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S2 E3 | Unraveling the Concept of Impulse Purchases
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When you do a survey or ask a customer in a very generic way, "Why did you buy this?" and they say, "On impulse," that's just a way to shut you down. On today's episode of the Circuit Breaker Show, Bob and Greg unravel impulse buys. They talk about the classic mattress, the interview with Brian Walker where he explains why buying a mattress was an impulse buy for him. This topic is covered in more detail in Competing Against Luck and Demand Side Sales 101. From a business perspective, you will see why classifying your products as impulse buys is a bad idea: It's a form of laziness. Greg will use an analogy to show how quickly people can make decisions.
You'll learn why you should not stop when you hear the word "impulse buy". It's time to dig deeper and your job is to help people remember why. Greg will explain if Bob is an impulse buyer. You will also find out why Bob bought the rare Ohio State University medal as well as all of their efforts to get Bob to minimize his purchases. You will understand why people use shopping websites.
Join us for this thought-provoking discussion.
Enjoy!
What You'll Learn in this Show:
- Is there such a thing as an impulse buy?
- Why classifying your product as an impulse purchase is a form of laziness.
- How quickly humans can make decisions.
- The two main categories with impulse buying
- Why irrational becomes rational with context.
- And so much more...
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