Do you assume that every “buyer” is the same? II

Part II of II  - In the last column, I helped you understand the different shopping mentalities of a customer or client. Now that you have had some time to analyze these different shoppers within your own business, you can better understand how to turn shoppers into buyers through understanding a buyer’s motivation factors.

1. Impulse Buyer:  Impulse Buyers are exactly as described. They will purchase on a whim out of a perception of immediate need, convenience or instant gratification. There is a reason TJ Maxx and Home Goods and many other retailers have so many items near the point of purchase. “Limited Time” offers work with the impulse buyer, too. You also find impulsive purchases in a business-to-business setting. Because impulse buying is an emotional decision, your marketing should speak emotionally to the buyer who is most likely to be an impulse buyer, especially if the person believes they may lose the chance if they don’t purchase now.  

2. Price Buyer: Price Buyers are tied to Price Shoppers in wanting to save as much money as possible. The key to getting them to buy from you is to demonstrate that you truly have the best and lowest pricing. This is why you have the price-match guarantee when a business is seeking to prove they are the lower priced seller. As a small business, tread carefully in getting caught in the pricing game. Because more times than not, you end up not passing “go” and not collecting you way into a long-standing business.

3. Value Buyer: Value Buyers are similar to Value Shoppers in wanting more for their money. Converting that shopper into a buyer means you understand their value drivers intimately and clearly. Value-add to one person is entirely different than value-added to another. This is why understanding how your customers view and handle their money is important to best determine the value you can bring that will be truly meaningful to them.

4. Virtual Buyer: If you learn that your customers are big-time online shoppers, then you need to consider how you can leverage this phenomenan in your business. This does not mean you must set up an eCommerce site. It merely means that you should get creative in how you can leverage the fact that people turn to the Internet first in determining their buying decisions. Those people who like to buy on the Internet will then make the final selection based on the offering they can purchase on the Internet. This is why brick and mortar retailers as well as service-oriented businesses offer gift certificates that can be purchased online or special downloadable reports or white papers to further expand the reach of their expertise.  

5. Repeat Buyer: To get a repeat buyer of your offerings, it takes living up to what they expect and then delivering consistently and most important of all, distinctively. If you do this exceptionally well to the point of WOWing your customer, their repeat buying will convert into loyal buying. When you have established a true allegience with your customers, then you know you have not only gained share of mind and wallet, but share of heart.  

My hope is this new-found insight will help ideas abound in how you can turn shoppers into buyers to help your cash registers ring, contracts get signed and profits be celebrated well into the New Year and beyond.