15A – Figuring Out Buyer Behavior No. 2
Interview 1: This person said that the most important factor when determining whether to buy something or not was price. They are a college student, so this makes sense. In regards to my specific industry, they said that style was an important factor as well, because they "didn't want to look dumb riding around campus". When asked how the normal buy things, this person responded by saying that almost all of their shopping for non-food items is done with the use of the internet. If they actually use and enjoy their item, they said that they would call that a good buy.
Interview 2: When interviewing this person, they also said that price was the most important factor. They said that they still need to eat and pay rent, so they need to make sure they have money for both of those. This person doesn't go shopping much, since they are on a really tight budget, but they said that when they do buy something, it usually is in a store. They like to be able to see and feel what the item is before they buy it. They use their credit card often to make purchases to delay having to pay for them. This person thinks long and hard before making purchases, so they said that they have never made a bad buy.
Interview 3: This person also agreed that price is an important factor, but that style was important as well. When this person buys something, it is most likely online, and they like to buy stylish things from cheap sites like Shein. They said that because they buy things with a low price, they feel like all their buys are good; even if something doesn't fit or they don't like it as much as they thought, they can sell it to one of their friends for cheap.
Summary: Based on these interviews, it seems that price in general is most important to the segment of college students. 2 out of 3 interviewees also included style though, so I know that I must perfect the style. A majority like shop online, mainly for convenience. When evaluating purchases, these consumers determine the value get by balancing price against their use out of the item. Because they tend to go for lower priced items, their perceived value is higher when they justify it as, "Oh, I only paid $5 so it is ok."
Interview 2: When interviewing this person, they also said that price was the most important factor. They said that they still need to eat and pay rent, so they need to make sure they have money for both of those. This person doesn't go shopping much, since they are on a really tight budget, but they said that when they do buy something, it usually is in a store. They like to be able to see and feel what the item is before they buy it. They use their credit card often to make purchases to delay having to pay for them. This person thinks long and hard before making purchases, so they said that they have never made a bad buy.
Interview 3: This person also agreed that price is an important factor, but that style was important as well. When this person buys something, it is most likely online, and they like to buy stylish things from cheap sites like Shein. They said that because they buy things with a low price, they feel like all their buys are good; even if something doesn't fit or they don't like it as much as they thought, they can sell it to one of their friends for cheap.
Summary: Based on these interviews, it seems that price in general is most important to the segment of college students. 2 out of 3 interviewees also included style though, so I know that I must perfect the style. A majority like shop online, mainly for convenience. When evaluating purchases, these consumers determine the value get by balancing price against their use out of the item. Because they tend to go for lower priced items, their perceived value is higher when they justify it as, "Oh, I only paid $5 so it is ok."
Hi Michael,
ReplyDeleteIt seems the trend here is that people are skeptical of a new product or service that is set at a higher price point. Most times it is easier to start with a lower price and slowly increase it as you gain market share and differentiate your product or service from competitors'. It is somewhat shallow to judge a new product or service solely on price, but I think it is human nature to remain guarded against paying too much for something. This also illustrates why it is so important to keep costs low when starting out.