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How Businesses can use Buyer Behaviour to their Advantage

How Businesses can use Buyer Behaviour to their Advantage

Buyer behaviour is, obviously, something that all retailers should take a special interest in. The more information a seller can glean about the people to whom they’re selling, the more precisely they’ll be able to tailor their marketing efforts. Moreover, there are psychological phenomena common to just about all customers, which a savvy salesperson can exploit to convert a wavering prospect into a willing buyer.

Novelty

The sight of something new and interesting can prompt a rush of dopamine. It’s this that largely drives impulse purchases. By frontloading your new products and services as additional extras to customers, you might exploit this. Human beings naturally seek variety, and if you provide it, you stand a better chance of them making other purchases. It’s for this reason that you might find a continuous stream of new novelty flavours from established brands of crisp – while Cheese & Onion isn’t going to be replaced any time soon, the novelty of an alternative helps to drive sales. Offer novelty via a loyalty program with special rewards – you’ll help to generate goodwill as well as making sales.

Fear of Missing Out

FOMO is so widely-observed that it’s actually entered into popular vernacular. It’s especially evident during sales seasons, where time-limited offers can drive customers to make purchases that they might have otherwise delayed. Where customers have been identified as wanting to make a purchase, but waiting for the right time, this is the psychological button that, when pushed, may result in a conversion. Make the time-limited nature of a sale apparent in your marketing emails, and provide customers with information about stock levels on your store listings. If there’s only one of a given item left, you can be fairly sure that a prospect will convert.

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Buyer’s Remorse

Another fear might push a customer in the other direction – that of suffering from buyer’s remorse. This is especially prevalent if the customer is facing a choice between two high-value products of similar capability and price. You can push a customer out of this state of cognitive dissonance by providing them with reassurance that the purchase will be justified in the long-term. Lengthy warranties and additional supporting products might help to achieve this.

Social Shopping

While going to the shopping centre with a friend isn’t an activity that many of us have indulged in 2020, that doesn’t mean that we haven’t been able to make connections with others while we’re shopping online. By encouraging customers to share their experience with friends on social media, you’ll be able to turn a single positive experience into a marketing opportunity. Dangle a discount and you might be surprised at how willingly your customers might act as evangelists for your brand. And given how strong peer pressure influences customer behaviour, this is a boon that can’t be underestimated.

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