S2 E3 Understanding the Three Types Of Buyers

In this episode, we go over the three types of buyers.
Neuroscientists have discovered that people "spend till it hurts"
and can be categorized into different types. The three types are
separated by their pain level when it comes to spending money.
Spendthrifts are the buyers/spenders with the highest pain
tolerance when it comes to spending money and make up 15% of the
spenders. ^1% make up the majority of spenders/buyers and are
considered unconflicted with an average pain tolerance for
spending. But the most sought-after group in the bunch is the
tightwads, they make up almost 24% of the population of spenders
so they are a group large enough to target. 


If you can package your products and services in a way to get
tightwads to buy it the other types will already be buying. So
spend time figuring out how to get money from the tightwads.


There are three ways to get past their apprehensive nature when
it comes to relinquishing money for goods and services. The first
is reframing your proposition. By testing and retesting your
copy, you can hone in and soften your pitch. Consider if your
subscription costs about $1000 a year. That is a big nut to
swallow, but $89 dollar a month is far easier to sneak into the
budget. So break it into small pieces, such as "only four easy
payments of $19.95" rather than $80.


The second way is to create added value by bundling. Making
bundles that add value but hold higher prices give the impression
that they are receiving more than they are paying for.


The last is sweating the small things. A simple adjective such as
"small" in front of the word fee can change your conversion by
20% in some studies. Be very aware of the verbiage you use to
describe your offers.


Please check out my updated website here: Broken Moon Media and
give me your opinion of the message or first impression you
receive when looking at it. Here on my Facebook page.