What is Buyer Psychology

The Epic Marketing Show – What is Buyer Psychology?

This week on The Epic Marketing Show Kenda talks about buyer psychology. This is the fine art of how understanding your customers behave will help to inform and improve your marketing.

What is meant by Buyer Psychology?

Buyer psychology is something of an umbrella term that includes our old friend cognitive bias and the dark arts of heuristics. Or mental short cuts in layman terms.

Mental shortcuts are the things our brains know how to do on a near instinctive level. Knowing how to make a cup of tea when we’re thirsty…and then remembering to drink it.

Driving is a perfect example. Once we’ve been driving for a while our brains know how to operate a car without any conscious thought, leaving the conscious part of our brain free to concentrate on not crashing in to anyone.

What this means for buyer psychology is understanding how your customers behave and what you can do about that.

Unfortunately for us as businesses, humans are not the most logical creatures. We make decisions emotionally – even when our neo-cortex is doing the heavy lifting.  Which is why there are upset elections  or the wrong person gets voted off Strictly.

This is why the Vulcans find us so damn frustrating.

buyer psychology - highly ilogical

We don’t always behave in a way that makes the most sense. Certainly not compared to good old reliable computer logic. Mental shortcuts and cognitive biases help us to make decisions when the conscious part of our brain either can’t or won’t.

What is meant by Cognitive Bias?

Cognitive bias is – more or less – a bad mental shortcut. In buyer psychology, cognitive bias is the reason we walk away from a deal despite all the evidence screaming at you that it’s a good one.

However, understanding buyer psychology and concepts as cognitive biases and heuristics you are able to influence buyer behaviour. With a bit of careful planning – and trial and error – you’ll be able to future proof your marketing.

And that’s pretty powerful stuff. The up shot is that you’re able to communicate with your customers more effectively because you understand them better.

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If you’d like to learn more about buyer psychology check out our range of services here or, alternatively speak to a Ninja!

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