15A – Figuring Out Buyer Behavior No. 2

I interviewed three of my friends that fit the segment I identified that I did not interview last time.  They already know about my product because I have made a test product and I use it myself everyday.  I asked them simple but important questions:

When buying jewelry, what do you consider first?  Price or Quality?

All of the friends I interviewed said ultimately price, but they all also say that it depends on what they are looking for.  There are jewelry pieces out there (name-brand) they would spend more money on for a special occasion, but being a college student, they look at price first most of the time.

When buying jewelry, would you rather shop in-store or online?

2/3 of my friends said in-store while one said online--I would've said online.  I only shop with brands I know usually that are reputable and there isn't a lot of shopping options in Gainesville (that I know of) to go in person shopping like I would in my hometown of Columbus, Ohio.

I actually put a poll up on my Instagram story last night asking these questions--Instagram stories last 24 hours and these are my results after about 22 hours.  I expect there to be more votes but the percentages have been pretty consistent for a while now.

When buying jewelry, what do you consider first?  Price or Quality?

  • 53% (107 people) voted price and 47% (95 people) voted quality.

When buying jewelry, would you rather shop in-store or online?

  • 68% (130 people) voted in-store and 32% (60 people) voted online.

I asked my interviewees what matters most to them after their purchase and in this case, what mattered most in buying a product like jewelry was how much they wore/utilized it and how it wore (hopefully not rusting or turning too much to need a polish or replacement).  When this has happened in the past, they have thought their purchase was a poor idea.

I would describe my segment as college aged students who like accessorizing, but also have a budget for this activity due to their age and average circumstance.  Since this product would not be overly expensive, they shouldn't have too much or any buyer's remorse post-purchase.



Comments

  1. UnknownOctober 21, 2018 at 12:15 AM

    Sydney,

    Using an Instagram poll for this assignment was an excellent idea! I'm very impressed that you employed social media so effectively to reach these results. It's a very creative approach, and I wish I had thought to do the same! I'm also impressed that you were able to interpret some actionable knowledge from the results. Hopefully you will be able to refine your product based on these insights. Excellent work!

    Zach

    ReplyDelete
  2. UnknownOctober 22, 2018 at 2:07 PM

    Hi Sydney,

    I agree with Zachary that incorporating an Instagram poll was a great idea and was probably representative of your Instagram followers (college aged students). One of the points you brought up was buying name brands. Perhaps you could license the key bracelet to a company like Alex and Ani that incorporates both price and quality into their products. Great job!

    Best,
    Grant

    ReplyDelete
  3. Emily HusakOctober 22, 2018 at 7:07 PM

    Hi Sydney,
    Your Instagram poll was a genius idea! What an excellent way to get some honest feedback on how to market your product. Especially since you are directing the style and price of your product to an age group that communicates so heavily through instagram. it's interesting that a greater percentage of the pollsters would rather shop in person for jewelry versus shopping on- line. I wonder if there is a certain price point that determines this choice. Meaning, for higher end jewelry, they want to see it in person, however, for a known high quality accessory piece, such as Brighton, Pandora, or as Grant suggested, Alex and Ani, more people may be more inclined to feel confident shopping on-line. Having your product become part of one of these lines may make it more appealing to on-line shoppers which would also make inexpensive marketing through Instagram very feasible to a mass college crowd. Nice post. Best, Emily

    ReplyDelete
  4. UnknownOctober 22, 2018 at 8:16 PM

    Hi Sydney,

    I think it was a very clever idea using the Instagram polling system to do this assignment. I did not think of that! Using Instagram is smart since there are a lot of users around our age and some people use the app to look at fashion or new products.From your post, it is certain that the product will be popular amongst college students who are into fashion. Great post!

    Regards,

    Ramar

    ReplyDelete

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