What Makes People Buy?
Once upon a time, the customer was at the center of everything business, sales, and marketing. Now a lot of things have changed but one factor still remains, the customer.
The difference at the moment is that the way customers make purchase decisions has evolved over the years.
The 21st-century customer is influenced by so much information and exhibits behavioral patterns that can be studied and put to great use.
With current advancements in internet marketing and social media technologies, entrepreneurs must learn how to reach tens of thousands of people in new and engaging ways.
But it is equally important to discover why the 21st century customer buys and the reason for their motivation.
Entrepreneurs must not only stay current with the ever-changing world but also be a strong marketer and savvy business person.
So, what makes people buy?
Here are 7 things you need to know about why people buy things and how you can influence their decisions.
Basically, the customers don’t have a choice. Everyone needs to feed, for example, to stay alive. The same can be said for shelter.
However, imagine a scenario where you can convince your customers that your product (which is neither food nor shelter) is essential for their survival. You wrap your product in a message of need and get them to desire your offers like the air they breathe.
2) Perceived Value:
What do I get to gain? I may or may not really need it but will it add something worthwhile or memorable?
The customer perceived value is the worth that a product or service has in the mind of the consumer. This influences how much your customers will be willing to pay. That simple
3) Cheapest Pricing:
This should be written in block letters. Get it, right?
The too good to be true sales offer: Buy 1 get 2, 50% price slash, etc.
People perceive great value from such purchase decisions.
Delight your customers with these offers and watch them flock into your stalls.
How many times have you purchased an item simply because you were made to believe it was the last in stock? Scarcity or perceived scarcity is a great influencer when it comes to making purchase decisions.
6) Brand Popularity:
A lot of people will simply choose a service provider over the other due to what their brand represents. Some brands represent luxury, affluence, wealth while others stand for quality, simplicity, longevity, etc.
This is why your business needs a brand identity. Let your brand represent something great, unique and memorable.
7) Peer Reviews & Recommendations:
Nearly 60 percent of online shoppers said they consult reviews prior to purchasing consumer electronics and 40 percent of online shoppers claimed that they would not even buy electronics without seeking reviews about the product online first.
The same can be said of me. I don’t type in my credit card details on any site without first reading other peoples reviews about the trust rating of the business or website. That’s what TrustOrRun is meant for.
These are the 7 things we think can help you think like a customer.
Disclaimer: There is more to buying than just this list.
People also buy on impulse or for reasons unknown to even the buyer. But we hope this list, at least, gets you started.
So, what do you feel motivates people to buy from you? Better still, what makes them buy your own product or service?