How many times do you make decisions throughout the day? What should I wear today? What perfume should I put on? What am I going to have for lunch?
If you think about it, we make many buying decisions every day without giving them much thought.
These decisions, as insignificant as they might seem, keep marketers up at night. Because decoding the processes behind customers’ decisions means that we can use that info to boost revenue.
- Hand-to-mouth buying.
- Speculative buying.
- Buying by inspection.
- Buying by samples.
- Buying by description.
- Contract buying.
- Scheduled buying.
- Period buying.
Four Types Of Buying Behaviour #MarketingPlan #BCorporation
What are buying behaviors?
Buying behaviors are the spending habits and preferences of various customers within your target audience. Understanding your customers behaviors helps you better target your marketing toward their specific spending needs. By closely studying customers buying behaviors, you can learn why and how they make certain purchasing decisions or choose one brand over another. With this knowledge, you can create a business model directed toward consumers with certain buying behaviors, which can help you attract more customers, improve revenue and boost customer retention rates.
11 types of buying behaviors
When you understand the different types of buying behaviors your key target audience holds, you can direct your marketing efforts to appeal more directly toward them and their spending needs. Common types of buying behaviors include:
When customers practice habitual buying, they typically put little thought or research into their purchases. Many customers who follow habitual buying behaviors often make a fast decision when selecting and buying products. Some may quickly pick a brand over another because its more recognizable or familiar to them. Others choose certain products because the price tag is the lowest or because they previously purchased from that brand.
Complex buying behavior typically occurs when a customer is purchasing an expensive product or service. Because its costly, the consumer may take time to research it and its features before committing to a large purchase. They may spend time online reading reviews about the product and the benefits of using it. Customers may also consult friends, family or colleagues to gain additional opinions on this important buying decision.
With this type of buying behavior, consumers may decide on a product that is easily available to them without putting much research into it. People using this type of buying behavior typically choose a product that they need on-hand and may only have a few other brands to choose from. To meet the time constraints, these buyers may quickly select a brand that meets most of their needs and fits their budget.
4. Variety seeking
This type of buying behavior occurs when consumers often purchase the same product but want to try a new one. They typically switch to a different product to add variety into their daily routine and decision-making. Usually, when these consumers see new products advertised, they may purchase them to see how they differ from the products they regularly purchase.
5. Limited decision-making
Sometimes, when a consumer must purchase a certain product, there may be only a few brands that supply it. This means they have little variety in the selection they can choose from and only have a few options. Most of these consumers may compare the features and benefits of each individual product and select the one that meets most of their needs. They may have to choose products with features that are less appealing to them since they have a limited selection.
Those who make impulsive buying decisions typically take little to no time or planning to select a product to purchase. Some people may buy a product without conducting research or learning more about its features. They may make these quick decisions due to factors like celebrity endorsements, slogans, logos or advertisement materials.
These buyers care significantly about the quality of a product over the costs. Most spendthrift buyers react well to emotional marketing and may choose an established brand that provides great customer service and builds strong relationships with consumers. They typically research the features and benefits of a product and make most of their decisions based on how they feel about or perceive a company. Consider selling your brand as caring, trustworthy and purposeful to help appeal more directly to these buyers.
8. Average spending
Average spenders typically care about the money they save while still placing importance on the quality of the product. Many of them set a budget for their purchase but may allow themselves to spend outside their limit if they feel the features are worthwhile and beneficial. They may put extensive research into products before purchasing to ensure theyre worth the offered amount. Many of these buyers ask for quoted prices from companies and compare them with competitors to ensure theyre receiving the best and most beneficial offering.
9. Frugal spending
This type of buyer focuses closely on saving money and purchasing products within their budgets and spending limits. They may care more about the price of the product than factors like brand reputation, product features or consumer benefits. You can typically appeal to these consumers by using competitive pricing and detailing the return on investment that buyers may earn after purchasing your product or service.
These types of buyers often use information, data, facts and logic when making important business decisions. They typically conduct extensive research on the success rates of certain products and the possible outcomes they may receive after purchasing a product. Most of these buyers may also spend significant time comparing products with one another. They often take their time before making an official decision on the products they choose. Consider using testimonials, case studies and success statistics about your products when targeting these buyers.
Most expressive buyers typically care about the type of ongoing relationship and experience they receive when purchasing your product or service. They often value a positive customer service experience, as they may regularly expect to interact with your brand and receive the necessary help, guidance or support as soon as they need it. To effectively sell to these buyers, establish a positive relationship with them to demonstrate the courteous and professional ongoing relationship you may have with them when they become your long-term customer.
What are the four types of buying?
- Extended Decision-Making.
- Limited Decision-Making.
- Habitual Buying Behavior.
- Variety-Seeking Buying Behavior.
What are the 5 stages of buying?
- Stage 1: Problem Recognition.
- Stage 2: Information Gathering.
- Stage 3: Evaluating Solutions.
- Stage 4: Purchase Phase.
- Stage 5: The Post-Purchase Phase.
What are the 3 kinds of buying process?