Buyer Psychology...What Do They Want?

by Steven Wagenheim 2 replies
Okay, here's the scenario.

Guys car just blew a head gasket and he decides, "Screw it! I'm going to get
a new car."

Now, he already has decided, he's getting a new car. Doesn't pay to put
more money into his 14 year old wreck.

So, this isn't a question of whether or not he's going to buy a car. It's a
question of what car he's going to buy.

Now, every consumer is different and everybody buys a car for a different
reason, even those who buy them to replace their old wreck.

Some folks want cars that look cool.

Others just want a car that will get them from point A to point B. They're
on a budget and don't have the extra money for "frills"

Then you got those who are real social climbers. They'll buy the most
expensive car that they can get credit for or afford outright.

Financial situations will greatly affect what car these people get.

Now, let's take this same scenario and apply it to YOUR niche. Each niche
is different and to go through a gazillion examples would take an eternity,
so let's keep this generic.

Whatever your niche is, there is a pretty good chance that you've got a
choice of products. Some might be for those on a budget and others might
be for those who want the absolute best. Maybe there are some in
between products. Maybe some products have features that others don't
have.

What you need to do, and this is what so many marketers fail to do, is
look at YOUR product and say to yourself, "Who is the consumer who is
most likely going to buy MY product?"

I can absolutely for certain answer that question with every single one of
my products, which is why I have no problem selling them. I know who
my audience is, what they are most likely looking for and what they are
most likely willing to spend for it.

Some kid out of college, who's already $100,000 in debt and can't get a
job to save his life, is less likely to shell out another 2 or 3K for a home
study course than he is for a $47 ebook that might give him the basics
that he needs.

And then again, everybody is going to be different. Some of those kids
already deep in debt may say, "What's another 2K?" You have to do your
own research and find out what these people want and what they're
willing to pay for it.

I've had products, based on the market I was going after, that I had to
reduce in price in order to sell. I've had other products that I had to raise
in price because the perceived value was too low.

If there was a push button way to figure this all out, we'd all be rich. But
there isn't. Knowing who your target market is and what they're willing to
pay only comes from testing and researching.

Okay, so how can we do this?

Lots of ways. Here are the two that I find the easiest.

1. Surveys - Put a survey on your blog, web page, whatever. You have
visitors. Ask them what they want. Believe it or not, the people who are
serious about looking for a solution to their problem WILL tell you.

2. Your List - Send them an email and ask them. What are you looking
for? How can I best help you?

If you don't ask, you don't know. Don't guess. Guessing can be VERY
expensive. Trust me, I know. I had plenty of failed products because I
guessed. I don't anymore. Sure, not everyone is a knock 'em out of the
ball park winner, but everything I sell, sells.

Anyway, thought I would throw these few tidbits out there while I was
chowing down on my Subway 6 inch turkey with lettuce, sweet peppers
and oil and vinegar.

Tonight...that's what I wanted.
#main internet marketing discussion forum #buyer #psychologywhat
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  • Profile picture of the author Peter Bestel
    Steven,

    That's sound advice for anyone who has a product and wants to identify their market.

    However, isn't it best to find the market first and then source/produce the product. You can always use your questioning suggestions to fine tune everything.

    Peter
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    • Profile picture of the author Steven Wagenheim
      Originally Posted by Peter Bestel View Post

      Steven,

      That's sound advice for anyone who has a product and wants to identify their market.

      However, isn't it best to find the market first and then source/produce the product. You can always use your questioning suggestions to fine tune everything.

      Peter
      See, that's what happens when you know what you meant to say but
      said something that you didn't mean.

      In this entire post, replace product with product idea.

      Of course you don't make something until you're sure there is a demand
      for it.

      Narrowing it down to the specific demographic (poor bloke or well to do)
      is the fine tuning of the idea.

      For example, I know my market wants a course on "Email Marketing" but...
      do they want a full blown $297 version or maybe something simple for just
      $47?

      Maybe there are 2 markets? Maybe you can use one as an upsell for those
      who want to go more in depth.

      But no, you don't go create something without having a freakin clue if
      anybody even wants it.
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      • Profile picture of the author Peter Bestel
        Originally Posted by Steven Wagenheim View Post

        See, that's what happens when you know what you meant to say but
        said something that you didn't mean.

        In this entire post, replace product with product idea.
        I knew you knew that Steven, just needed pointing out.

        Peter
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  • Profile picture of the author balsimon
    Hi Steve,

    Thanks for your post. Some elementary questions if you don't mind.

    Do you have a preferred polling script/software that you use with WordPress?

    When you start out in a new niche, what would be some typical
    questions you'd ask in your poll?

    Do you offer incentives for people to answer your poll? If
    your starting out in a niche, how do you figure out what
    would be a good incentive?

    Regards,
    Bal
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    • Profile picture of the author Steven Wagenheim
      Originally Posted by balsimon View Post

      Hi Steve,

      Thanks for your post. Some elementary questions if you don't mind.

      Do you have a preferred polling script/software that you use with WordPress?

      When you start out in a new niche, what would be some typical
      questions you'd ask in your poll?

      Do you offer incentives for people to answer your poll? If
      your starting out in a niche, how do you figure out what
      would be a good incentive?

      Regards,
      Bal
      IMO, Survey Monkey is excellent

      SurveyMonkey.com - Powerful tool for creating web surveys. Online survey software made easy! (not an affiliate link)

      There are no typical questions. Each niche is different. You have to
      look at what your product is. For example, with a home study course
      you'd have one set of questions and with a product to cure acne you'd
      have a whole different set of questions. There is no one size fits all.

      As for incentives, I offer a free copy to the first X number of people based
      on a random drawing. But there are plenty of other things you can do.

      Use your imagination.
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