Buyers are the lifeblood of any business. Understanding buyer types is key to attracting them to your product or service. There are ten types, each with its own unique needs and motivations.
To identify buyer personas, you need to know their needs and motivations. Once you know this, it will be much easier for you to market to them! This could give you the extra edge and a much-required headstart in the marketing world.
Using buyer personas in an email campaign improved open rate by 2x and clickthrough rate by 5x. So, let’s hop onto understanding some critical buyers:
Different buyer types have other goals, needs, and motivations. For example, several years ago, what price-sensitive buyer type will want the best deal they can get on a particular item or service;
another buyer type may be looking for recommendations from friends before buying something new to them.
Knowing the different buyer types is essential for businesses as it allows them to identify and target their ideal consumers. It can be helpful to think about classes in terms of needs: what are the requirements that your product or service fulfills?
Once you know this, you can start tailoring your marketing efforts specifically towards certain types, and according to Mark W. Schaefer, 3-4 personas usually account for over 90% of a company’s sales.
So, hunt down for that perfect and loyal customer of yours and earn their trust.
The following buyer types are the most common:
- Price Sensitive Buyers: These buyers want the best deal they can get on a particular item or service. They're motivated by getting a good value and are very price sensitive.
- Social Proof Buyers: Also known as "influencers," these buyers rely on the recommendations of others before making a purchase decision. They trust other people's opinions more than advertising or marketing materials.
- Experiential Buyers: These buyers want to try new things and have unique experiences. They're not interested in buying something just because it's popular - they want to find their personal favorites.
- Brand Loyalists: As the name suggests, these buyers are loyal to certain brands. They're not as interested in trying new things and instead stick to the brands they know and trust.
- Performance Buyers: These buyers are motivated by getting good value for their money. They want the best bang for their buck and aren't as concerned with brand loyalty or trying new experiences.
- Status Seekers: These buyers want to appear successful and affluent. They're often drawn to high-end brands and products that come with a high price tag.
- Practical Buyers: As the name suggests, these buyers are practical and logical when making a purchase decision. They're not interested in buying something just because it's trendy or popular - they want to find what works for them.
- Bargain Hunters: These buyers love getting great deals on items they need or will frequently use (like groceries). They don't mind waiting until an item goes on sale before adding it to their shopping list.
These buyers aren't exhaustive, but understanding your buyer personas can help you market more effectively!
For example, knowing which buyer type is most likely interested in your product will allow you to target marketing efforts towards those consumers specifically.
- Spendthrift Spsenders: These buyers like to make impulse purchases and spend money on luxuries. They're excited by the opportunity to buy something new and feel good about their purchase afterward.
- Average Spenders: These buyers are the opposite of spendthrift spenders - they're more careful with their money and only buy what they need. They don't like to make impulse purchases and prefer to shop around before buying something.
- Price Sensitive Buyers
- Social Buyers
- Urgent and Time Sensitive Buyers
- Deal Hunters/Coupon Clippers
- Brand Loyalty buyers
Now that you know about the different buyers, how do you sell efficiently to them? It's essential to tailor your sales pitch to fit each buyer persona.
For example, if you're selling a product targeted at performance buyers, emphasize the value of the product and what makes it worth the purchase.
Talk about how much money they'll save in the long run by buying your product instead of a competitor's.
If you're targeting brand loyalists, focus on why your brand is better than others on the market. Emphasize the quality of your products and talk about how customer satisfaction is always a top priority for you.
No matter which buyer type you're targeting, be sure to keep your sales pitch personal. Buyer personas are people too, and they want to feel like you're talking directly to them.
For example, if you're targeting price-sensitive buyers, emphasizing your product’s low cost or service would be a good strategy.
If you're targeting social influencers/brand advocates, then providing them with free products or services in exchange for an endorsement could be a good strategy.
The most common buyer type is price-sensitive buyers who want the best deal they can get on a particular item or service—knowing what buyer personas you're targeting will be much easier for you to market to them effectively!
Attracting the right buyers is key to the success of your business - so make sure you know who they are! Once you see the buyers your company wants to attract, it's essential to identify and understand your buyer personas.
This means understanding their demographics (age, gender, location), psychographic (interests, values), and behavioral data (what websites they visit, what type of content they consume).
Armed with this information, you can develop marketing materials that speak directly to your buyer persona's needs and motivations.
It's also worth noting that buyers are constantly changing and evolving. Several years ago, what buyer might have been a popular buyer type may not be as prevalent today.
Keep an eye on the latest trends in the buyer world, and make sure your sales pitch is updated to reflect those changes. This will help you stay ahead of the competition and attract more buyers to your product or service.
Understanding buyer personas can be extremely valuable for businesses of all sizes.
Convenience your buyers’ needs, and don't hesitate to use them today! By understanding who your customers are, you'll be able to create marketing materials that speak directly to their needs and wants.
And that's a recipe for success in any business.
Keep these things in mind when developing your marketing strategy! Knowing what your buyer personas need and how you can meet those needs makes it much easier to market products and services effectively!
If you know who your buyers are (are they women under 25 years old?), then you'll be able better understand their online behavior as well as which mediums they're most likely to use when searching for information about your product or service.
Remember: sometimes, marketing directly to the buyer is your buyers’ needs effective way to reach them.
For example, if you're targeting performance buyers, advertising your product on a high-end fashion website probably won't be as successful as placing ads in an automotive magazine.
The buyer type is changing with the trend of technology advancement. So companies should keep up with the trend by studying their buyer personas and understanding how to sell their products or services to each buyer type efficiently.
Businesses need to realize that not everyone who buys their product falls into one specific buyer type - many people can fall into multiple categories, depending on what they're buying.
So it's essential for companies to constantly study and research their buyer personas to adapt their marketing strategy.
Your buyer persona is changing with the trend of technology advancement. So companies need to study buyer personas by understanding how efficiently they sell their products or services to each buyer type according to current buyer trends.
Businesses need to keep up with the trend by studying buyer personas. Not everyone who buys something falls into one specific buyer type - people can fall into multiple categories depending on what they are buying.
So it's essential for companies to constantly study and research their buyer personas to adapt their marketing strategy accordingly.
It becomes much easier knowing which buyers want certain products if you know what your buyers need (do they like getting great deals? do they prefer convenience over saving money?) and how you can meet those needs.
By studying buyer personas, businesses will be able to adjust accordingly by knowing what applies best depending on the buyer type looking at their products or services.
Every buyer persona is different, so companies need to study them to effectively market products and services according to current trends.
People don't just fall into one specific buyer type - many buyers could also fall into multiple categories based on what they're buying.
- Keep up with buyer trends by studying your buyer personas
- Understand what each buyer persona needs and wants
- Know which mediums to use when advertising to different buyers
- Be prepared to adjust your marketing strategy depending on who's looking at your products or services.
Buyer types are not just one-dimensional. By knowing what each buyer persona needs and wants, it becomes much easier to understand their online buying behavior when researching products or services on the internet.
The most common buyer types are performance buyers, price-sensitive buyers, convenience seekers, brand loyalists, and first-time buyers.
Each type of buyer has different interests that determine where they look for information about a product or service.
Now that you understand buyer types, it's time for you to start putting this knowledge into action! So get out there and start creating great content that will speak directly to your buyers’ needs.
And remember - always keep up with buyer trends by staying on top of changes in their behavior. The more information you have about your buyers, the better equipped you'll be to reach them effectively.
