A user journey is story about customer prospect as told from the perspective. Touch points they have with business starting when they first learn While all human struggle with large concepts of time and money, this process is even more difficult for conservative spenders.
It’s harder for so-called “tightwads” to rationalize expenditures when the length of time and price point are at their most abstract: for instance, when deciding to pay a large price for a product or service for a full year.
For instance, paying $1,000 a year for a continually used product or service makes it tough to grasp its actual value. When selling to these customers (and all customers), it’s better to break pricing up into segments that makes value calculation easier to stomach.
At that price point, you can create an offer around $84 a month, which makes it easier to assess the value a customer might get from your offering. Additionally, you could take things further by going with, “for as little as $2.75 a day!”, giving customers an exact daily value for your product.
Get ‘cheap customers’ to buy, by minimizing their buying pain
The CMU studies revealed that changing the description of an overnight shipping charge on a free DVD trial offer from “a $5 fee” to “a small $5 fee” increased the response rate among tightwads by 20 percent! Minor changes in language microcopy can greatly affect customer’s reactions and receptiveness to making purchases.
Bundle products to reduce recurring pain points
Neuroeconomics expert George Loewenstein has noted that all customers (but especially conservative spenders) are averse to buying multiple accessories if they can complete their purchase in one swoop.
One example he cites is how car manufacturers often bundle accessories in the form of a “plus package” in order to reduce the number of individual purchases: Few people could handle the pain of buying not only the vehicle but also leather seats, digital navigation, an upgraded sound system etc.
The reason this works is that these individual purchases force us to make a specific decision for each transaction, even if our “end goal” is just a generally upgraded vehicle.
By offering combined packages (for our digital camera example, imagine throwing in a memory card and a case), all of your potential customers can reduce their buying pain to one transaction if they so choose, and you’ll have offered another unique value perspective for hesitant tightwads. One of the more surprising findings the aforementioned.
First, it helps to stop seeing these customers as “cheap” or “tightwads” (although the title of the article suggests otherwise because that is what scientists call them more on that research in a moment!), and instead recognize that “cheap” customers simply feel more “buying pain” than other types of customers.
In other words, the way to deal with cheap customers is to reframe the problem. “Cheap customers” are simply folks whose brains are wired to feel more buying they harder to sway in their purchasing decisions.
Mother’s wedding gown, covered with embroidery and pearls and tiny satin roses, was the hidden treasure that I was constantly unpacking for another look. Actually, it was the only beautiful thing in the house.
First, it helps to stop seeing these customers as “cheap” or “tightwads” (although the title of the article suggests otherwise because that is what scientists call them more on that research in a moment!), and instead recognize that “cheap” customers simply feel more “buying pain” than other types of customers.
In other words, the way to deal with cheap customers is to reframe the problem. “Cheap customers” are simply folks whose brains are wired to feel more buying they harder to sway in their purchasing decisions.
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