Money Archives – Page 2 of 2 – Boonmind

Light
Dark

Why You Should Start with Budgeting

Why You Need to Start Budgeting

Boonmind

February 4, 2022
6 min read

Instagram

boonmind

Typically in the past, marketers used the term 'ma

The modern consumer is no longer searching for thi

The modern consumer is no longer searching for things the same way as before. Some notable behaviors caused by the pandemic that may influence the modern consumer are:⁠
⁠
Potential splurging⁠
⁠
While in times of crisis and uncertainty, the general tendency is for a person to hold back on discretionary purchases. However, hold this long enough and the resulting consequence is an outburst spending spree. ⁠
⁠
Growing impatience⁠
⁠
When something is almost over, naturally we become more impatient. Mix this with doorstep deliveries from online shopping. There is a generation of consumers that simply cannot wait.⁠
⁠
Consumers have also become more technology enabled. From sheer necessity, consumers have adopted new technologies. Naturally, this has changed the nature of how we share and discover information. ⁠
⁠
#consumerbehavior #modernconsumer #technology

In today's marketing landscape, brands can no long

In today's marketing landscape, brands can no longer approach consumers the same way they once were expected to.⁠
⁠
John Dewey, the famous American philosopher, and psychologist noted there were five stages that consumers went through when considering a purchase. ⁠
⁠
The first was need recognition. Here, the consumer recognizes that there is a problem or specific need and thus will begin their search to find a product or service to satisfy this.⁠
⁠
Once the consumer has recognized their problem or need, they will move onto stage 2 of the consumer-decision process: searching for more information.⁠
⁠
The third stage is where they evaluate the alternatives. This is where most business can keep or lose potential customers. ⁠
⁠
Finally, after the purchase, the consumer goes through post-purchase behaviour. This is a process that involves evaluating whether the purchase was satisfactory or not.⁠
⁠
#consumerdecision #marketing #modernconsumer

With all these changing consumer behaviours, what

With all these changing consumer behaviours, what can businesses and brands do to survive?⁠
⁠
In order for brands to thrive within this changing environment, they'll need to find ways to transform their business digitally. Aspects like convenience are going to play a huge factor in what people find important when making a purchase.⁠
⁠
Moreover, this mainstream rise in online shopping leads to easier accessibility, which means companies need to be on top of their game more than ever before, as competition is now global.⁠
⁠
With so much data being generated in today's digital world, and an assortment of tools to understand user behaviours, they must constantly optimize the user experience and are going to have to learn to be more aware of their consumer's growing needs.⁠
⁠
#strategy #digitalmarketing #onlineshopping

Load More Follow on Instagram

Follow us

© 2022. All rights reserved by Boonmind