How to Understand Consumer & Competitor Psychology

Marketing psychologists study consumers on how various factors such as age, education, and personal habits lead them to purchase certain items. … A marketing psychologist is able to calculate all of these factors when evaluating a product or service that may be of interest for market trends and analytical strategies to complete objectives and goals for marketing success overall.

By studying competitors and consumers a marketing psychologist may have access to various marketing knowledge that can be utilized to build a clear view for success to achieve far better in the future.

Consumer psychology plays an important role in marketing and understanding the individual’s needs and desires, and knowing what motivates certain consumers to purchase particular products.

To begin to understand the consumer you’ll know far more about the direction of their sales ventures. Consumer behaviour is a study on how individual customers, groups or organizations select services or goods to satisfy their needs and wants. It refers to the actions of the consumers in the marketplace and the underlying motives for those actions.

The more that is learned about a customer or competitor the more adjustments can be made to understand statistical process control commonly used in manufacturing as a chart that indicates when something is out of control on the graph.

You draw a line of equal balance with your marketing figures and then enter your sales figures to see if they show a reduction in sales or if you’re making money which is in control and commonly shown as a line above the equal balance line on the graph.

By studying any form of analytic there should be a sign that a website is receiving more clicks and performing well. From this study, actions can be taken for future results to copy the success over and over again. I’ve personally read many books that have mentioned that copying to succeed for other projects and campaigns is the way forward as long as we’re copying our own system, one we know works.

It makes far more sense to follow a path that works even though sometimes following the same path for a different product or service may be difficult. It’s like statistical process control to follow a path that is in control as far as quality goes.

 Statistical Process Control

As a business owner or online entrepreneur figures should be showing equally across the middle-quality line which is classed as in control showing perhaps where the money is been made giving a good course to follow. I suppose I’m using statistical process control as an explanation because it does reflect in quality changes something that may be useful to know.

Statistical Process Control

Most people are used to Google or Bing analytic to show this activity but as I come from a manufacturing background and possess a management diploma, I wanted to talk about statistical process control as a similar analysis to Google and Bing analytic. Setting up Google and Bing analytic has become far easier these days and has more tools for traffic analysis and website success as a business.

The measurements for SPC mostly come from a quality control analysis whereas the measurements are placed into a chart to slow down and eradicate the out of control measurements by the use of continuous improvement and standardization. When we standardize a process we must move towards success with our sales figures as entrepreneurs and our daily revenue in the form of commission. All commissions should be calculated so we don’t dip below our comfort zone.

Of course, all this could be used to benefit businesses and I do understand that Google and Bing analytic shows that the numbers above the baseline are how many people are clicking on links and visiting a website but what if we could analyze an out of control basis for our website’s content showing where people are clicking and why.

Consumer & competitor psychology has a lot to do with our targets and like manufacturing, everything has targets to reach just like what we see every day on our Google and Bing analytics for our websites but the more information we understand about analytics the better.

If your interested in learning more about statistical process control it’s more of manufacturing system but it’s something I learned in College which I remember a lot about so wanted to share this information with you. Of course, when anything is out of control we want to know why so this could be the method to spot our out of control content by measuring clicks from content on various pages.

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