Consumer Behavior
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5 Best Practices for Market Research Borrowed from Psychology
Posted at: 11/26/2018 9:05 PM
Principles of psychology are intertwined throughout market research. Many decisions are based on an individual’s anticipated thought process or behavior. Psychology fundamentals are used to interpret market research results. Psychology also influences the underlying processes of market research. I recently read the Quirk’s article, “Psychology’s reminder to MR: Part 2: 5 best practices” and it provided me with some great points on how important it is to keep market research in check with scient
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5 Psychological Strategies to Influence Consumer Spending
Posted at: 9/7/2018 3:55 PM
Psychology is not typically top of mind when people think about marketing and advertising, but the truth is, successful marketing includes an essential psychological component. Market research involves systematically gathering data and then analyzing the data, with an objective of gaining knowledge about a company’s ideal customer and target market wants, needs, and preferences. Most people who work in marketing and advertising are not psychologists. However, psychology is interwoven into all m
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Consumer Behavior and Understanding "Why Customers Buy?"
Posted at: 8/29/2018 2:40 PM
The psychology of sales refers to a buyer’s behavior in the sales process. Market research enhances a company’s ability to understand and relate to their consumer’s needs (buyer behavior), ultimately creating more exposure to the ideal consumer resulting in more sales. Understanding customer behavior and reasons someone buys or does not buy a product or services can help improve marketing messaging for a company. Although collecting primary research can offer key data and context around buyer b
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How Target Used Data Analytics to Predict Pregnancies
Posted at: 12/6/2016 8:59 PM
As crazy as that title may seem, the case study is absolutely true. Using big data and predictive analytics can tell a frighteningly accurate story. This Target story may be something you've seen or read over the years online or in Charles Duhigg's book on The Power of Habit but it's worth recapping. It was also featured in the New York Times and passed along to me by a colleague years ago. Either way, the story is pretty fascinating, so I am going to recap it here for you. For some readers ne