Retail Psychology: What is Consumer Psychology
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What is consumer psychology?
The American Psychological Association puts it this way: “Consumer psychology employs theoretical psychological approaches to understanding consumers.”
"Consumer psychology is the study of how consumers behave."
Consumer psychology analyzes questions like:
- How do shoppers choose businesses, products, etc.?
- What motivates consumers to buy or choose one product over another?
- How can businesses use marketing to reach their ideal customer?
- What demographical, environmental, or psychological variables influence purchasing behavior?
The list goes on.
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These types of insights help marketers and business owners learn about their customers so they can better connect with them.
It can be helpful to think about consumer behavior in the context of motivation to find the answers to these questions. In the psychology world, motivation is broken up into two categories: intrinsic motivation and extrinsic motivation .
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What's the difference between intrinsic and extrinsic motivation
- Intrinsic motivation is when people make decisions based on their personal wants and needs.
- Extrinsic motivation is when people make decisions based on external factors.
For example, let’s say Customer A and Customer B are both in the market for a new pair of running shoes to train for an upcoming marathon. Customer A selects the pair in their price range that feels the most comfortable, while Customer B selects a pair based on the brand and style without caring as much about foot and knee support.
So, which customer is intrinsically motivated?
Customer A.
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That's because Customer A opted for a pair of shoes that work best for them and will make their training experience more enjoyable. Customer B was extrinsically motivated because they chose a pair of shoes based on brand popularity over comfort.
"People buy facial masks [the skincare kind] because it signals to others, and themselves, that they care about their skin and self-care."
So, Which motivation you prefer the most?
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