Published on August 26th, 2022
The average American spends $314 each month on impulse purchases and is willing to spend $310 on just a single item. In fact, many Americans are now spending more on impulse purchases than they did two years ago.
There are different types of buyers wandering around marketplaces, whether online or in retail stores. Some will impulse shop, while others will look for deals.
As a business owner, it’s essential to know how to identify these different consumers so that you can target your marketing efforts effectively.
Keep reading this guide to learn about five common types of buyers and what they’re looking for when they shop at your store.
1. Spendthrifts
You’ll find spendthrifts to be the consumers that spend without much hesitation. They tend to purchase whatever catches their eye and are prone to impulse buying. They also don’t need much convincing to make a purchase.
You’ll find there is a typical consumer behavior for spendthrifts, which includes:
- Lack of self-control in spending and typically have maxed credit cards
- More likely to incur debts than the general population
- They’re not savers and are less likely to have money for emergency situations
When you’re selling to people with this type of habit, you’ll want your ads to appeal to their emotions and feelings.
Lead generation marketing that includes billboards, TV and print ads, and direct mail advertising is an excellent way to incentivize this type of buyer to purchase your products.
2. Average Spenders
Average spenders make up a significant part of the overall consumer base for your business. These types of customers tend to spend a certain amount of money each month on products they feel are a good long-term investment.
Average spenders also have specific spending habits that they follow religiously. They’ll weigh their options and consider their potential purchase for a while before committing.
Typically, this involves comparison shopping, searching for discounts, and checking weekly sales. Average spenders also rarely overspend or make impulse purchases.
Marketing to an average seller involves finding a balance between providing solid analytics on a product and appealing to their emotions. You’ll also want to avoid trying to upsell them regularly and keep your sales tactics balanced.
To ensure they return for more, you’ll want to focus your marketing on products that include:
- Extend warranty options
- Money-back guarantees
- Free shipping
3. Bargain Hunters
This is one of the buyer types that live for special deals, coupons, and discount shopping. Most of the time, they will look at your products to see what kinds of deals you’re offering, more so than the actual product itself.
You’ll find bargain hunters spend a lot of time contemplating the products they want to buy and frequently will buy more than they planned to if they can get a good deal.
The best way to appeal to bargain hunters is to employ strategies such as:
- Keep a close eye on competitor pricing
- Run special offers in-store and online
- Advertise deals on all your social media sites
- Encourage bargain hunters to sign up for texts and email newsletters for special deals
- Offer deals on shipping
Remember, their main motivation is seeing what specials you have to offer, so make sure all your marketing efforts involve video, pictures, and graphics that highlight all present and future sales.
4. New Customers
New customers have typically only purchased your products 1 to 2 times, and although they may be satisfied with their purchase, they may or may not return back for more.
Many times new customers are looking for dependable products, good customer service, and an all-around positive experience before they invest any more time in money in a particular business.
The best way to keep your new customers coming back for more and turn them into loyal customers is to offer them support and guidance through the buying process.
You’ll want to create brand loyalty by focusing on giving them relevant and accurate information about your product rather than trying to upsell them right away.
You’ll also want to show them the value of your product and the ongoing support you offer afterward. Have a process in place where you follow up with them after two weeks to see how happy they are with their purchase.
Finally, ensure you provide them with contact information after their purchase. Give them links to your website and social media sites, and a phone number to call.
5. Loyal Customers
Loyal customers are typically a part of your customer base for many years and will continue to come back for more. They’ll also be most likely to share information about your products with their family and friends via social media or word-of-mouth.
Loyal customers typically either bargain shop or impulse shop, depending on what deals you’re offering. Frequently, they’ll buy your products simply because they trust what you sell and want to support your business.
The most important thing about marketing to loyal customers is that it includes incentives that keep them coming back for more. A great way to do this is to have a loyalty reward program in place.
Loyalty reward programs should focus on keeping loyal customers for a lifetime and also show them your appreciation. There are common types of loyalty programs you can consider, which include:
- Points programs that allow customers to use points in a variety of ways
- Tier-based programs that will enable them to earn more rewards over time
- Programs that offer incentives for referring friends or family
- Programs that allow customers to earn cash back on their purchases
Learn More About the Different Types of Buyers
Now that you know about the different types of buyers that may be shopping in your retail store or e-commerce store, you can get to work targeting your marketing efforts.
Remember, though it’s possible to appeal to many different types of buyers, you’ll need to make your loyal customers a key part of your marketing efforts. This way, you’ll ensure your business is successful long-term.
To learn more business, finance, and educational tips, make sure you check out the rest of our blog today!
Image Source: pix4free.org
