Tag: consumer behavior
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On athletes and marshmallows
It is a study so often recounted in speeches and talks: The marshmallow test. The summary is that a bunch of researchers gave children a choice. You can eat this marshmallow now. Or you can wait until I come back into the room and then have two. The researcher then walks out of the room…
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Like cogs in a machine
In Radical Candor, Kim Scott writes: “When you treat people like cogs in a machine, you’ll get no more than you demand, and you create an incentive to break the machine.” Page 117 in Radical Candor by Kim Scott Taken from the chapter on relationships, Scott is driving home the point that trust building is…
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What really makes a brand a luxury brand? You
Three authors, Ko, Costellow, and Taylor embarked on a research journey. Their goal was to nail down once and for all a definition of a luxury brand. Afterall, it gets pretty tricky to do research on thing that has no clear meaning. So off they went. I previously posted on the five key criteria they…
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There’s more to rap’s obsession with luxury products
Years ago, luxury brands recoiled when rappers mentioned their products in their songs. In particular Cristal had a distaste for it when Jay Z. Times are different now with brands like Tiffany & Co using the rapper and his wife Beyonce has key models for their campaigns. You could look into the past and assign…
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Shopping is a (psycho)social activity
There is someone, somewhere out there who spent thousands of dollars on a bag to look impressive. Think about it this way. I walk into the store not only thinking about the stuff I want to buy, but also what you might think about what I’m going to buy. Will you like it? Will you…
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Did your hormones make you buy that car?
You may have heard the joke before. So and so bought a Porsche to compensate for other things. But what does that really mean? It turns out that your biology really might make you go for those more expensive purchases. But maybe not in the way you’re thinking. Researchers conducted a series of studies to…
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There is a psychological power to luxury
As I sat at the chef’s table of Local Three, I had a moment when I decided I wanted more out of life. I had a literal taste of luxury and started calculating how to have more in life. How do I take part in more elevated experiences with great service and high-quality products? For…
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And now the buyer: Customer roles
We’ve come to the final role, the buyer. As I have been discussing the four customer roles, this one I suppose could be a bit confusing. I just wrote about the payer. What is makes a buyer different from a payer? This might be nuanced, but the buyer is the person who actually acquires the…
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Appealing to your paying customer: Customer roles
We are now on to the third of the customer roles: The Payer. This is one you are probably most familiar with, because after all, your products cost money. At the base, the payer’s concern is affordability. Yes, one question is “Can I afford this thing at the current set monetary value?” But they would…
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Think deeper about who uses your products and why
We’re taking this journey through the 4 customer roles. Today’s stop is the user. And yes, if you did your product design right, they love it and are telling all of their friends. But there are still some more things for you to consider. The user’s focus is acceptability. How well does your product fit…
A Wren Says 