86. Understanding the Psychology of Consumer Behavior

Why do we buy the things we do? Why is it that some brands speak to our heart deeper than others? Did you know there's a physchology behind the things we want that help drive buying decisions?

On this episode of The High Performance Marketing podcast I'll help you understand the psychology of consumer behavior and the role it plays in successful marketing strategies. I'll let you in on insights about your brand, and how brand archetypes are a powerful tool for helping you hit to the heart of the core desires of your ideal customer.

Transcript

Why do you buy the things you do? Why and when and from who? I want you to take a moment and think about the last purchase you made. And not because it was something you needed like gas or groceries, but something you spend discretionary income on - or even non-discretionary income on - something you possibly put on a credit card. Why did you buy that thing? What emotions did the item or brand make you feel to drive the decision.

On today’s episode of the podcast I’ll take you down the journey of a topic that serves as the cornerstone of successful marketing strategies – the captivating world of the psychology of consumer behavior.

Let me give you a personal example thi very thing by sharing an experience of this exact behavior in my own life. It’s an experience I haven’t forgotten in the years since it happened.

About 2 or three years ago I was attending a marketing summit.

The event was held at the 21c Museum Hotel in Nashville. The venue was kinda cool and had a small museum inside of it. I stopped in one day during the breaks to look around and came across a pair of red glasses. But not just any pair of red glasses. There was something very bold and different about the design of these glasses.

My hope and prayer was that they would cost somewhere in the range of $75-$95 dollars. Ha, yeah right. Of course I leaned in and the price of the frames was $300.00.

As someone who didn’t need glasses at the time, this was a very steep price for frames I’d use for fashion only. So I talked myself out of what I deemed such a ridiculous purchase. But for the next two days I’d walk by the museum store and I couldn’t stop thinking about these glasses.

So you know these frames were made by Francis Klein. And if you’re like me and had never heard of Francis Klein, he’s a snazzy French designer, which means the glasses were also made in France. Creating something unique.

But, why were these glasses invading my dreams? After a few days I just couldn’t take it anymore and I forked over the $300 for the frames.

Alright, so why would I, a very vanilla, conservative, pastel color loving kinda person fork over $300 for glasses she didn’t need?

I’ll tell you why.

As a writer, I’m also a reader. I love learning, I love knowledge and there was something very deep within me that felt that wearing these glasses would make me everything I want to be. Bold, declarative, assuming!!! And for a reader, writer, scholar type, nothing screams you are a knowledge geek more than a bold pair of glasses. These glasses would never go unnoticed as just any pair of glasses. When wearing them, they would tell the world I was a woman who valued knowledge dog gone it!

And there you have it. The psychology of human behavior. Hitting to the core of human desires. And this is where I want to help you understand brand archetypes and how understanding what they are can help drive sometimes even the most irrational purchases. Not because I want you to sell things to people that they don’t need, but rather, to sell them the things they already want, but are looking for permission to buy.

Because ultimately, when we talk about consumer behavior, we're essentially taking a deep dive into the psychology behind buying decisions.

Why do people choose one product or service over another?

What influences their choices, and how can you, as a small business owner, leverage this knowledge?

Well did you know that your bra