The Types Of Buyers: Intro To Buyer Psychology
Intro:
So buyer psychology focuses on interest based audiences and their relationship to the Social Media Platform. Audience ad placement and distribution is unreasonably complex. As far as I know, Social Media Platform algorythms can differentiate types of buyers by actual purchasing habits. The trick: can you figure out what percentages of your cold interest based audience fit into each of these categories? If you can figure it out you can rely less on Social Media Platform data and more towards converting specific buyer types. Ad platforms dont see the actual transaction. If you would like to know in depth how this knowledge achieved, Schedule a First Time Strategy Call!
Impulse Buyers
People who purchase a product on impulse without knowing anything about the brand or doing any research. This generally happens with products under $25 and in some cases up to $100. Companies like E-commerce Retail Marketplaces dedicate their in app featured and promoted products specifically for this type of consumer.
Competitor’s Buyers
Buyers who bought a competing brand's product. Ad platforms bombard a person who purchases a similar item no matter if it’s a paid ad platform like Social Media Platform or email marketing from an online retailer. You have a chance to win them over, but it’s not overnight. The best time to take advantage is next gen releases and when old gen get discontinued.
Inspired buyers
People who took an interest in a product but haven’t actually purchased it before and are researching. There are a couple of different types, but an example would be New Year's resolution types, self help guru followers, and those who want to be sold a fantasy over a feature or benefit.
Deal Chasers
People who are committed to a product and are waiting for the product to go on sale in order to purchase.
These are probably the easiest close and fit into the biggest target in a bell curve. If they go to your website you can re-target them for the rest of your life and if they go to a similar website ads of competing products generally overflow this person's feed. The challenge is ad fatigue. If you can beat the ad fatigue your conversions will increase.
Storytelling Buyers
Buyers who make purchases in order to have something to talk about in their social circles. These can be either high ticket items or low end deals. Whatever starts the conversation. These are the basis for influencers and influencer marketing but many people have influence over their social circles.
Shopping Addicts
Somewhat unethical to target these kinds of buyers, they take retail therapy to a whole new level. They max out credit cards and run themselves into collapsing debt, but these buyers exist so I thought I’d add them to the list.
