The Three Factors That Drive Consumer Behavior

The Three Factors That Drive Consumer Behavior

Consumer behavior is ever-changing and influenced by various factors like societal trends, personal preferences, and frequency of spending. Understanding why consumers make purchasing decisions helps marketing teams direct their efforts towards specific groups. Societal trends can be determined using Google analytics, social media, and cultural shifts. Personal factors like age, occupation, and income also play a significant role in purchasing decisions. Finally, the frequency in which consumers spend money on a product/service can affect advertising success. Business analytics can help in predicting trends, researching accordingly, and targeting the right audience.

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More Innovation Resources:

What is Innovation Strategy?

An effective innovation strategy can clarify priorities and goals, foster alignment, prevent complacency, and help businesses achieve long-term success. Learn about the four main types of innovation and the steps for developing a strategy that aligns with your business goals.

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Away With the Innovation Funnel Process

The traditional innovation funnel where 3,000 ideas are needed for one successful product needs a revamp. Instead of a single inventor, a diversified team trusted by management should be empowered to pursue new ideas and present them to management with clear answers on viability to ensure success.

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Innovation Activity: balance is poised for change

Emerging digital technologies are changing the way we approach innovation. They offer a way to manage the tension between rational and random thinking, which is necessary for innovation success.

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