Impulse Buying is big business. Forty percent of all sales result from this buying behavior. What are you doing to increase impulse buying in your client pool?
Impulse buying is an unplanned, spur-of-the-moment action/behavior. It is an unconscious and emotionally driven reaction. Put another way, impulse buying occurs when a consumer feels a sudden urge to buy. Consumers who take a more planned, often research-based, approach fall into the opposite category — rational buying.
There are both similarities and differences in the marketing approaches needed to target impulse and rational buyers. Marketers need to be able to reach both types of buyers in order to maximize their market share. They need to know the differences between the impulse buyer and their rational buying counterparts.
Both internal and external influences bring about impulse buying. Internal denotes the psychological makeup of the consumer. External refers to the factors that marketers can control such as price promotions, product placement, store atmosphere, etc.
Brick-and-mortar retailers have a long history of researching what works for encouraging impulse-buying behaviors. Grocery stores are very good at promoting impulse buying. About 60 percent of their sales are impulse driven. Discounting is a central feature of their efforts.
Online Impulse buying is a subject of immense interest. Shoppers are using the Internet to purchase more and more products and services. In fact, some websites rely solely on impulse purchases. Websites that rely solely on impulse purchases, referred to as discovery-based shopping sites, operate because of impulse buyers.
Much of the research about online impulse buying took place before the growth of mobile devices and social media. Today’s connected consumers are in a position to buy impulsively anywhere and anytime.
Consumers are also more likely to make impulse-buying decisions at online sites they trust. Such sites have good content, are easy to use, have an entertaining user experience, are interactive and are personalized to visitors’ needs and interests. Once they find such a site, they will keep coming back to make both rational- and impulse-buying decisions.
The more you understand your customers’ buying behaviors the more you can tailor your marketing efforts to meet their needs. Stay tuned for next week’s post where we will explore the topics of rational and emotional advertising appeal.
How much of your business is made up of impulse buyers?
What tactics do you use to promote them to buy?
Would you like to learn more about how to market to them?