Category Archives: Consumer Behavior
This economy has changed a number of consumer behaviors. The problem I have noticed is that salespeople are not paying attention to the behavior change. True, they are aware of the economy, however, they are still over trusting their sales process and have yet to make an adjustment to the new buyer. It is not that the new buyer is so new. It is actually the same buyer, they have just changed their behavior so dramatically that they no longer look the same. What are these behaviors you may ask? Let’s review just a few of them.
1. Increased Emotional Intensity
We have always known that the buyer is emotional. Every purchase regardless of the product or service has some emotion attached to it. All that is still true, however, the intensity of these emotions are significantly higher. Today’s buyer buys because they are really emotionally attached to the product or service, or they do not buy because they really hate the product or service. They idea of “feeling” neutral has eroded. I have looked at customer service surveys and it is the extreme ends that are being selected the middle ground is gone.
2. Increased Excuses and Lack of Commitment
We have all heard of “Buyers’ Remorse”. We are now moved into “shoppers remorse”. The remorse is starting before the purchase is complete or the contract is signed. More frequently before the contract can be executed a buyer will “run” away and avoid the commitment. The excuses buyers use to escape their commitment are many. It usually is a result of the very first point made. The increase in emotional intensity is so overwhelming in order to reduce the intensity or “escape” it. The buyer finds a way out. As the buyer continues to do this over and over again it only reinforces and increases the future behavior of “escape”. Behavioral psychologists call this “negative reinforcement”.
3. Increase in Unethical Buyer Behavior
Money is not evil. However, it is written that the “love” of money is the root of all evil. Money has become more “precious” to people because people have less of it to spend, the future of getting more of it or keeping it is in doubt, and to part with it, even if it is a good investment is overwhelmingly frightening. This has resulted in behaviors that are bizarre and unethical. For example, a real estate agent recently shared a story that a seller’s husband had died, the buyer wanted out of the contract, the last day of due diligence was on the day of the seller’s husbands funeral, the buyer wanted to escape the contract and insisted that this real estate agent bring the decline of contract to the wife on the day of the husband’s funeral, and wanted their earnest money returned! ON THE DAY OF THE HUSBAND’s FUNERAL! I wish I was making this up, but I am not it is a true story, and these stories are happening with regular occurrence. I know this is a wow, but if you are in the sales business you probably could share with me your own story (and please share them because I and others would love to hear them). So what do you do? Here a few tips that may help you with the “new buyer”.
My friend and colleague Brad Carroll, CEO of Dakno an Internet Marketing Group, www.dakno.com turned me on to something that was just so phenomenal that I had to write about it immediately.
So often we talk about “leads”. I have even made the mistake at times of using this term. First, I want to apologize for the usage of this term. From here on out, I will make a conscious effort to forsake this term, because these are people looking for information. When I reduce them to a lead, I have done nothing more than make them a number, or put them into a category.
The truth is these are people who want some information, maybe it is not specific to what you were hoping for, but have you ever thought that these people are asking for information from you because they find you trustworthy, you have relevant information on your website, or possibly they may have nowhere else to turn.
Even if this is not the type of individual you were hoping to speak to, the fact that they contacted you, puts the ball in your court, and you have a responsibility to contact them, even if it is with a recommendation to someone else. To ignore these people is the worst thing you could do for your future business. These are people, these are people with questions, these are people with needs and wants, and they are looking for someone to help them. Are you that person? Watch this video compliments of www.1000wattblog.com I hope you will agree with me…it is time to abandon this term.
Stay Successful My Friends!
Just a brief introduction for the curious.
First of all my name is Jay Izso.
I have my Bachelors Degree in Psychology from Doane College, and a Masters or Science degree in Psychology from Washington State University.
In 1996 I joined my wife’s real estate team which consisted of her and 2 part time assistants. I found ways through the internet and social media to grow her business and help reduce her marketing expenses. I also trained her sales staff on how to better relate to their clients and increase sales.
I am a speaker, author, and consultant. I talk about ways of empowering your business through psychology. I am the registered trademark as the Internet Doctor®. It is why people will occasionally refer to me as Dr. Jay. As the Internet Doctor® I diagnose the problems with businesses both in the online world and the face to face world and prescribe solutions to enhance, increase, and make your business more efficient.
I am a Social Mediologist, that is, one who studies social media from the psychological perspective of the user. I am an consumer analyst as one who studies and researches consumer behavior.
When you are ready for a different solution please contact me at Jay Izso, Internet Doctor®
Jay Izso, Internet Doctor®