At some point, you probably created an avatar of your ideal customer. And you probably used that avatar to inform and shape your marketing strategy. An avatar, however, is, of course, a generalization. And while your target audience may fit a certain mold of people (more or less), your customers are individuals, and they do not necessarily all shop the same way.
According to Jeremy Smith, there are three types of buyers: tightwads, spendthrifts, and average spenders. And if you want to increase your conversion rates, you need to develop strategies to appeal to each type.
3 Types of Buyers And How To Sell To Each One
Tightwads
The tightwad buyer type prefers to save money rather than spend it. They are budgeters and planners. Tightwads hold onto their money for as long as they can. And they do this not necessarily for need-based reasons. They do this because they like to keep their money close or make it work for them by putting it in a late-maturing CD, for example.
Tightwads are not average, however. For them, the fear of buyer’s remorse is crippling so they spend less and save more than the average person.
How To Sell To A Tightwad:
Selling to a tightwad doesn’t happen overnight, so prepare to play the long game. And if it’s not within their budget, they probably won’t ever take the bait.
- Use negative emotional words and signals in your copy and marketing. Instead of saying, “You deserve this,” say something like, “Save more in the future by investing in this now!”
- Rely on data—numbers, charts, and graphs—as opposed to emotional appeals to encourage sales.
- Be straightforward, honest, and precise.
Spendthrifts
The spendthrift type is not average either. As you could probably surmise, spendthrifts are the opposite of tightwads. Spendthrifts are immune to buyer’s remorse, spending more and save less than the average person.
The spendthrift type adheres to the motto, “You can’t take it with you.” Money is meant to be spent, and spendthrifts aren’t influenced by controlling factors, like budgets. They are driven by emotions and rarely experience sticker-shock.
How To Sell To A Spendthrift:
Spendthrifts are your easiest customers, as they don’t usually need a lot of convincing to make a purchase. But even still, here’s what works best with this type of buyer:
- Use emotion-driven advertising that includes lots of pictures (cute babies and puppies are always crowd-pleasers).
- Leverage color psychology in a way that appeals to them. Click here to learn more about how to use colors to increase conversions.
Average Spenders
Tightwads and spendthrifts sit on opposite sides of the spending spectrum. And the best way to describe average spenders is to say their spending tendencies fall somewhere in the middle.
Most people are average spenders, purchasing items they can rationalize as good investments that won’t break the bank. Average spenders assess whether or not items are worth their price tags. And they do still indulge but they do so within reason and while still trying to save money and adhere to some kind of budget. Average
spenders are driven by both emotions and analytics.
How To Sell To An Average Spender:
Average spenders represent your biggest buyer base so focus the majority of your efforts onto this type of buyer.
- Create a balance of emotion- and data-driven marketing strategies.
- Include money-back guarantees, a warranty, or free shipping to appease their fears of buyer’s remorse and encourage them to spend, without worry.
What do you think about these tips for selling to different types of buyers? What strategies do you use to sell to people with varying spending/saving preferences?