Market research is one of the most important steps before you do a lot of work for your business.
“Know your customer.”
It’s one of the most fundamental requirements and yet many still miss out on.
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If the desire is what makes customers buy, then what is desire?
The million-dollar question, “How can I tap into the desire of my customers?”
But before we talk about “how”, let’s first explore “what” is desire.
If I want to simply summarize desire, I would in two categories:
1. Desires that are based on biological triggers
2. Desires that are influenced by mass advertisements
Making money is not that straight forward, or else, the phrase “money doesn’t grow on trees” wouldn’t exist.
There is only one way to make money - that is by selling a product or service to customers who would value it and pay the price you have asked for.
Customers are human, and the most fundamental part of us as a human is that we buy for a reason.
We buy to satisfy our hopes, dreams, fears, and emotions.
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Hell yes!
Even when you don’t know it.
What is social validation?
“When we are uncertain about what to do we will look to other people to guide us. And we do this automatically and unconsciously.” -Robert Chialdini
Have you ever caught yourself in Amazon’s “Customers who read this also read…” section and thinking, “huh, let me check this out”?
That is social validation.
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We are all the same but different. I always think that. I know that
We have emotions. We are driven to take care of those we love. Survival comes first. We all feel sad, we feel doubtful and we feel courage. We might even think the same things. But then again, we are different.
What I like might be different than what you like, and that could be for the very simple reason that I come from a different cultural background than you, because I had different challenges, or grew up in a different neighborhood. It could be because of the school I went to or the languages that I speak. My job, my friends and the way I live could make me different than you, and similar to those who belong to the same school, to the same culture or the same neighborhood.
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Speak to the “new brain”, and not only your customers will be satisfied with your product or service, but also become repeat customers and buy again and again.
Remember when I was talking about the reason we do stupid things, and then think, “What the hell was I thinking?”
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Sometimes we do stupid things.
We make impulsive decisions and rely on our gut
.
How many times have you thought, “What the hell was I thinking?”
What you have done is not logical. In fact, you have used to good old SWOT analysis diagram, you wouldn’t have even thought about that stupid thing you did in the first place.
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Tell them they can’t have it and they will come running for it.
I think that advice works best with dating, not that I am an expert in relationships or anything, but hey consumers are also human. 😉
“The way to love anything is to realize that it might be lost.” - G. K. Chesterton
Haven’t you always noticed? When one partner says, “I am done, I am not accepting this,” and moves away, the other partner in the relationship who might have been taking his/her partner for granted realizes what s/he is about to lose, or perhaps even just lost?
That’s my friend is scarcity.
The “scarcity” consumer behavior principle says,
“Opportunities seem more valuable to us when their availability is limited.” - Robert B Cialdini, Influence
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Know your customer.
In different terms, when it comes to product design or marketing, one key element to your success is knowing your customer.
Some call it in the broader level of a customer segment, where basically you know specific statistics about your customer, such as age, demographics, etc.
Those who take a deeper look to empathize with their customers create personas or avatars. A customer avatar is an imaginary representation of your target customer in a specific segment. The avatar or the persona is Amy who in her mid-20s and loves to go swimming every day after work. She is self-aware and motivated to remain healthy because her Grandma died from such and such disease.
Knowing your customers can help you in so many decisions, from what to say and what not to say, what language to use, where to find them and how to trigger them.
One of those decisions is color.
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If you think discounting the price of your product would increase its attractiveness in the eyes of your customers, think again.
Remember the last time you wanted to book a flight ticket?
You check the flight prices and think of your options. The next day, you check the prices again, and you see the prices have gone up. You regret not taking the decision on the spot, and you tell yourself…
“I could have saved.”
You hesitate again, thinking you could get a better deal. You think tomorrow the prices could change. You wait. You check the prices the next day, and guess what? The prices have gone up again.
“That’s it,” you say. “I am buying my ticket now,” you tell yourself.
You buy the ticket.
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