How do we address changing buyer preferences across marketing, sales, and product?

Investing more in R&D helps predict the changes in the buying preferences of customers and help firms adapt those changes and keep up with their customers.....

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A change in the buyer's preference could me majorly due to your competitor offering a better product at a better price or offering more added value. Buyer preference doesn't usually change out of the blue, there has to be a clear reason that convinced the buyer to do so. A proper study across all aspects including sales, marketing, products, operations, and distribution channels will most likely reveal the reason that lead to the change in preference and the company's plan can be changed accordingly. 

Changing buyer preferences are occuring due to the effect of the existing "Global village"- dynamic business environment where we now have Information Technology (IT) & Information Communication Technology (ICT) facilitating coordination of marketing activities across board. As a result, marketing activities have increased & improved over time while buyers or consumers are gaining more knowledge & product related information across board through IT/ICT tools. Consumers are now in position to access various products & related product information from various corners of the world thus such has impacted much on their buying decisions. They are in position to access various products & related product infornation which they can now use to facilitate their buying decisions Also multi-national companies & Global companies are responding to these changes by using IT/ICT tools to facilitate their production, marketing & distribution activites across board. They are able to do market research on various products, consumer decisions, publics & intermediaries to ensure that they react or close the gap that arises. They are now in position to produce tailor-made products or standardised products, personalised marketing tools & coordination of marketing activities to respond to the dynamic global consumer buying changes. Thanx for the invitation

 

Thanks for invitation.

 

Buyer’s behaviour and shifting impact

 

Very critical and important point for any businesses and firms. It is important to track the changing or shifting behaviour of customers and mould  the marketing, sales and products/services features, design etc. accordingly.

 

We need to respond the customer need on immediate basis before we get outdated or competitors takes the advantage of that.

 

I will give you a very practical example of Television industry in India, Most of us know that hundreds of companies stopped production of television or got closed across the globe.  In most of the cases reason was related to buyers changing behaviour, In India companies like Onida , Philips , Videocon, Celora  and many more companies closed their television production or still struggling.

 

Television history from black and white to colour, further evaluated into flat screen, LCD, LED, HD screen, Ultra HD, High definition, 3D and many more technical aspects added.

 

Companies who were not able to track and mould themselves as per buyers’ needs and changing behaviour really struggled to stay alive.

 

I agree with experts answer. Thanks

Agree on experts answers. Thanks for your invitation.

Changing buyer preference could be because of  many reasons social, cultural political, environmental, or because of price, quality, preferences etc. there are many reasons buyers change their habits when throughout the whole buyer journey.

But the most important thing we must understand is we must meet the expectations of buyers and communicate it properly in engaging manner. We must train and evolve are sales / marketing teams to be more proactive while always looking at ways of reinventing our product range according to market and consumer needs. Embrace latest technology with a positive outlook and gain sustainable competitive edge through customer service.  

Buyer preferences and changing customer needs are essential market intelligence leading to product modification, innovation to meet customer demand in dynamic market environment and increase market share and generate more sales. Early mover advantage can even provide the company with much needed impetus to gain leadership position in the market place

It is possible to change buyer preferences across the Marketing, Sales & product by the following points considered :

1- Good marketing plan to show benefit of the existing & new products

2- Building and support Company Brand by  good advertising to show functional element & benefit element

3- Creation Value for the Product before its manufacturing to show whole advantages

4- Innovation new product with additional characteristics compare with existing products in the market

5- Set incentives to the buyers who buy more than one piece with some gifts granted during the sales process

6- Set up new sales plan from time to time to distribute the products directly or through the partners or through the certified distributors with some discount to the prices for certain periods 

I agree answer colleagues

 

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