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The 3 Types of Buyers, and How to Optimize for Each One

[Guest post by Jeremy Smith.]

I absolutely love buyer psychology and neuroeconomics. Want to know why?

● Because it’s like a secret weapon that produces torrents of conversions (and money).
● Because it’s the only real way to understand why and how buyers make purchases.
● Because it’s the proven route to successful marketing.
● Because it’s guaranteed to squash the competition. […]

By |July 30th, 2014|

Five Ways to Sell in a Bad Economy

Some of my more popular posts over time have been those dealing with selling to two different customer groups: spendthrifts, who spend money freely, and tightwads, who don’t part with their money easily. (See Five Keys to Selling to Spendthrifts, Tightwads, Spendthrifts, and Everyone Else and Five Keys to Selling to Tightwads).

It’s safe to say that for the last few years, it was far more productive for marketers to target spendthrifts. In our overheated consumer economy, spendthrifts were a much more lucrative target than tightwads who had to be convinced to part with their cash. Now, though, we are all thinking like tightwads – even those who are still well-employed may harbor nagging doubts about their financial future. In this environment, it’s worth re-looking at some neuromarketing tips to succeed in selling to tightwads: […]

By |February 19th, 2009|

Five Keys to Selling to Tightwads

One out of four potential customers for your product may not buy it, even if the purchase makes economic sense or is otherwise a good decision. A couple of days ago, in Tightwads, Spendthrifts, and Everyone Else, I wrote about research that found people could be categorized by their spending behavior into three major groups. While the largest group, described as “unconflicted,” comprised 60% of the large sample of survey subjects, a quarter of the group were identified as “tightwads.” The latter group presents a unique marketing challenge because they will resist spending money even when the expense is reasonable and perhaps justified. How does a marketer not only make the case for her product, but get a tightwad to part with his money? Here are five tactics: […]

By |October 3rd, 2007|

Tightwads, Spendthrifts, and Everyone Else

Marketers love to segment their potential customers, and now there’s a new way to do it: spendthrifts, tightwads, and everyone else. Research at Carnegie Mellon University shows that 40% of consumers can be classified as either spendthrifts or tightwads, while 60% fall into a middle category without strong tendencies in either direction. Furthermore, this behavior is related to one of our favorite neuromarketing topics, buying pain. […]

By |October 1st, 2007|