It is very important for every brand to understand the process that any customer goes through before purchasing a product. Additionally, each brand should also be analyzing their SWOT report to ensure effectiveness of their brand.
Customer Decision Making Processes
Awareness: if a customer doesn't know about your company, then the rest of the process is irrelevant. Awareness is achieved through different ways like brand's website, search engine optimization, social media, and word of mouth.
Interest: The potential customer needs to feel interested towards your product or service. If your product or service does not interest this potential customer, then it would be very rare for that customer to actually purchase the product.
Desire: The potential customer might be interested in your product but if she doesn't find value in your product, she won't buy it. Having desire to purchase a product allows the potential customer to do her research and make sure the product is exactly what she wants or needs.
Action: Once the potential customer has the desire to buy your product, they will complete their transaction online or come in your store to buy your products. But this isn't the last step to the process because after-purchase experience is as important as the decision making process.
Brand Value Proposition
To be able to ensure that your brand has loyal customers, your brand needs to provide value to the customer that is worth their time and their money. Brand value proposition is the reason why the customers buy from your specific brand instead of your competitors. It takes in calculations from defining your specific brand values, how it talks to your customers, and the expected outcome of this value provided.
SWOT Analysis
Lastly, each brand should conduct a SWOT analysis. SWOT stands for strengths, weaknesses, opportunities, and threats. This analysis allows the brand to address things like what they need to improve on and what their competitors are doing.
Strengths of a company could be their qualitative and quantitative assets, social media presence, revenue, and their customers.
Weaknesses are the brand's lacking points that actually have a negative impact on the brand.
Opportunities are the things that the brand has available to them and the options they should taking advantage of.
Threats are usually associated with competitors but it could be any external factor from legal issues and even economy.
I hope these help and as always, you can reach out to me with any questions or topic requests through my instagram @miss_feyza
Good luck!
- Feyza