Buyer – might be just a word for many, but it the ultimate target for the businesses. In any business, only the selling process generates revenue, rest all other processes generates cost. To sustain in the fierce competition, selling is widely done either online or offline, by convincing potential customers. But the activity of persuading isn’t that simple. It takes right strategy to convince the customers on the right time for improved sale.
How Buyer’s Psychology Works?
Have you ever thought that just sales and marketing campaigns are not enough? To serve the buyers what they want and need, requires special methodology. Understanding buyer’s psychology is one of the most crucial aspect every business owners must know. I’ve tried to list some of the points that would help business owners to take buyer's psychology seriously .
# 1 Buying Decision Do Contain Emotions
A human brain is further divided into two parts, left (analytical and logical) and right (subjective and intuitive). While making decisions, both the sides of the brain becomes active. A human being never just focuses only on the logical factor like cost, benefits, ROI analysis while making the buying decision, but subjective factors like want, desire, like also plays a crucial role.
Well, the buying decision also depends on the gender and the age. As a study says, females are more likely to take emotional buying decisions as compared to males. Again, this doesn’t mean, females do not think logically. It’s just that emotions strike first in their kind heart. Thus, it is easy for online store owners to persuade a woman in comparison with a male.
# 2 Buyers are Egoistic
Yes, you read it right. I wrote buyers are egoistic; they tend to think about himself or herself first. eCommerce website owners can play with this human psychological by thinking from buyer’s point of view. “What’s there for me?” is the first question that triggers in buyer’s mind. Smart sellers know this very well, so they are ready with the answer (display products and services). Sellers, who understand the psychology behind the decision making process, can go a long way, towards exponential success. Satisfying the ego of a buyer, by knowing them completely and offering best-in-class products and deals, helps sellers to generate revenue.
# 3 Buyers are Suspicious
Yes, they are and they should be suspicious, I must say. Majority of the business agenda contains one-sided benefits. Building a strong buyer-seller relation is crucial for eCommerce website owners as their business would be aided with trust and credibility generated by bridging the gap. This concept of consultative selling has come into existence to overcome all the suspicious barriers, which triggers hesitation while taking buying decision. This suspicion can only be removed or reduced by sales representatives by helping customers with their queries.
# 4 Buyers React to Stories Faster
The logical side of a buyer’s brain is trained to consider only facts and figures like price, specification, features etc. but the other side i.e. the logical side is controlled by feelings and emotions. A study has found that buyers react to success stories faster as compared to other marketing campaigns.
A picture is worth thousand words, this saying completely fits here. eCommerce marketers incorporating storytelling activities into their marketing campaign have achieved remarkable success. The stories of past success will allow buyers to fit themselves in other buyer’s shoes, feeling the similar success. This is how marketer can influence customers through case studies.
# 5 Buyers like to Win
Buyer’s psychology is appearing winners in the struggle against the seller, by getting exactly the same value of the products they wish to buy. Here, value is not quantifiable, it depends on what buyers are buying and what are they gaining from that particular product. Now if the seller can sell the buyers the product at their desired price they win the struggle. Or else the buyers bring home their desired products at a great value and relative price. This is how business owners win the hearts of their customers by giving away their desired products in competitive prices and initiates a strong and reliable bond between buyers and sellers.
In the fierce eCommerce competition, how can your online store lag behind? Stop worrying, as understanding buyer’s psychology is the unbeatable solution to boost your online store. It’s the time to bring the change and replace all the traditional marketing strategies with the customer specific strategies. Take up the initiative and make your customers feel special!