Understanding Buyer Behavior – Insights & Data Tools to Learn About Your Customers

Keep connected with customers- insights and data tools

They say that knowing your audience is everything. Whether you’re trying to nail a pitch or sell your product, it’s important to understand who you’re reaching out to and what they respond to. Learning your customers’ buyer behavior is a key way to effectively connect with your audience and increase profits.

What is Buyer Behavior?

Buyer behavior is the way that a consumer decides if they want to buy a product. In general, the higher the cost of a product, the higher the level of potential “risk” for a consumer, according to the sales glossary. This means that they will put in more thought and consideration before making a purchase.

The four main buyer behaviors are:

  • Complex: This behavior is exhibited by customers making a purchasing decision with a high degree of “risk,” such as buying a car or another very expensive item. Complex buyer behaviors include doing extensive research on multiple items and weighing your options carefully before making a decision.
  • Dissonance Reducing: Dissonance-reducing behaviors are another way a purchaser may react to higher “risk” purchases. These behaviors include worrying about the potential of making the wrong choice, but will focus less on research. Name recognition and brand loyalty can heavily impact this kind of buyer.
  • Habitual: Unlike complex or dissonance buyer behaviors, habitual buying behaviors can be seen in the purchase of everyday items, such as groceries or other items where the price point between brands is likely to be slim. Habitual buyers tend to buy from the same brand repeatedly.
  • Variety Seeking: Variety-seeking buyers look at the same everyday items as the habitual buyer with a different perspective. Instead of sticking with the same brand out of convenience, they switch between several brands as the “risk” of a disappointing purchase is slim.

By understanding the potential “risk” associated with your product, you can begin to examine what buying behaviors may be impacting your sales. From there, you can begin looking at the data for potential patterns.

Ideas to keep an eye out for include the time and frequency of the purchase, the venue of the purchase (such as in person, over the phone or online), and any items that are purchased together. By analyzing this data, you can begin to find ways to reduce “risk” in the mind of your customers and build brand loyalty.

Buyer behavior can be the root informing factor behind all of your marketing decisions. Understanding buyer behavior will allow you to determine which of your marketing strategies are yielding results, and which aren’t connecting. To fully find patterns that demonstrate buyer behavior, however, you’ll need analytics tools that can capture and measure data points.

How to Learn Buyer Behavior Quickly

One of the key ways your business can quickly grasp the buying patterns of your customers is through business intelligence tools like caller insights. Business intelligence is any process or technology that helps businesses analyze their data, according to Tech Target. Caller insights are tools that allow you to gather information on your callers and draw trends about your customers.

RingSquared offers a host of call tracking features that provide added context to marketing campaigns. With real-time call performance monitoring, keyword attribution and seamless data integration, marketing managers can assess the impact of new strategies and personalize the customer experience. When paired with unique vanity numbers, call analytics can help generate more leads and attract buyers who are more likely to follow through with their purchases, giving a lift to conversions and revenue.

With Voice Analytics AI, CallView360 also offers a powerful host of call analytics and speech analytics tools. These include call transcripts and call recording, caller sentiment rating, call scoring, and Voice AI-powered keyword tracking to automatically scan your calls for targeted keywords and flag them for review.

RingSquared offers a growing suite of call tracking and marketing tools businesses need to compete in the digital era. To learn more, contact a representative today.