Whether designing a new product, planning a promotion, or marketing a campaign, several factors are considered in the consumer behavior process. These factors include lifestyle, occasion, timing, behavioral segments, and reference groups.
Several studies have examined the effects of perceived risk on consumer behavior. This includes the influence of risk on traditional consumer decision-making, the impact of risk on online shopping, and perceived risk on the consumer’s choice of technological options.
Perceived risk is defined as the belief of loss when seeking desirable results. The risk may be accurate, perceived, or both. Research has shown that the perceived risk varies from individual to individual. It depends on the type of risk, the shopping context, and the individual’s previous experience with the product.
This paper presents a framework to explain the relationship between risk perception and consumer behavior. It includes nine hypotheses.
Occasions and timing-based behavioral segments
Behavioral segmentation identifies your customer’s purchase intent and develops an interaction strategy that will lead to higher conversions and more personalization. There are four main types of behavioral segmentation: occasion and timing-based, product engagement, brand engagement, and frequency of interactions.
Occasion-based segmentation focuses on customer interactions at a particular time. These interactions can be based on the time of day, day of the week, or event within a consumer’s day-to-day routine. The most crucial aspect of occasion-based behavioral segmentation is the ability to identify specific occasions when consumers are likely to purchase.
Occasion-based behavioral segmentation is a great way to focus on specific occasions and improve your product development and shopper strategy. When used in conjunction with other types of segmentation, it can also lead to a more profitable and efficient marketing campaign.
Reference groups influence attitudes and behaviors
Using a consumer-centric lens to review the marketing department’s wares, you will find that many companies aren’t exactly in a bind. While some are scrounging for scraps, others are busy churning out the next big thing. Some of the most essential pillars of excellence are tasked with the task of keeping your customers happy and your brand safe. In the process, they come up with novel ideas that have you wondering what’s on the menu next door. These include, but aren’t limited to, a more streamlined customer experience, more consistent customer service, and a more engaging website. You will also see a greater emphasis on employee engagement and the latest technological innovations.
COVID-19 has disrupted almost every routine in day-to-day life
During the past year, Americans have had to cope with the impact of the COVID-19 pandemic. This has affected their lifestyles and their behaviors. The pandemic has disrupted almost every routine in their daily lives.
Despite the changes that have been implemented, Americans continue to engage in some out-of-home activities. For example, nearly one in three say they have vacationed in the past three months. However, only half say they have taken extra precautions.
Despite the behavior changes, many people are still concerned about the spread of the virus. Approximately 32 percent of respondents say this is their top concern. However, only six percent believe we can eradicate COVID-19 next year.