How to Identify Consumer Behavior Trends: Quick Steps

Consumer behavior trends are changing the game.

Yes, you read that right.

Imagine surfing the big waves of market demands and riding high on the latest consumer behavior trends.

It seems like a thrill.

Here’s the kicker.

Are you paddling ahead of the curve or trailing behind?

As a business owner or data professional, there are moments when you sift through heaps of data to piece together the puzzle.

That’s where consumer behavior trends come into play.

In your last survey, you asked the questions. But did the answers align with the current consumer behavior trends?

If you find yourself agreeing, you’re headed in the correct direction. But if you’re feeling puzzled, there’s no need to worry—we’ve all experienced confusion at some point.

Understanding consumer behavior is about more than just data. It’s about the story behind the numbers and connecting the dots.

And when you get it right, it’s like hitting the jackpot.

In this blog, you’ll learn the following:

1. What is the Consumer Behavior Trend?
2. Understand Consumer Trends
3. Identify Behavior Trends
4. Use Consumer Behavior Trends
5. How to Scrutinize Consumer Behavior Trends?
6. Wrap Up

What is the Consumer Behavior Trend?

Consumer behavior trends are like the market’s heartbeat, constantly thumping out patterns you need to decode.

You’ve probably seen it.

One minute, everyone’s all about that one must-have trendy fashion.

Then, poof! It’s yesterday’s news.

Now, there’s a new trendsetter in town.

Keeping up with behavior trends can feel like chasing a high-speed train where you’re running along to hop on, but it’s one step ahead.

This can be frustrating.

Also, it can be exhilarating when you grab hold of the train and get aboard.

Why should you care about consumer behavior trends?

These trends are like a compass that points to where the treasure is buried. If you miss the compass, you’ll sail blind in a sea of data, my friend.

Catch the trends, and you’re the ship’s captain, steering towards buried treasure.

When was the last time you decided without peeking at the consumer behavior trends?

Consumer behavior trends are like your recipe. They tell you what ingredients are hot and which ones are not.

When you serve up what’s trending, you’re filling plates and hearts.

Why is it Important to Understand Consumer Behavior Trends?

Let’s break down the benefits of understanding behavior trends.

• Market Relevance

Keeping up with consumer behavior trends is like keeping your wardrobe up-to-date.

You wouldn’t want to be caught wearing bell bottoms in a skinny-jean world.

The same goes for your business. Stay on top of behavior trends, and you’ll set the pace, not keep up.

• Competitive Advantage

Imagine you’re in a race, and you’ve got a secret shortcut. That’s what anticipating consumer behavior trends can do for your business.

Zoom ahead, and leave your competitors in the dust.

• Innovation

In the current economic landscape, it is either you innovate or die”?

Consumer behavior trends are like whispers of the next big thing. Listen closely, and you could be the one launching the next viral service or product.

• Customer Satisfaction

It’s the old ‘give the people what they want’ strategy. Hit the nail on the head with consumer behavior trends, and watch your customers turn into your biggest brand ambassadors.

• Risk Mitigation

Consumer behavior trends can show you potential pitfalls before you stumble into them.

It’s about dodging bullets before they’re even fired.

• Cost Efficiency

Are you throwing spaghetti at the wall to see what sticks?

This is not a tested and proven plan.

Use consumer behavior trends to aim your efforts.

• Sustainability

Riding the wave of sustainable consumer behavior trends is like planting trees for shade you’ll enjoy years from now.

• Data-Driven Decision-Making

With consumer behavior trends, you’re not playing darts blindfolded.

You’ve got data on your side to give you actionable insights.

How to Identify Consumer Behavior Trends?

Here’s how you identify consumer behavior trends.

1. Collect Data

Start consolidating your data.

Pull together numbers from sales, customer feedback, and even social media chatter.

This is like gathering clues from a crime scene.

2. Analyze Data

Look for patterns.

What’s spiking?

What’s tanking?

It’s all about connecting the dots to see the bigger picture.

3. Customer Surveys

Ask your customers about their deepest underlying needs and wants. The data you’ll collect is your roadmap.

4. Social Media Listening

Social platforms are buzzing with sentiments. It’s like overhearing a million conversations at once. Tune in to the buzz about your brand and industry.

5. Competitor Analysis

They say, “Keep your friends close and your competitors closer.” See what your competitors are up to.

The competition can teach you a thing or two about consumer behavior trends.

How to Use Consumer Behavior Trends?

Let’s roll up our sleeves and learn how to use consumer behavior trends.

1. Product Development

Have you spotted a trend? Spin it into your products. It’s like tailoring a suit to fit just right. Make sure your brand offerings are the perfect match for what’s hot.

2. Marketing Strategy

Use consumer behavior trends to say what your target market wants to hear.

3. Personalization

If you have ever felt like something was made just for you, that’s the power of personalization.

Customize your brand offerings to fit consumer behavior trends.

4. Customer Engagement

Nobody likes to be ignored.

Listen to your target market, solve their problems, and you’ll have fans, not just customers.

5. Content Creation

Create content that sticks like gum to a shoe. Use blogs, tweets, videos, etc. to ride the wave of consumer behavior trends.

6. Pricing Strategies

A Pricing strategy that changes with the tides can catch the big fish. Play with your pricing to hook those trend-savvy customers.

How to Scrutinize Consumer Behavior Trends?

When diving into consumer behavior trends, you’re essentially becoming a data detective.

You gather clues from various sources and sift through the data, to get a story. It’s about understanding the who, what, when, and why of your target market’s choices and preferences.

Excel can be a trusty tool for organizing your data.

But when it comes to storytelling, it’s a bit like trying to paint with a limited palette.

An Excel spreadsheet will let you plot the fundamentals, but its charts are pretty basic with limited customization options. Plus, its library of charts, including tree diagrams, won’t always have what you need, especially for tasks like analyzing consumer behavior trends.

Enter ChartExpo, an Excel add-in for data visualization.

ChartExpo fills in the gaps with over 50 chart templates. This makes it a breeze to turn your data into compelling stories.

Customization options are unlimited.

Do you want to tweak every color, angle, and label? Go for it. ChartExpo add-in for Excel hands you the brush to paint your data story just as you envision it.

It offers a suite of multipurpose charts that Excel doesn’t, which can turn feedback into insights you can act on.

After all, what’s the point of data if you can’t use it to make profit-driven decisions?

Here’s the scoop on ChartExpo:

• It’s loaded with the best charts for all kinds of analyses including financial data analysis.
• It’s a treasure trove for spotting the golden opportunities and the red flags in your business data.
• You get to try it for a 7-day free trial, no strings attached.

Once you’ve tasted what ChartExpo can do, you’ll find the $10 price tag for the full version is a steal.

How to Install ChartExpo in Excel?

In this section, we’ll use ChartExpo, and sample data (below) to demonstrate how you can use a Multi-Axis Line Chart to visualize your data for insights.

Before we dive into this, we’ll show you how to install ChartExpo in Excel.

Let’s dive in.

Months	Web Traffic	CPL (in $)	No. of Sales
Jan	13000	85	500
Feb	14000	80	550
Mar	18000	75	600
Apr	22000	68	650
May	26000	60	720
Jun	30000	55	800
Jul	35000	48	900
Aug	40000	42	1000
Sep	47000	38	1200
Oct	46000	34	2000
Nov	44000	28	2500
Dec	48000	17	3200

To get started with ChartExpo in Excel, follow the steps below:

• Open your Microsoft Excel.
• Open the worksheet and click the Insert button to access the My Apps option.

• Click the Insert button to initiate the ChartExpo engine.

• Click the Search box and type “Multi-Axis Line Chart.”

• Highlight your data and click the Create Chart From Selection button, as shown below.

• To add the chart header, click the Edit Chart button.

• Once the Chart Header Properties window shows, fill in your header in Line 1.

• Add your header in the box titled Line 1.
• Toggle the small button below Line 2 to the right side to activate the header.

• Click the Apply button, as shown above.

To Add a Trendline to an Excel Chart, follow the instructions below

• Click the small pencil icon, as shown below.

• After the Line Properties table shows, click the Trend Line dropdown, as shown above.
• Toggle the Show button to the right side
• Complete the process by clicking the Apply All
• Click the Save Changes button to preserve all the changes.
• Check out the final chart.

Insights Overview

• There’s a consistent uptrend in web traffic, with a notable trend uptick observed in September.
• The cost per lead is on a downward trajectory, having dropped to about $17 recently from $85.
• The number of sales took a sharp climb starting in September.
• The consumer behavior trend lines indicate an optimistic future.

FAQs

Why must current trends in consumer behavior be known by marketers?

Understanding current trends in consumer behavior is vital for marketers to tailor strategies, stay relevant, and meet evolving expectations.

Besides, it can help you connect with your target audience and maintain a competitive edge.

What are the major factors influencing consumer behavior?

Major factors influencing consumer behavior include cultural influences, social dynamics, personal preferences, psychological drivers, etc.

These elements shape your target consumer values, needs, and purchasing decisions.

More so, it can help you to understand and address your marketing strategies.

Wrap Up

Keeping tabs on consumer behavior trends is non-negotiable.

Why?

It’s the compass that guides you through the ever-shifting marketplace.

And when it comes to mapping these trends, ChartExpo is your trusty and game-changing tool.

With its arsenal of over 50 charts, including nifty ones for business data like the Multi-Axis Line Chart, you’re all set to unlock the stories your data is telling.

Let’s talk about that 7-day free trial. It’s like taking a car for a spin before you decide to buy.

So, if you’re ready to give your consumer behavior trends the spotlight they deserve and make your data sing, give ChartExpo a try.