Friday, March 2, 2018

Figuring Out Buyer Behavior No. 2

My segment is graduating seniors and what they plan to do after college.   I interviewed three people and asked them about multiple things.
The first person I interviewed was Jerry. Jerry is an architecture student graduating this spring.  I asked him what matters most when he is purchasing items and he said it depends on what he is looking for. For example, if he wants to buy a shirt to wear to a party, he buys something cheap that is not the best material because more than likely it will get messed up anyways. However, if he is buying something he plans to wear everyday, he will look at the material and how comfortable it is. In my segment, he said quality matters the most. He wants someone who can really guide him in life and make getting a job easier. More than likely, my segment will be bought online and then will set up an appoint to come meet the advisors. People will more than likely hear about it through some form of social media and sign up online to them come in later. Something that helps my customer determine if the purchase is a good idea is how many people actually get jobs when using the company. For example, if people that go to that place have a higher rate of getting jobs in their field then most, then they will use the service.
The second person I interviewed was named Anna. Anna is also a graduating senior and an architecture major. Anna says she looks at price the most when looking at products because she is a poor college student. She is trying to save every penny she has. She said my segment would be best sold in person because then the customer can get an idea of the people that will be helping them. She said for this purchase to be good for her, she would want to feel like she learned something from the advisor for a price $20 per meeting.
The third person I interviewed was Noah. Noah is a graduating senior with a finance major. He said he looks at style when thinking about things to buy. He really likes brand names and cares about what he looks like almost too much. He said that he would buy my product online and was hoping that there was some sort of online communication he could do if he had a quick question. He said that what matters most to him is that the advisor really helps him and guides him. If he feels like he was guided in the right direction, he does not really care what the price is.

In these interviews, I noticed that my service most people will pay for, even when they do not have a lot of money. Every person wanted advice and said that advice is always something that they are open to hearing.       

2 comments:

  1. Patrick,
    Or Pat, if I may. Thanks for posting! I think it is a great sign that people are willing to pay for your service regardless of their current income or savings level. I think that you have a fresh perspective on an industry that will undoubtedly be going through some significant changes in the near future. Personally, I have worked in the retail sector and think the future of the industry revolves around quality assurance.

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  2. Patrick,
    Concluding that your service would have a demand regardless of the price you offer for it is interesting. This seemingly means that your product has an inelastic demand, where it will not change regardless of your price point because people view it as a necessity. Like gasoline, regardless of the price, it will be something that people see utility in. I somewhat agree with your findings and see this inelasticity as something that must be kept within a reasonable place of the equilibrium price. Charging an astronomical amount may not work, even though it seemingly would based on your findings. These people are still college students, so I see them having a ceiling at some price. Make as much money as you can, but make sure the demand is still there. Thanks for sharing!

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