Understanding Buyer Behavior PDF

Professional Salesmanship UNDERSTANDING BUYER BEHAVIOR By: Janette C. Carabeo Bataan Peninsula State University - Balanga Campus  BPSU - Balanga campus LEARNING OBJECTIVES: Understand the difference between...

Professional Salesmanship UNDERSTANDING BUYER BEHAVIOR By: Janette C. Carabeo Bataan Peninsula State University - Balanga Campus  BPSU - Balanga campus LEARNING OBJECTIVES: Understand the difference between consumer and organizational buying process. Identify key factors influencing buying decisions Learn how to conduct needs analysis and problem- solving Develop strategies for building trust and rapport with potential buyers  BPSU - Balanga campus CONSUMER BUYING PROCESS Stage 1 Stage 2 Stage 3 Stage 4 Stage 5 Need Information Evaluation of Purchase Post - Purchase Recognition Search Alternatives Decision Behavior Sources of Criteria used for Factors Importance of Triggering Information consumers influencing the customer Factors final decision satisfaction Internal vs Role of the Importance of Role of handling External stimuli internet and product salespersons cognitive social media attributes dissonance  BPSU - Balanga campus Organizational Buying Process Stage 1 Stage 5 Problem Recognition Proposal Solicitation Stage 2 Stage 6 General need description Supplier Selection Stage 3 Stage 7 Product Specification Order-routine Specification Stage 4 Stage 8 Supplier Search Performance Review  BPSU - Balanga campus FACTORS INFLUENCING BUYING DECISIONS CULTURAL PERSONAL Age & life-cycle Culture stage Subculture Occupation Social class Economic Situation Lifestyle Personality & sel- concept SOCIAL Reference Groups PSYCHOLOGICAL Family Motivation Roles and Status Perception Learning Beliefs and Attitudes  BPSU - Balanga campus TARGET MARKET Lorem ipsum Lorem ipsum Lorem ipsum Lorem ipsum dolor sit amet, dolor sit amet, dolor sit amet, dolor sit amet, consectetur consectetur consectetur consectetur adipiscing elit. adipiscing elit. adipiscing elit. adipiscing elit. Nam vel Nam vel Nam vel Nam vel fermentum dolor, fermentum dolor, fermentum dolor, fermentum dolor, scelerisque scelerisque scelerisque scelerisque elementum ex. elementum ex. elementum ex. elementum ex.  BPSU - Balanga campus CULTURAL FACTORS Adapting marketing campaigns to resonate with specific cultural values and traditions. Recognizing the influence of subcultures on product preferences and communication styles. Tailoring pricing and product features to match the expectations of different social classes.  BPSU - Balanga campus SOCIAL FACTORS Leveraging social media influencers or testimonials from respected figures within a reference group. Highlighting how your product or service can benefit the whole family. Emphasizing how your offering aligns with the desired status or image of your target audience.  BPSU - Balanga campus PERSONAL FACTORS Offering products or services tailored to the needs of specific age groups or life stages. Providing solutions that address the challenges faced by people in specific occupations. Adjusting pricing and payment options to cater to different economic situations. Highlighting how your offering complements the lifestyle and values of your target audience. Creating messaging that resonates with the personality and self-concept of potential buyers.  BPSU - Balanga campus PSYCHOLOGICAL FACTORS Crafting compelling messages that tap into the core motivations of your target audience. Addressing potential concerns and misconceptions to manage perceptions effectively. Providing educational resources and demonstrations to enhance learning and understanding. Aligning your messaging with the beliefs and attitudes of potential buyers to build trust and rapport.  NEEDS ANALYSIS AND PROBLEM SOVING Importance of Needs Analysis: Understanding the customer's pain points and challenges Identifying their explicit and implicit needs Tailoring your solution to their specific requirements BPSU - Balanga campus NEEDS ANALYSIS AND PROBLEM SOVING Questioning Techniques Open-ended questions to encourage deeper conversation Probing questions to uncover underlying needs Clarifying questions to ensure understanding BPSU - Balanga campus  NEEDS ANALYSIS AND PROBLEM SOVING Problem-Solving Approach Position your product or service as the solution to their problems Highlight the benefits and value proposition Address any potential objections or concerns BPSU - Balanga campus  BPSU - Balanga campus BUILDING TRUST AND RAPPORT Key Elements of Trust: Competence Reliability Integrity Empathy  BPSU - Balanga campus BUILDING TRUST AND RAPPORT Strategies for Building Trust: Follow-through Active Listening Genuine Interest Transparency on Commitments  BPSU - Balanga campus BUILDING TRUST AND RAPPORT Establishing Rapport: Finding Common Mirroring and Using Positive Humor (When Ground Matching Body Language Appropriate)  BPSU - Balanga campus BUILDING TRUST AND RAPPORT Importance of Long-Term Relationship: Customer Retention Repeat Business Referrals  REAL WORL EXAMPLES: NIKE'S "JUST DO IT" CAMPAIGN BPSU - Balanga campus  REAL WORL EXAMPLES: SALESFORCE'S CUSTOMER-CENTRIC APPROACH BPSU - Balanga campus  REFERENCES Solomon, M. R. (2014). Consumer Behavior: Buying, Having, and Being (11th ed.). Pearson. Kotler, P., & Keller, K. L. (2015). Marketing Management (15th ed.). Pearson. Schiffman, L. G., & Kanuk, L. L. (2010). Consumer Behavior (10th ed.). Pearson. BPSU - Balanga campus