People buy/don’t buy based on:
- Emotion – they feel good about having this product or service.
- Trust – they trust the brand.
- Need – there is a need Buying
- Power – they can afford it.
- Convenience – it’s easy to purchase
- Urgency – they need it now!
How Emotion Influences People Buying a Product or Service?
People buy your stuff when they feel:
- Fulfilled – their need is fulfilled.
- Empowered – they can make more money, save time, do more.
- Elite – owners price, class, branded product, status symbol
- Comfortable – when they get the luxury/comfort
- Feel good – a better lifestyle.
- Relieved/relaxed – when their problem is solved, and they feel better.
How Trust plays a role in People Buying a Product or Service?
- Presence – based on presence in terms of number of years, geo-presence
- Social proof – when they see others using the product
- Referrals – when someone they know refers Reviews – Reviews and ratings
- Support – after-sales support and no/fewer complaints
- Approach – how the brand approaches you, marketing communication basically.
How People Buy a Product or Service based on need?
Let’s talk about how need plays an important role in buying behaviour.
- Urgent – products or services which are urgent, people search for those, so be available when the search, lists it in different platforms.
- Important – people need it, but there might not be urgency, so you can create urgency or create a desire to buy even if it is not urgent.
- Essential – for essential products and services, you need to be discoverable, and people will find you when then need
- Non-essential – non-essential products need a good amount of marketing, and you need to create the desire and nurture it.
How buying power influences purchase?
Let’s see how people buy based on their buying power. Well, buying power means the amount of money that a person or group has available to spend also known as purchasing power. People with:
- Low buying power – purchase only essential or low-value goods
- Medium buying power – purchase goods which may be non-essential too, but not very costly or luxury goods. Purchase mid-value goods.
- High buying power – purchase does not depend on necessity but rather emotion and desire. They go for mid to high value good only.
How convenience in buying effects purchase behaviour?
Let’s see how convenience plays a significant role in buying behaviour.
- Online ordering – if you can take order online, customers would love it, no rocket science behind that.
- Mobile app – if your website is not mobile responsive or you dont have a mobile app you are missing a large chunk.
- Easy return and refund – people purchase more if you have an easy return and refund policy.
- Trial – if you are offering trials, your chances of selling increases.
- Offline availability – Omnichannel marketing plays a major role, advertise online and sell both online and offline.
How urgency in buying effects purchase behaviour?
- Limited quantity – your product/services have limited stock, and people won’t miss the change.
- Limited time – if your product and services have time validity, people won’t delay
- Offer limitation – if your offer or discount is limited to specific terms, people won’t miss that too.
- Ads only offer – sometimes if you give ads only offer and dont show that on your website, people take action.
- Selective offer – if you offer a product or service with a special discount only after you qualify for something or complete a step, people grab that immediately.