Customers Satisfaction - A Behavioural Economics Perspective

You own a business, or you're an entrepreneur or you are just another buyer, any category you fall in to, you must have come to realize that there are different kinds of humans in this world and that also makes a business or an entrepreneur have different kinds of customers.

Customers are mostly consumers who buy from sellers or negotiate a business to spend for their wants and needs which in return gives profit to the receiving end.

We've all been customers in many ways and some of us have been sellers or entrepreneurs that decide what to sell to our customers in some ways too. For one who has been both before, I'd like to share my encounter with different customers who made me study the behavioural aspect of economics.

Behavioural Economics is the study of psychology as it relates to the economic decision-making processes of individuals and institutions
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I couldn't think of a more personal way to define what behavioural economics is so the sourced one but I think it is very much explanatory... This aspect of economics deals with how to understand humans and in the context of my content, how to understand your customers to have a win-win situations with them. The win-win situation is that they get what they want or need and you get your profit and fulfilment for meeting their wants when they asked for it. To have the interest of your customers at heart.

Customers are always right! So they say and that is why a seller or store owner needs to understand them so to keep them even when they prove stubborn, of course it is if the seller wants to make profit and have long term customers. There should be a relationship between the two side, the customer and the seller for a long term contract to be achieved and there's nothing as sweet as that to a good business man or store owner.

Here are some kind of customers you could meet and how to handle them

You can't treat every customer the same way, it's actually same for other aspects of life. Some are new to what you offer, others have been patronising you for long, you can't give both same treatment. No, it's not that you're to make the new customer feel wrong about coming to your store no matter what little thing he or she wants to buy, it is more about finding out ways to win them over because you're not the only seller out there.

You'll meet the lookers - This category of customers are not there to buy anything and yeah, they are new but only there to see what you've got and hopefully night return to get it from you but that is if they didn't look into another store's offer too. These set of customers already know what they want but might be looking for inspiration to make the right decision on what to really get. How do you handle those customers to gain them to your side?

• Do not press for them to buy anything from you but instead display your good choices after getting a hint on what they could be finding inspiration for.
• Be Proactive, a perfect example are those online shops who makes their apps easy to use and give customers good service by replying quickly to any random questions about their product.

You'll meet the discount seekers - Even I fall into this category, those who are in search of where the products are sold more cheaper than others. They might have the money to buy a little bit higher than the discount they are looking for but would still press on to buy at discount. It's in favour to have them as customers as they do buy products they didn't even plan for. Ways to win them are quite easy...

• Give a convincing explanation of what you're offering, these set of customers wants to be assured that they are not only getting a discounted product but also a product with value.
• Highlight your sales products when you have them available, attract them easily to the sales products and use that avenue to win them over for other items that are not on sales.

You'll meet the impulse customers - This set of customers allow emotions influence their decision making in buying a product. Many stores depend on them to sell their products as they are the easiest to sell to. They are very much receptive to products recommendations which all you'll have to do is to do it right and win them over.

• Another way to win them over to get rid of distractions for them, limit the number of choices they would need to make and stay in touch with them maybe to know how well they love your product.

You'll meet new customers - They had never bought your product before and they want to try it out. This is the part where they say "First impression matters" and you'll need to be very careful with these customers so you could win them over, some could be in for a long term relationship with you on your product, play your cards well.

• Explain how your products work and even go as far as teaching them how to use the products for better experiences. This way, you could get their contacts to stay in touch with them and you get to build a relationship with them by being connected.

You'll meet the loyal customers - These ones are going to be there so long you keep giving them the products and services they fell in love with it from the first time. They don't need any convincing anymore but they still need some actions from you to remain loyal.

• Always put them in the spotlight, talk about them in your advertisements to other customers, give them something in return. That is, you organize end of year gifts or sales gift for your Lita customers. It makes their experience with your shop or business memorable.

There are also the dissatisfied customers, the need-based customers and many other kinds you'll meet, handling them should be a priority for you and try to always have the patience virtue on when you face them... Some customers can be super annoying and frustrating but if you play your part well, you could convert them in for your good..

All these efforts makes up for more profits on your end and maximize human relationships.

Posted Using LeoFinance Alpha