Selling would be whole fun when you know what your customer wants. The basic problem that arises between a customer and a seller is when ideas of seller and buyer don’t comply. Consumers today are much rational and they know very clearly as what they want. And in the same manner sellers have to make up their minds and get to know as how they can settle on scores with customers.
Now as a seller it won’t be that easy to get into somebody’s mind unless you are psychic. In that case a better alternative comes in the form of opinion mining. No matter how hard you try to read the mind of customer, cent percent success is entirely a rare shot. In that case this opinion mining can be a helpful tool that will let you know how consumer behaves to a particular commodity under specific set of conditions in a time. This may now involve any hard and fast rule to be followed but can be just a statistical evaluation that takes you close to the consumer preferences.
Ok while you are trying to mine out consumer thoughts and preferences a general concept that can be the base of your evaluation can be consumer preferences. Consumer preferences in many cases suffer from demonstration effect. Today this demonstration effect has a much bigger role to play. Usually individuals are much moved with what others are preferring and accordingly they base their preferences. So if you are able to calculate the preferences of a particular set of individuals you can accordingly know what others if not all majority of those will follow. Much of these trends are studied under the concept of customer intelligence.
There is much difference between the customers of today and what they used to be a decade or two ago. Even the markets today aren’t the same with a semi monopolistic tendency. The globalization and massive competition has enlarged not just the markets but the scope of choice for the consumers as well. There is a massive variety of products and there are equal numbers of choices among users. I know I have stated earlier demonstration effect, and it is still there but the preferences for a particular commodity and dependency over it has been significantly reduced since the markets remain thronged with close alternatives and complementary goods. These may not affect the consumer preferences but yes, the competition gets much tougher in course of time.
Here managerial skills come into force under such circumstances. A business entrepreneur has to interpret consumer wants, commensurate them with this cost output analysis and other costs. Accordingly he has to manage the whole marketing strategy in a way that it not just attracts greater number of customers but also yield returns on investment. If a business entrepreneur is able to interpret voice of customer analysis and customer intelligence but also able to carry out a customer satisfaction analysis he can certainly strike better returns from his investment.