The Role of Consumer Psychology in Success of a Business

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Understanding Consumer Psychology by Zehra Moinuddin

What’s the strangest thing about you?

What was so strange and so different about this session?

How do you capture the audience’s attention?

Were they expecting what happened?

Ummm. Not really.

It is, after all, all about learning about the consumer’s mind. The best dose to wake up everyone and to get them on their feet, thinking, is what Zehra Moinuddin’s workshop intended to do! A psychology graduate from UCL, her Nesting Session gave the startups a different perspective on thinking about their consumer.

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What’s important to understand is that the subject of psychology can be used to tweak technology and change customer behavior.

How?

Just like need is the mother of all invention, understanding the consumer’s mind is the key to bettering those inventions. Let’s start with a simple example: the ATM. When the ATMs came into being, a common problem that many customers faced was that they forgot the ATM cards in the machine. The result? A hassle resulting in a frustrated customer.

A full-fledged research was conducted into the matter, which led the team into thinking – if we can’t change the consumer’s traits, how about we change the technology?

Yaooza!

Since nobody is going to forget the money, the card was made to come out before the money was released. The problem was solved with this simple solution!

The session was filled with hands-on exercises! Writing down who your consumer is one thing – Visualizing and drawing him/her is another story altogether. All teams produced these attractive images of how they saw their consumer. Sarcasm Intended.

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A product is created for a consumer- but how does one identify the consumer? How does one know if the consumer wants to buy your product? The teams were hence set to task 102: ‘Imagine you are talking to a prospective customer on the phone – what questions will you ask to know them better?’ Five minutes and the questions were ready!

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By forming pairs, the challenge was to get information out of each other by playing the role of the interviewer and the consumer. This involved a lot of fun role-playing! Some became directors, some guys acted as women, while another acted like a Batwaa Memon.

The results of this exercise were great! Being in another person’s shoes really helps one know their customer better.

 

All in all, a great exercise for the mind.

More blogs to check out? Read about our Pitch day and why The Nest i/o is a great place to begin your entrepreneurial journey. 

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