Wise Up Your Shoppers

Wisdom in your shoppers is of value to you. Wise guys and gals are less susceptible to fraud, allowing you the comfort of profiting from the practice of ethical retailing.
     Wisdom has been prized throughout cultural history, but the definition of wisdom varies among cultures. Researchers at College of William & Mary and University of Virginia set out to define wisdom in consumer culture. They interviewed a set of Americans living in different areas of the nation and ranging in age from teens to 90s. Each of the interviewees had been described by others as a wise consumer. The interviewees were probed about what characterized their purchase decisions.
     The sample size in the study was only 31 people, and the selection technique was snowball sampling. A snowball sample is gathered by asking people you interview to nominate others who fit the criteria you’ve set. Snowball samples, especially when of limited size, are prone to bias. In fact, the conclusion of the study, defining what qualifies as a wise consumer, pretty much matched the definition given at the start: A shopper who balances emotions with logic, the future with the present, and others’ needs with their own. Still, people in the study fitting this description did show certain specific characteristics, such as:

• Cultivates a clear idea of what lifestyle is meaningful in that it aligns with their distinctive values and available resources 
• Intentionally refrains from spending money and time unless they can clearly identify a reason which feels right or makes logical sense 
• Contemplates the results of past consumption when making decisions for future consumption 
• To master negative emotions and facilitate positive ones, seeks out situations which promote wise consumption 
• Displays patience fitting the significance when making consumption decisions 
• Maintains openness in considering a range of consumption alternatives, such as renting or sharing instead of purchasing 
• Transcends self-interest by preferring consumption options which avoid harm to the community, other consumers, or animals 

     To cultivate target audiences of shoppers with wisdom, appeal to those characteristics in your marketing.
     A New York Times article based on an abundance of research points toward ways sales people and marketers can help consumers develop and use wisdom:

• Present shoppers with more than one alternative to satisfying a need or fulfilling a preference 
• Tell stories about what it would be like to actually use each alternative 
• Encourage the shopper to tell their own stories about use 

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

Click below for more: 
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