Understand consumer psychology in business is very important for all sorts of business.
A business is nothing without consumers. You need people who use/consume the product or service that your business produces or delivers. For that, it is necessary to create things according to their needs.
Small and big companies try to please consumers through varied methods to get more profit. That is not possible without knowing the psychology of the user, as this is what drives the decisions of humans. Once you get a good hold on what people think and how you can be the king of the market and earn money.
Get familiar with the basics of anthropology and neuroscience
Anthropology is the organized study of human behavior and the changes in it from the past to the present. On the other hand, neuroscience can read aspects like memory, behavior, and perception. It can teach you how to read the minds and feel human emotions.
If you get a good hold on the basics at least, it is easier to convince the consumers. With a back-up of the history of humans, you can know the causes behind a particular type of behavior. A businessperson has to read a lot, and that is worthy if it can increase your commercial benefits.
Understand the types of buying habits
To make the consumer reach to the evident action of purchase, you need to know the essential buying habits of the users. The categorisation can help make better business and marketing strategy.
Usually, there are 3 versions of buying inclination of consumers–
- The carefree buyers – Spend a lot with no second thought
- The calculative minds – Very rational and stringent about their buying habits
- The average ones – These are the OK, OK people that are away from extreme spending habits as well as they are not the misers.
The carefree and the average buyers are easy to convince. However, hard work is necessary for calculative people. You need to reframe the value or price of the product to make them feel that something is easy to purchase. Asking for £1000 per year from such buyers can be difficult, but £75 per month is a practical and useful demand to make.
Do not only sell things but solve the problems
When you only ask people to buy something because it is available in the market, consumers do not pay heed. But when you connect the product or service with the solution of a problem, people take an interest.
A beauty cream that says your skin will glow may not get many consumers. There are many out there who love their skin type and colour. But if it means that use the beauty cream, get the glow and look confident in the interview, then many will give attention. After all, many always struggle with the nervousness during the interview.
The rule applies to all types of businesses. Whether cosmetics or financial products. Yes, that is true. You should always know which problem is prevalent in financial lives. For example, the bad credit situation annoys countless people across the world. If one wants to get a mortgage with that, Oh, the task looks herculean. If you are mortgage broker, say a simple thing to the fund seekers that you can now get a mortgage for bad credit from the broker at cheaper rates. It is sure to hit at the right place.
Hire a consumer psychologist
This role is not very popular in the business world, but it exists and brings significant changes in benefits for the company. Ph.D. in psychology is the essential requirement for this profile. It is a vital part of the marketing department. The contribution of a consumer psychologist can be extremely significant for your business. Want to know-how, have a look–
The primary responsibilities of the role –
- In-depth research on consumer behavior
- Study of the change in that behavior according to the difference in the market trends
- Give an insight into the complex psychological theories and how can it affect the business strategy
- Finds out the factors that affect the purchasing behavior
- Create statistical data on the overall study to describe the psychological needs of the consumers.
The world is now getting familiar with the vitality of this role, and the businesses even have separate departments for human psychologists. Find one perfect face for your company too and give him/her the complete freedom to study the complications of human behavior. Providing space to mind and talent always brings excellent results.
Organize online polls
Common ways are not weak in their effect. To know the wave of the consumer inclination, you need to know what they think about a particular thing. Organize frequent polls to understand what is going on in the minds of the people around them.
A poll is helpful in the following conditions –
- When you want to launch a new version in your product series
- When you want to know the response about a particular trend/perception/practice
- When you want to see the choice of the people among the several options
- When you need to take feedback on a current product
- When you need to know the dislikes and the reason behind that
The polls also help in brand building. Indirectly you are promoting your business. But make sure that you do not make polls very frequently. The busy life leaves less time for the feedback things. Here is a suggestion, to create maximum people respond to your polls, use the right timing. Near festivals and holiday season, you have more chances to get the answers.
The outcome is….
From an industry giant to a start-up, no business can deny the importance of knowing the consumer psychology. The intense concerns for earning commercial profits present the need to read the minds of the people. If you can peep into their thought process, the race is in your control. The consistent efforts to know what consumers want and what makes them change their behavior can do big magic.
What are you waiting for? Start your mission ‘consumer mind study’ right now and win a good share in the market.
Read about the ways that help a business know the consumer psychology and turn things into favor. The workable ideas can help see the depth of the nature of the user, and that will help get a good profit in business.