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Are you interested in increasing your business? Would you consider receiving advice from a telepathic mind-reader to do that? What about guidance from Freud, Adler, or other leading psychologists? The thought of such counsel may seem rather silly. But, understanding human nature, knowing the mindset of a customer, is critical to your marketing efforts.
In fact, knowing what and how your customers think, knowing what and why they buy is becoming the most important aspect in marketing. The more you know your customer, the greater your success rate will be in selling to that customer.
Customer Motivation
Most simply stated, you, as a seller, need to know why people buy. Target marketing and segmentation presupposes an understanding of an individual’s motivators.
There are distinct impulses or forces which drive the decision to purchase something or anything.These can be characterized, mnemonically, as the PRISM theory.
P is to Protect: Buyers purchase services or products to protect themselves, their families or their business.(E.g., burglar alarm system)
R is to Reduce: Buyers buy to reduce something like cost, risk, or pain. (E.g., more energy efficient furnace, a cheaper phone system)
I is to Improve: Buyers act to improve something such as status, earnings, or sales. (E.g., a luxury car)
S is to Save: Buyers respond where they can save money, time, energy and unwanted costs by buying a product or service. (E.g, prepackaged food, lawn care services). This is typically the most motivating reason for purchases.
M is to Make: Buyers act to make money or to make something happen.(E.g., teeth whiteners, exercise equipment).
Buyers do buy for many reasons, rarely for one.You need to satisfy all of your buyers’ needs. Based on the PRISM theory, you should examine the impact and effect of the product or service that you have for sale. Ask yourself the purpose of your product or service (protection, reduction, improvement, savings, making) and tailor your efforts accordingly.
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