What types of buyers exist?

Price buyers
Price buyers are characterized by high sensitivity to spending and low perception of value. This type of customer does not pay much attention to differentiating attributes of the product or service and tends to focus solely on price.

They usually compare prices among market alternatives and end up choosing the cheapest option, even if it offers fewer benefits. In markets where there are many price buyers, it is necessary to include a basic, low-value, low-price alternative in the portfolio to compete for their preference.

Value buyers
Value buyers are also price-sensitive, but unlike the previous group, they have a high perception of value. This type of customer does pay attention to differentiating attributes and carefully analyzes what each option offers.

Although they compare options like price buyers, they do not necessarily choose the cheapest one. They evaluate the cost-benefit ratio and select the alternative that delivers more value. To attract these buyers, it is important to offer different combinations of price and value so they can choose the option that best fits their needs and budget.

Relationship buyers
Relationship buyers have low price sensitivity and high value perception. This profile stands out because these customers do not usually compare prices. In consumer markets, they are identified by their loyalty to certain brands, while in industrial markets they tend to stick with specific suppliers.

Although they do not always buy the most expensive option, their low price sensitivity is due to the fact that they have already chosen a brand or supplier and stopped searching for alternatives. Companies with a base of relationship customers should work to retain them by reducing their price sensitivity through switching costs and comparison difficulty.

Convenience buyers
Convenience buyers have both low value perception and low price sensitivity. They are the most complex to manage in terms of pricing strategy because they neither compare alternatives nor value differentiating attributes.

For these customers, availability is what matters most. They buy what they find closest or easiest to access. Therefore, companies wanting to attract them must ensure high distribution and availability of their products across multiple channels.

Differences by market
Although these four types of buyers are present in almost all markets, their proportion and distribution vary depending on the context.

In industrial markets, where customers tend to be highly price-sensitive, Price and Value buyers predominate. In mass markets for differentiated products, Value and Relationship buyers are more common. In commodity markets, Price and Relationship buyers usually stand out, as customers opt for the cheapest option or the one with which they have brand affinity.

Understanding these types of buyers allows companies to adjust their commercial strategies more effectively. However, it remains to be explored how these profiles affect profitability when facing price changes.