Monday, July 24, 2017

Personalize for the Market Maven Personality

Researchers at University of Southern Mississippi and Florida State University set out to discover more about the personality of a type of consumer called the market maven. The importance to retailers like you of the researchers’ quest is that market mavens are powerful influence agents. Rather than considering themselves expert advisors on only certain retail products and services, market mavens counsel others about the whole shopping experience and go on to recommend specific stores.
     The personality profile these researchers describe, based on their review of prior studies and their own questioning of consumers, includes blends of divergent characteristics. Market mavens enjoy suggesting novel stores, brands, and item types to others, but they don’t want to propose ideas which conflict with the existing norms of their audiences. Although they enjoy spending more time and money at retail than the average shopper does, market mavens score high on assessments of frugality, since they continually strive to get maximum value for what they do spend. They grant more importance to the characteristics of products and services than to the characteristics of retail stores, but their recommendations of what to buy are almost always accompanied by recommendations of where to buy it.
     To maximize your appeal to the personality of the market maven, the researchers suggest emphasizing good value on pioneering items which have already shown some acceptance by a number of shoppers. An extra lift could come with you describing this to the market maven in a way which suggests they’re privy to exclusive information.
     Other research has documented relationships between face-to-face mavenism and web mavenism. Therefore, as you identify market mavens with favorable impressions of your store, encourage them to post their views on social media. Offer them materials and internet links they can take with them as conversation starters to share with family and friends. This is especially useful for newly introduced products and items for which the purchaser incurs monetary or self-concept risk.
     Generating suggestions for improvements is one trait distinguishing market mavens from customers who only ask questions, give praise, and give criticism. Offer these influence agents special gifts, including the gift of implementing at least some of these suggestions for improvements. A major reason for the value to you of market mavens is the stable self-confidence with which they make recommendations to all the people they know. That’s more likely when they recognize you’ve listened to them.

For your success: Retailer’s Edge: Boost Profits Using Shopper Psychology

Click below for more: 
Cross Channels with Market Mavens
Build Buzz with Market Mavens
Court Market Mavens for Social Media
Offer Exclusive Price Discounts Cautiously

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