What are common mistakes businesses make when developing marketing strategies based on consumer behavior?

I think many times people tend to go in with pre-conceived notions about the consumer and his behaviour. It is critical to go with an open mind when in the Reserach phase. Learn and unlearn. The moment you enter a conversation with a belief that all is known, it is a making in the disaster. Pre conceived notions make us subconsciously look at data in a way that it helps us prove that our notion was right. Often this overlooks critical reality. So stay grounded, be open to learn and ready to unlearn when you are getting into research. This is the golden phase, an investment which will give you multi fold benefits if sone well!

One common mistake I've observed is the oversight of essential factors influencing consumer behavior. It is predominantly examined through a demographic lens, neglecting elements as affluence levels, psychographics, purchase journeys and more. Our inherent biases, perceptions tend to shape our understanding, and marketers are not exempt from this. Unintentionally or, at times, intentionally, we may selectively choose data that aligns with our preconceived beliefs, elevating them to the status of ultimate consumer insights. Moreover, marketing teams often find themselves relying on even the slightest snippet of anecdotal consumer opinion. The pressure to make swift decisions can lead to the generalization of a single consumer opinion.

I've observed organizations, regardless of industry, size, professional or promoter-driven culture, they tend to make few mistakes over & over again. 1. Most often business numbers take preference while ignoring research on precise TG and need-gaps (that leads to Me-too disaster) 2. Building strategy on fads assuming them to be trends. Imagine building business on Dalgona coffee, a fad during COVID not a trend. 3. New business divisions and products require fresh dedicated teams. Current teams tend to have a lack of focus, a sure-shot recipe for disaster. 4. Lack of alignment between sales, marketing, finance and so on for their inputs of strategy. By avoiding these common mistakes, you can create a business strategy that’s effective.

Customer segmentation is crucial for business success. Common mistakes include overlooking key customer characteristics, neglecting to adjust segments over time, creating too many or too few segments, failing to personalize messaging, and relying solely on demographic data. To create effective segments, consider a holistic approach that goes beyond demographics, helping businesses connect with and serve customers more effectively.

The reason why it occurs is due to fact that many a times there are tons of things that come in between: 1) Pricy data : Rather than collecting fresh data from the market, businesses often rely on “secondary data” in order to minimise cost beforehand and thus they never get the true to life sensible data. 2) Lazy models : Every sector of businesses require whole lot of different model in order to access a market of the business. Often times it is found that in order to get “fast” results, marketers do not even bother to approach a business with a different model. 3) The search : Not all marketeers delve deep into researching sufficient content in the world of research papers and journals. & so on..

When businesses overlook the intricacies of their customer base by ignoring segments and personas, they miss out on the opportunity to connect meaningfully with different subsets of potential buyers. For instance, in TTK Prestige, this understanding of diverse consumer preferences is essential for effective marketing. The acknowledgment that in regions such as Andhra Pradesh and Telangana, there is a trend towards using only 3-burner gas stoves is an excellent example of how regional-specific sentiments play a crucial role in tailoring marketing campaigns. This insight would inform the production of four distinctive campaign layouts for seasonal campaign, emphasizing the necessity to be regionally bespoke as opposed to generic.

El principal: desconocer al cliente y es un pecado capital. Para entender el comportamiento del cliente, además de los datos, investigaciones, etc; lo primero es planear estratégicamente los objetivos del negocio y los objetivos de cada proyecto. De otra forma, todo lo que se genere será paja.

Sometimes, marketers approach the development of their marketing strategy thinking they KNOW who their customer segments and personas are. Focusing solely on one's preconceived beliefs of who and where your customers are is very dangerous, as it can lead you to focus on the wrong groups, which won't optimize your ROI. Let your research, data and input from sales and existing/potential customers help you to determine who your segments are.

1. Most fail to translate the consumer behind the PPT slides. Bring alive your TG by undrstanding what matters to them and how your products may be relevant.dont force fit. 2.Most lack the courage to take bold steps or try anything new...Its much safer to do whats worked in the past.

Algo fundamental a ter em considera??o é que seres humanos possuem comportamentos diferentes a depender da ocasi?o de consumo. A mesma pessoa que come um hamburguer de 500kcal o acompanha com um refrigerante 0kcal e pode comer salada de segunda a sexta-feira. Ou seja, tentar classificar alguém dentro de uma determinada caixinha sem possuir observa??es suficientes pode gerar uma estratégia equivocada na implementa??o do plano de marketing.

Flexibility to garner support of cross functionally that understand the value creation of learn fast share fast mentality. A brand plan on a page requires very early rationale reads from your subject matter experts because once the input is present, the future depends on it and acceleration of the big idea is to be both internally marketed, and obviously externally framed for receptivity.

Retention is much harder than acqusition and requires not just delivering a great experience but personalization and working on newer products. Its a giant leaky bucket so yes efforts to increase the pool are required but great brands deliver on outstanding product and brand experience to keep them coming!!