A Guest blog by Fairy Dharawat
What is a shopper insight?
“Data-driven learning that leads to an actionable understanding of shopper behaviour and purchase influences.”
Why should you know about this?
Well if you are owner of a business, you know that the important way to run your business is to have good relations with customers, if you have any. So shopper insights in simple words, understands the patterns of your shoppers buying behaviour.
Why should you pay attention to this?
This will determine how far your business will grow.
Why they buy, what they buy and when they buy. What are the influencing factors that determine the purchases?
There has been much research done on the same subject – Shopper insights. They also differ largely due to the geographical boundaries. Try typing ‘shopper insights’ into a search engine and you will get all sorts of research, information and case studies.
Today, we are simply going to try to understand this simple concept of shopper insight and how you can utilise the strategies in your own way. There are many shopper insights that you can find in the internet too. Understanding these insights is a must, before acting on them. Here is a list of ten simple insights about the shopper. This study was carried out by; http://www.wpp.com/…/TheStore_newsletter_006_ShopperInsights.
· Shoppers have difficulty making decisions
· Shoppers want to feel smart when making decisions
· Shoppers’ limited ability to process too much information
· Shoppers use memory to give meaning to objects
· Shoppers need consistent messages in and out of the store
· Discontinuity creates triggers to attract shoppers’ attention
· Shoppers recognize visual stimuli most easily
· Shoppers use familiar segments to speed up their selection process
· Shoppers’ tunnel vision and “boomerang” behaviour
· Shoppers need to be reminded of the items they need
Now these are the insights that may help you with your business. The important part is that are you are successful in determining what insight you need to carrying out. For this you need to study. Study the shopper’s behaviour. Every business has their own way of determining what works for them. You need to do that for your business. Though many insights are an important break through, you need to find out yourself. In business there are no short cuts.
There are many terms that one has to learn in the world of business. There are so many different ways of learning the same lessons. The business world is forever changing and it is dynamic in nature. Knowing some of the terms, which will help your own business, will ensure that you and your business are adaptable. It may be impossible to bring to the table all the simple and not so simple terms and tactics to understand. Business is all about going that extra mile and ensuring you have faith in your choices. Every business is different and so read the list above and ask which shopper insights might apply to your business. Help your customers decide what to buy, lure them into buying that little bit extra. That extra 10% on sales doesn’t mean an extra 10% on overheads; it means far more than an extra 10% on profits. Understand the customer, tempt them, place items where they will see them, think about colours, point of sale advertising and messages. Be diverse in what you offer, offer that little bit extra, offer that extra product that your competitor doesn’t and that extra service your customer might appreciate.
Take that extra profit to the bank.