The Five Types of Buyers! Which are you? What about your team?
Today’s post is assembled by Ron Southard, CEO at SafeSourcing based on data from our white papers and past blogs at SafeSourcing Inc.
The Five Buyer Types:
It is interesting to look at the business world in the perspective of how we function in our personal lives; seeing the differences and similarities with which activities are accomplished. Sometimes we behave in business as we do in our personal lives and sometimes we behave the opposite, especially when we are dealing with someone else’s money. These purchasing profiles and the defining characteristics can mirror each other or be very different depending on the person.
There are generally five different types of buyers: the bargain hunter, the casual saver, the miser, the traditionalist or contact builder, and the cash rich. Each of these types of buyers has pros and cons to it and many people share traits with more than one type. We will go into detail about each one of these types and analyze the positives and negatives of each. As with any situation, each positive trait can become a problem if taken too far, and with each negative there are ways to improve. No matter which category of buyer a person fits into, there are ways to improve buying habits.
With better understanding of the types of buyers out there, an organization can not only tailor their own buying habits for a better overall value, but also target a broader consumer base. The better the understanding of buying habits across the board, the better equipped a company is when dealing with the different types of buyers.
No matter what type of buyer a company employs, there are ways to improve the process for the betterment of the organization, whether through relationship building or awareness of the broader market. Knowing what buyer supports an organization can help that company’s targeted advertising and marketing, helping to make the process more efficient and less costly.
Please check back tomorrow for Part III “The Bargain Hunter”
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