As a society, we like to spend. That’s no secret, but the way people spend differs from person to person. As a marketer, it’s important to understand how to appeal to each type of spending pattern and type of buyer.
The 3 Types of Buyers
Neuroeconomics experts have labelled our spending patterns into three different groups. Each type of buyer responds differently to various forms of marketing so there’s never going to be a single one-size-fits-all marketing solution that charms everyone at once. That’s why you’re going to need to appeal to each type of buyer. But who are these people?
Buyer #1: Tightwad Tom
Percentage of Buyer: 25%
You know who I’m talking about. These cheapskates are the ones who are only letting go of their cash if it’s ending up in their TFSA or they’ve been struck by a garbage truck full of typhoid. They make up about 25% of the buyer pie and they are usually identified by the neon windbreaker they’ve been wearing since 1987 that they’ll tell you will come back into style any week now. Before they spend a dime, Tightwad Tom is going to research and price compare the fecal matter out of your product or service before making a decision between now and the time your grandkids invent hoverboards.
Tightwads already have an idea of what they think they should be spending. It’s no biggie. They’re just looking to squeeze every last drop of value out of their dollar and stick to their budget. They aren’t the type of people who will indulge in luxuries, because let’s face it – who wants steak and potatoes when Kraft Dinner and hot dogs are 38 cents per metric tonne?