Buyer Psychology: Unlocking Secrets of Your Buyers’ Mind
Have you tried guessing what another person is thinking?
It’s downright difficult, right?
But is it possible to somehow get what another person, especially customers, are thinking?
I wouldn’t have believed it if I haven’t experienced it, but I’d say “Yes, definitely!”
Many marketers are skeptical about this but big brands have been using this since time immemorial.
I’m talking about your buyer persona.
Let me tell you how.
The Importance of Buyer Persona
I would be a fool to object to the power of a skillfully crafted buyer persona, because it can literally boost conversions.
Extensive knowledge of your buyer persona could lead to better sales. It can give you better opportunities to grow your business in no time. You can fine-tune your products and services that it becomes a valuable commodity to your target market.
But creating a buyer persona is not a magical hat trick.
You don’t need some paranormal powers to give you a clear picture of your consumers. What you must do is to conduct a comprehensive research.
This can accurately determine the way your buyers think.
Decoding the Buyer Psychology
We all know what a buyer persona really is, but what’s important now is to determine the reason why so many marketers fail to create a “useful buyer persona.”
Most marketers are disappointed with their persona profile, since it’s just random noise and comments. It doesn’t have some conclusive facts about their target customer.
They failed to establish a method that can accurately define the psychology of their prospects. To be honest with you producing such a method is no walk in the park.
So, where do we start? To determine your prospects’ buyer psychology, you must first understand the purchase cycle and pinpoint the stages where they encounter various hindrances.
- Problem Recognition – this is the stage when a consumer recognises a problem or a need that must be addressed by a certain solution. Usually, buyers in this stage will recognise the difference between an ideal situation than the actual situation they are in.
- Searching for a Solution – during this stage, consumers will look for a solution that could bring them closer to an ideal situation. They will use all possible means at their disposal; consumers will use the Internet, TV, and print media to find a product or service that will solve their problems.
- Evaluation – this is an important step in the purchase cycle, and it’s in this stage where the buyers encounter several hindrances. These factors could affect their buying decisions. That is why it is essential for you to find ways to eliminate it. These hindrances could be the price, prestige of a product or service, availability, lack of reviews from certified sources, etc.
- Purchase Decision – the steps towards the purchase decision could differ for each consumer out there. Some buyers will wait until they find all the answers to their questions before they make the decision. Others will rely on product reviews or recommendations from their friends, families or well-known personalities. While others would look for a way to try out a product or solution before they purchase it.
As a business owner, you must have several contingency plans for each option, so your buyers are well-informed of your product and services. This will give them all the reasons to purchase what you offer.
Factors that Affect the Buying Decision of Consumers
There are 5 essential factors to consider that will reveal the buying decision of a consumer. These will include the following:
You need to determine the circumstance that causes a buyer to invest his or her budget, time and effort to resolve a particular problem or need. What makes them tick and encourages them to prioritise a solution? This is the question that you must answer to fully understand their motivation towards a product or service.
What are the results that your prospects expect from a solution? This one is obvious, since a buyer will expect something from a product or service. If you know their expectations, then you can develop your product based on what they want to see.
- Perceived Barriers
This is also known as the bad news insight, since it will tell you the reasons why your buyer will not buy from you. What are the barriers or past experiences that led them to believe your solution is not their best option? You must know what’s behind these barriers and eliminate it.
- Stages of Consumer Buying Process
Having an accurate understanding of your consumer buying process will enable you to support the buyer in each particular stage. This means that you can focus some resources that will amplify the impact in a given stage. You can use content marketing or your social media channels to engage prospects and move them closer to your brand.
- Decision Criteria
This is a crucial insight that will tell you the specific features a buyer would want to hear from you and why. You must identify at least three to five features that matter most to your buyers. Keep in mind that you are helping them make a decision through your messages. Hence, give them a reason to choose you over your competitors.
Acquiring the Data for your Buyer Persona
How do you get these data for your persona, anyway? Do you go to a psychic and ask the fortune ball about it?
Of course not! You will get the insights directly from the consumers through the following means:
- Telephone Interview – you can craft an accurate persona from just six to ten good telephone interviews. To do this, you can assign people from your team who possess good oral communication skills. It is a must to train them well since this is a crucial factor in the whole process. Interviewing requires skills and that can be developed through constant practice.
- Online Surveys- these are surveys that you can post on your site. However, you need to ensure that there is a reward to those will take part in it. Also, the people who you will contact for the survey must be an existing customer.
Who Must You Interview?
When your team is ready to interview, you can search for:
- Old Customers – customers that have purchase from your business in the past several months.
- Fora – you can also search for online forums within your industry and pick people that are closely related to your target persona.
- Social Media Sites – it is possible to get interviewees in Facebook, Twitter, LinkedIn or other social media sites that you have used in the past. Look for people who you engaged before and are willing to take part in your interview.
Always remember, search for people from these platforms that match your buyer’s profile. It is not hard to convince them to join the interview, so long as you can offer them something in return for their efforts.