Understanding The Customer Psychology For Improving Lead Generation

Are you a marketer who is struggling to bring leads?

The marketing strategies that you are adopting aren’t delivering the desired results? 

Well, lead generation is all about understanding the psychology of the customers and implementing various marketing strategies that align with the customer’s needs and experience better leads, sales and revenue generation.

The chief reason why customers buy a certain product from your company is that the product fulfils the customer’s requirements. Therefore, since you are offering the solution to the problems they have, your products are getting sold out. Marketing basically involves the mind game that follows the basics of psychology to get on with the competitive market. A business revolves around the customers and in the present competitive consumer-centric market, understanding your targetted audience, their needs and interests along with their psychology are extremely essential to thrive in this competition. If you are unable to understand consumer psychology, you won’t be able to convert the leads as you will be unaware of human cognitive affairs and the factors that drive their purchasing decision. This is precisely why brands have started to implement Psychology-driven marketing strategies and bring in sales and convert leads.

The Importance Of Understanding Consumer Behaviour

Having knowledge about consumers and their behaviour is always crucial. If you are making decisions for your company based on your consumer behaviour will largely benefit your company if you are trying to retain the consumers and develop a customer base.

Consumer behaviour is influenced by various factors such as lifestyle, trends, working patterns, purchasing motivation, economic capacity and several others. Various companies have been studying consumer behaviour psychology for ROI and increasing sales by trying to understand the ones who buy from them and the factors that contribute to their decision. Additionally, they use the data for creating various marketing strategies and advertising campaigns to attract more customers.

So, if you create marketing campaigns based on your brand’s customer desires and analysing their behaviour, you are likely to win your customers.

The Factors Influencing Customer Psychology

Have you heard about Maslow’s hierarchical theory of human needs?

The theory is based on human psychology that states the various human needs are levelled based on the psychology of human needs. Until the first level of the needs is satisfied, humans cannot move on to the next level. This theory is essential when studying business for human resources and organisational behaviour. The study of this theory helps you understand and get awareness about the human psychology of needs and as a result help in business performance.

The factors driving consumer psychology can be understood from the theory as it clearly depicts the various levels of human needs that help them thrive. The more aligned you can be with the ROI focussed customer psychology, the better sales you can draw for your brand and hence more ROI or return on investment.

Here are the factors that drive human psychology and influence purchasing decisions.

1. Psychological Factors

The psychological factor is one of the most crucial factors that drive consumers in making purchases from a certain brand. From motivation and perception to experience, attitude and belief are the major psychological factors that create an impact on a customer’s buying journey. The basic needs and security must be taken care of before meeting any other requirements. Social media creates an impression and leaves an imprint on the customer’s mind thereby impacting their buying decision.

2. Social Factors

Various social factors such as education levels, social classes, friends and family add up to the customer’s decision of making a purchase of a product or a service. The social factors enable consumers to learn the various meanings of consumption. Certain products are only bought by the wealthy classes while the ones from the lower classes might not be able to afford them or are not within their basic needs.

3. Cultural Factors

Customer buying behaviour tends to differ based on the culture from one region to another and hence, while you are trying to grab a target audience for a product, make sure you cater to the needs based on the cultural requirement. Culture can be sub-categorised into religion, geographic locations, racial groups and several other categories. Therefore, when trying to understand Customer psychology for ROI, make sure to consider even the cultural aspects that might influence your targetted customers’ choices.

4. Economical Factors

Considering economic factors while strategising to enhance lead generation and ROI is highly crucial because consumer behaviour is often shaped by economic status. There are several chief economic factors that often influence a consumer’s psychology of purchasing that includes earning status, savings, debts, assets, and even credit scores. Additionally, the details of the targetted consumers should also be considered especially the family size, the places they work and the spending.  Therefore keeping in mind the various economic factors that might influence people’s psychology to purchase a certain product, you may likely create various versions of the product.

5. Personal Factors

Above all other factors that individually or together create an impact on the consumer’s psychology of purchase of specific goods are the individual interests, likes, preferences and dislikes. Preferences also tend to change based on age and gender. Whatever product you choose for your brand to boost the overall ROI by generating the maximum sales.

The stated factors individually or together can play a major role in influencing the customer’s behaviour and their decision of making a purchase. As a result, the awareness of consumer psychology has the power to rule the market or even drag the market down for a given brand. Right from sharpening the marketing tactics to improving the products and services, a basic awareness of consumer behaviour can be highly beneficial for generating more leads and driving better ROI.