Understanding consumer behavior towards business and market is essential for any business. To grow with the market potential, it is necessary to come up with the best strategies. Thankfully, in pandemic every business is on the edge of knowing the best or worst. All theories have changed to a huge level and entrepreneurs are facing issues as well. In this case, knowing the consumer behavior is not only difficult but also tricky at times.
People are behaving different around businesses. There can be a huge increase or decrease in consumption or demand as well. Here are some essentials that can help you with the understanding of these behaviors in pandemic.
Run basic survey
The very first thing you can do is to run a basic survey. Add some questions to your survey that are not related to your products directly but evaluate the consumer interest. It helps you to find out whether people are frustrated of all these antiseptic options or they are looking for other attractions. A few products related, expense related, buying capacity related questions are essential for your own good. Be reviewing the results, it turns out to be impressive in having the right answers.
Follow the inventories
The inventories on your ERP software are helpful to understand the customer flow and interest in products. It is not necessary that people are comfortable with all kind of services or products that you are offering at times. Their interest or incline towards one or two products can be more than expected. Therefore, you need to come up with the evaluation with the help of inventories and stock.
Check reoccurring sales
Reoccurring sales are quite different from the inventory management. It is more like noting the regular customers for your business. If a customer returns to your business after sometimes or repetitively, it means you are doing well with business. In case, you are not getting the reoccurring sales by the same client, there is a decline. You need to find out the reason and in that case, survey and feedback can help you better. It is your access and way to know the customer and keep them engaged to the business for a good reason.
Pick up products that are pandemic friendly
Do not invest in the products that are not pandemic proof. Right now, people are consuming two kinds of products, one is the necessities and others are safety. A rare group is moving towards the luxury items. Therefore, you need to come up with the appropriate settings of these products so you will be able to accommodate a number of people in general. It turns out an opportunity for you to redefine your business.