As depicted by its name, Consumer Psychology is the analysis or study of why people purchase goods. As per the demand and curiosity of the marketers, some psychologists try to explain the logical reasoning process behind the customer getting influenced by different types of marketing techniques. Besides this, they also study their reaction to it as trying to know the stimuli response that convinces a certain personality to buy a particular product.
The traders or marketers show great interest in knowing all these studies as it will help them figure out and experiment with how to sell a product successfully. This further leads to the craze of the buying and selling calculations, and the marketers try to encourage the psychologists to continue these studies and surveys constantly.
Psychological impacts on the decisions of consumers
- At last, consumers are humans too, so the study of human behaviour on the product buying preferences, physiological reaction on a certain type of packaging, advertising, or the marketing techniques helps a lot.
- The underlying motivation of a person plays a major role in driving his action as a consumer.
- The consumer’s behaviour could be positive to attain happiness or win a reward, for example, sensory gratification.
- And for the consumers having negative motivation could be the reason who intends to stay away from disappointment or pain of any sort.
- This motivation is a personal link between the company and the purchase motivation of an individual, which is termed as a consumer’s attitude.
- To correctly understand these two types of motivation, one needs to consider the five levels of needs deeply depending on the level of importance.
- It is the generalized version to understand the sense of human motivation in a very vast set of contexts. Maslow, a well-known consumer psychologist, has also proposed eight purchase motivations which consist of three positive and five negative motives.
- The world of consumer psychology includes many terms such as the process known as ‘involvement,’ poor decision referred to as ‘low involvement,’ and purchase decisions are ‘high involvement’ when the psycho-social risks tend to increase.
- This study requires a huge amount of dedication, patience, and understanding, which psychologists can only do, and the world completely inspires them to do so in every aspect.
Marketers using the Consumer Psychology
- This study of consumer Psychology is an absolute boon for the business industries or the marketers.
- However, these research patterns are extremely difficult to crack and manage. Still, some new research methods such as consumer neuroscience and ethnography have been the new light of hope of getting further details briefly.
- These methods have an interesting fact in them as they study the consumers’ decisions and assess the intention gap, which is the difference in the action and thought of a person, of what an individual thinks and what they do.
- These all can help determine the customer perception of the price of a certain good, brand name, and work, and witty the market’s reaction to the fluctuation in pricing.
- Marketing individuals can make full use of the psychological factors and manage their time, investments, dedication to a particular matter, product, or company.
- Brand management tries to get an emotional or an influenced connection between the customers, products, and the brand name.
- Apart from these, they apply their wonderful strategies of firstly making a suspect to a prospect. The prospect to a customer of the buyer and smartly the buyer be the brand ambassador of a particular company.
- They finally manage to work on the brand image by the brief study and knowledge of consumer psychology.
Consumer Psychology is a smart technique to read people’s minds and work accordingly to get huge profits. This shows the actual advancement of time in psychological research by studying the behaviour, influence, and tendencies of a particular mass of customers or individuals. This has been a great help to the market executives to reach success quickly and is an absolute boon.