Understanding consumer psychology

Customer is the king so penetrating his mind to know what he wants becomes imperative
customer

Curiosity is human nature. As one curiosity is satisfied, another pops up to take its place. When this is satisfied, still another comes into the foreground and so on. It is a characteristic of human beings that carries on throughout their lives and their needs can never get completely satiated.

What do buyers want?

  • Taste
  • Health
  • Attraction
  • Value for money
  • Ego boost
  • Security

If your product or service can provide one or more of the above for a customer, there are chances that you will possibly make a sale.

Self-image

Each of us has three self-images

1.)    The real us

2.)    How we would like to be

3.)    How we believe others see us

Does it seem possible that our self-image might affect our buying decisions? Of course. A large part of the world economy is based on image. Clothing, cosmetics, health and fitness to name just a few.

A large portion of families work in more than one job. Both husband and wife work. Not because they have to but they don't want to give up two cars, vacations, nice clothes etc.

The decision making process

So, how do customers make buying decisions? CEOs of major Fortune 500 companies would want you to believe that customers first identify their problem, seek out product information, weigh the advantages and disadvantages and then select the product that best meet their needs for the price requested. Ain't logic great?

But this is not always the scenario. It is not necessarily has to be the need factor always. 

Sometimes customer needs do get dictated by their urge to have products in their kitty that define their personality and lifestyle to a large extent. And this is when the retailers have to do some extra home work if they wish to stay closer to their customers.

Buying decisions

The point is that no one really knows how the customer decides. While some decisions are loosely based on logic, others stem from the emotions of the customer. It is very hard to determine customer decisions at one go. A proper customer follow-up is what would help a retailer at this hour of need. You need to ask as to why the customer has bought a particular kind of a product. Communicate with them and get their feedback on the products they have just bought and if they would like to have similar products in future. This becomes very crucial for a retailer if he has to purely understand customer buying behaviour and decisions.

Follow-up after the purchase and follow this mantra for every future sale that you do.  

 

 

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