Why we Shop? Designing unique Experiences for Treasure Hunters
In a prior post, Why we Shop? Is it different than Why we Buy?, I referenced a study done around different shopper personas, one of which is the Treasure Hunter.
Treasure hunters like the adventure of shopping, the sport of it. They enjoy all aspects of the shopping experience that go into searching and finding the best deal possible or something unique and different.
Deals are a must for Treasure Hunters
Even though everyone loves a deal, no one seeks them out more diligently than the treasure hunter. They typically won’t make purchases until they determine that somehow they found a deal that other people failed to discover. You typically won't find treasure hunters lurking around when their is no deal in sight.
Their Motivations go beyond the Deal though (more than price)
The motivations of the treasure hunter, finding the best deal on something, go beyond the simple budgetary benefit. Motivations can include "achievement", finding a deal no one else knew about, "esteem", being respected for their money saving accomplishment, and/or "mastery", being exceptional at their hobby or sport (to some it is). Treasure hunters can be some of the most "motivated" shoppers you will find - willing to put more time and energy into shopping then the average consumer (on-line and off-line).
Treasure hunters are sometimes referred to as "bargain shoppers". However, the items they are searching for or simply discover while shopping do not always need to be on sale. But, those items must be priced well! Some retailers will cater to the treasure hunter thru a combination of special deals, frequently changing assortment, or having limited stock items.
Treasure Hunters like to share their Accomplishments
The true treasure hunter likes to share their accomplishments with others. They like to tell stories of where and how they came across a deal. What it should have cost and what they got it for based upon their special skills. How they in fact uncovered the deal. What on-line tool or mobile App they used to discover it.
You'll find the treasure hunters accomplishments posted on Facebook, Twitter, Instagram and other social media properties with hashtags like #flashsale, #bigsavings, or #oneofakind and pictures of receipts as "social proof" for the price they got.
Treasure Hunters don't necessarily have limited Income
Just because treasure hunters are in search of the deal doesn't necessarily mean that they have less money to spend than other consumers. They simply like to "get more for their dollar". They enjoy shopping. They are willing to spend the time necessary to find the best deal both on-line searching multiple websites and off-line visiting multiple stores. At the end of the day, they buy more items (in quantity) than the average consumer (because they found better deals).
Your business objective, if you target this shopper segment, is to get a much greater share of wallet from these persistent bargain shoppers. You will want to achieve this thru repeat purchases and/or cross-selling other items (potentially at higher margins).
Five CX Tips for serving the motivations of Treasure Hunters
To appeal to treasure hunters you have to understand their mindset, you have to design experiences that serve the underlying motivations behind their shopping experience. Five tips for doing this are:
Help them find deals, but, don't necessarily make it too easy. Sometimes the fact that the item they got for 75% off had been put in the wrong cubby or section of the store and they were the one to find it is all part of the adventure. However, other times its' important to make the bargain easily noticeable with good in-store or window signage or a social media post highlighting the special sale.
Make the Savings evident. Prices need to be clearly listed. Savings should be highlighted. Sometimes it's better to merchandise sale merchandise right alongside full-price items, rather than sectioned off, so that the great savings are evident. It might be better for someone to uncover a deal at checkout or in their email box, something only for them, rather than on the sales tab of a website.
Make the Accomplishment Evident. If there are only 3 items left at this price make it known to them. If certain items will only be available for a short time window since there is limited stock or they are seasonal item, communicate it thru mobile alerts and/or your email newsletter. Leverage the power of both scarcity and exclusivity to motivate the Treasure Hunter.
Make their Accomplishment Easy to Share. Treasure Hunters are proud of their accomplishments. Make it easy for them to share their accomplishment with others across their social platform of choice. For example, make sharing an online purchase at checkout as simple as a single click of a button or reward the treasure hunter with a discount on their next purchase for bragging about their new found treasure.
Learn as much as you can about them. Be sure to opt them into your email newsletter and/or mobile app alerts. Track what they buy and when they buy it. Re-target them across Facebook, across other web sites, always staying present in their mind. By learning more about their shopping patterns you will be able to target them more directly and efficiently in the future.