Euromonitor International Ltd

Euromonitor International Ltd

March 18, 2014 04:00 ET

Understanding Consumer Buying Behaviour by Utilizing A Path to Purchase Model

CHICAGO, ILLINOIS--(Marketwired - March 18, 2014) - Market Research Company Euromonitor International released today a new white paper entitled "The Path to Purchase: Implementing a Consumer Buying Behaviour Model." This white paper demonstrates how identifying consumer buying behaviours and incorporating a path to purchase model into a business strategy can increase a company's sales and boost customer engagement.

The white paper features insights from over 6,000 middle class consumers and breaks down the buyer decision-making process into three phases of a path to purchase model - opportunity, research and selection - to better understand and analyze shopper behaviour. This model provides a framework for companies struggling to turn all of the consumer information at their fingertips into actionable business insights.

The first phase of the path to purchase involves an examination of the key motivations driving shoppers to initially consider buying a product. After identifying these drivers, the second phase of the model is an exploration of the time and effort shoppers spend on researching product options and comparing potential purchases. Finally, in the third phase of the path to purchase, companies identify the features, shopper priorities and trends that could sway a potential customer to purchase one product over another.

According to Euromonitor International Survey Analyst Lisa Holmes, "A clear understanding of how customers move through the purchase decision-making process is essential for companies and brands who wish to remain competitive in today's marketplace. Some companies may already be collecting consumer data but are often not utilizing it to the fullest, which can lead to missed opportunities. Our path to purchase model provides a framework for companies focused on making more strategic decisions regarding consumer insights."

To read more about Euromonitor's path to purchase model and potentially increase your company's sales, visit:

About Euromonitor International

Euromonitor International is the world's leading provider for global business intelligence and strategic market analysis. We have more than 40 years of experience publishing international market reports, business reference books and online databases on consumer markets.

We deliver market research solutions to support strategic planning for today's increasingly international business environment. Our research offers in-depth market analysis on consumer goods and services industries worldwide, as well as economic, demographic and socio-economic data and insight on countries and consumers.

Euromonitor International is headquartered in London, with regional offices in Chicago, Brazil Singapore, Shanghai, Vilnius, Santiago, Dubai, Cape Town, Tokyo, Sydney and Bangalore, and has a network of over 800 analysts worldwide.

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