In this world, there are many things which need to be taken care to know your customer as well to see the psychology of the buyer. Without knowing the customer, it will be tough for anyone to generate sales, and without sales, there is nothing.
Almost everyone has experienced an impulse purchase or felt a special bond with a product. Such a fact proves that knowing the needs and wants of a customer ensures the product’s selling. It eventually led to the emergence of customer psychology, the field of social studies, investigating the needs, motives, and factors behind the act of buying.
This specific branch helps to know how to impact the customers, increase the revenues, and define the best price based on emotions. In particular, while many types of introductory pricing strategies are aimed at the market, value, and differentiation factors, the focus on feelings and thoughts within a psychology pricing strategy helps to create an emotional connection and increase sales.
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Influencing Customer’s Purchases
The consideration of behaviour in pricing strategy is not always about the price tag but refers to making the customer buy the product. It is concerned with trust, recognition, personal approach, behaviour record, and answer to the needs.
Tips to Know your Customer
Tip 1: Develop Social Media Accounts and Interactions with Customers
As personal, psychological, and social factors affect the behaviour, social media accounts can be useful for a retailer. The development of the retailer’s report provides the connection, while the media contributes to the social impact on the behaviour of the customer. It ultimately helps to know your customer.
For example, the more positive interactions the retailer has, the more significant followers and reviews of the products are, adding to the recognition and choice of the client. Besides, society gives the platform for cooperation with influencers and advertising. The latter promotes the ad in the news feed. With social media, retailers can create social support for their products.
Tip 2: Work on Personalized Offers
The personal approach gradually becomes a demand by many clients. The clients are tired of the “30% sales” option, while the personalized offers add to the loyalty. Following, the retailer should find a way to answer to the self of the customer. It may be an additional feature of customizing the product, as Coca-Cola did, or an email with the client’s name in it. Besides, an email is an excellent way to regain customers’ attention. The email reminder regarding the price of the observed goods can persuade the client to close a deal.
Tip 3: Create Additional Experiences
The integration of other experiences is another way to appeal to the customer. It may be practical, entertaining, or recognizable. The example of Walmart is explicit, showing that they launch mobile VR apps to allow customers to fit the home products into their apartment just by touches. Besides, social media can become useful as well, providing an overview of products via stories. In the end, such offers are about creating a bond and adding to the customer experience.
Tip 4: Influence Post-Purchase Intentions
Consumer behaviour does not stop after the purchasing of the product. The fulfilment of the needs and desires of the customer is key to loyalty and subsequent attributions. Following, the addition of the promotional options for buyers or benefits within the referral system can make the seller more friendly in the eyes of the client. For example, a small compliment as a pack of stickers, in addition to the goods, can contribute to the buying experience.
Tip 5: Track the Behavior of Customers
Another idea for the retailer refers to tracking the behaviour, both online and offline. There are specific patterns within the customers’ actions. For instance, the study underlines that people making purchases in the morning are buying less variety compared to the rest of the day.
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Therefore, one may suggest that advertising or presenting new products in the morning is not an excellent idea. Besides, once having social media or website, the retailer gains a tool for analyzing the interests and engagement of the clients, as well as “cookies data.” In the end, tracking allows finding patterns and answering to the needs of customers, which is defining for sales increase.