What do bananas have in common with marketing?  Not an awful lot, however why I keep buying them relates to my own personal consumer behaviour and this of course has a lot in common with marketing….

There are many aspects of consumer behaviour and research is constantly being carried out to find out what the latest trends are and what makes certain people use or buy specific products or services.   Factors including where we live and work, marital status and our financial situation all affect the purchase we make.

Another huge factor that now affects our consumer behaviour is of course Social Media.  The brands and businesses who are utilising social media are seeing an increase in purchases.  The power of the like button on face book has a huge impact on our spending habits and has an influence on our lives (whether we like it or not).  If a friend has liked a page then you’re more likely to and at the same time if someone has slammed a product or service, then you’ll be more inclined to avoid it.

Going back to the main topic though, Bananas..!  Am sure many of us remember the awful cyclone Yasi and the floods that tore through northern Queensland in early 2011?  Being a Queenslaner, I certainly remember it well.  Millions of banana plants were destroyed with three quarters of Australia’s banana crops ruined.

Bananas

Supermarkets were still able to obtain them from New South Wales and Western Australia, but not enough to meet demand which is why the price went up from $2  to  $15 per kilo.  If you were buying bananas then you were classed as extravagant!

These prices eventually went down and today you can again buy them around $2 a kilo.  HOWEVER… for some reason I continue to buy them in bulk. Now I do have a family of 5 but that’s not it.  The factor which affects my purchasing habits, in this case, is price point and the fear that something may not be available for a while.

Think about when the media announce a big storm, people go to the shops and panic buy.   If it’s an end of season sale it’s more likely to be successful compared to just a general sale as people know this merchandise will not be available again.

You can apply this type of thinking to your own business if you wish but what would be more beneficial, is doing some research on what your customers purchasing habits are and utilise this research when creating offers and price points.  If you can gain a good understanding what your customers want/need and when, then you’re doing well.

So now you know why I keep buying bananas!