What is buying behaviour?
Buying behaviour is used as a concept in the world of sales and marketing and refers to the behaviour of customers. For example, a customer's buying behaviour will be expressed in a customer's decision-making process when he/she is faced with buying a product or service.
Studying your customers' buying behaviour is about becoming skilled at understanding their thoughts, motives, needs, dreams, fears and issues and meeting them with one of your products or services that can help the customer.
Examining customer buying behavior is both relevant, for physical vs. online businesses, as well as B2B vs B2C-companies.
Why do I need to know about buying behaviour?
You need to know your customers' individual buying behaviour if you want to get better at delivering exactly what they need - whether that's a conscious or unconscious lack. If you know this, there is a much higher chance that the customer will place an order in your shop.
This means that once you know your customers' buying behaviour, you can more easily target your marketing communications specifically to that customer.
In this text, the aim is to make you a lot smarter about how to become good at analyzing your customer's buying behavior so you can sell more!
Buying behaviour analysis based on the SOR model
It can be said that no one comes to sleep to gain better insights into their customers' buying behaviour. It can be a complex business, which is why some companies choose to get an agency to help. That said, it doesn't mean it's impossible to work on it internally if you have the resources to do so.
There are different models, but you can, for example, start from the SOR model, which aims to help you lure your customers closer to a purchase, based on insights into their buying behaviour.
In the SOR model, S stands for stimuli, O stands for organism while R stands for response.
Stimuli refers to the impact you attribute to potential customers through your marketing activities, communications, etc. Organism is the potential customer you capture with your impact, while response is the reaction you get back to the impact you have planted in the potential customer.
If you are aware of this process, it will be easier for you to understand and adjust the response you get, because it depends primarily on the stimulus you set in motion.
Note! That there is a big difference in buying behaviour, buying process and buying behaviour types in B2B companies and B2C companies respectively. Therefore, you need to pay attention to what kind of purchase behaviour analysis you need to prepare. In the consumer market (B2C) there is end-user/consumer trading with a company, whereas in the producer market (B2B) there is trading between companies. The way these two operate in the market with their customers is quite different.