affect consumer habits regarding their perception of a company.
2. Repurchase Decision
The repurchase decision is an extremely important aspect of consumer habits. If consumers don’t believe a product will provide them with value in future purchases, there is most likely no chance they will buy it again. There are two main aspects to the repurchase decision: the importance of price and quality. If a company has a strong brand image and high-quality products, then the price may not be as much of an issue for consumers regarding their repurchase decisions. However, if a company has a poor brand image and its products are of low quality, then the price will be an extremely important factor.
3. Persuasion
The next important aspect of consumer behavior is persuasion. Persuasion affects how consumers feel about the value of a product and how they perceive the company’s brand. It amplifies the importance of price for companies that want consumers to consider repurchasing their products after every purchase. Advertisers heavily persuade consumers, so how a company advertises its products will directly influence whether or not it will persuade consumers to buy.
4. Price Value Relationships (PVR)
Once a consumer has determined that a product is worth repurchasing, then the second most important factor of the repurchase decision is price-value relationships. The PVR of a product is the ability of consumers to determine the cost of something being sold at or above cost by a company. When consumers can determine that a product is priced above or below its value, it can create a negative or positive impression of the company. If a company has a strong brand image, the PVR will be favorable for them. However, if a company has a poor brand image and their products are priced at or less than cost, this will affect their PVR.
5. Brand image
The final aspect of consumer behavior that can affect the success of a brand is the brand image. Most companies pay little to no attention to their brand’s social and economic impact. Some companies may have the best intentions for promoting their brand, but these companies may not be addressing all of the aspects that may affect their success. No company is perfect, and there will always be some negative or positive aspects of a specific brand. The key to successful branding is not promoting negative aspects as much as promoting positive aspects.
Conclusion
The success of a brand is greatly affected by many different aspects that affect consumer behavior. These examples are very important for a company to ensure the success of its brand in the future. All companies should take the things discussed in this article into consideration to fully grasp how consumer behavior affects the success of their brand.
