Consumer Psychology: Why Do We Buy Certain Products and Pass up on Others? - Business Plans, Funding, and Opportunities - Utibe Etim

Consumer Psychology: Why Do We Buy Certain Products and Pass up on Others?

Which products will sell out instantly, and which ones will collect dust on the shelves? Brands ask themselves these questions on an everyday basis. The answer almost always points them to psychology. Even though companies may work in different industries and niches, their customers all think in a similar fashion. Here’s what brands can do to entice consumers to open their wallets and close the sale.

Create a Meaningful Message

Buying a product is more about getting something new. It’s also about supporting a brand. Consumers are more likely to buy from companies that include them in their brand message. If your brand doesn’t have a clear message, you’ll struggle to find loyal, excited customers. Do you want to know what customers really think about your brand? Consider working with a consumer research company, like The Benchmarking Company, to learn the honest and hard-to-swallow truth.

Take a look at your branding. You want to create a meaningful message that triggers an emotional response in your customers. After all, consumers are more likely to be loyal to a message than to a company. If they think you share the same values, they’ll more than likely go ahead and buy your products.

Understand the Pain of Buying

There are three types of buyers: unconflicted, spendthrifts, and tightwads. Each type has its own “pain” threshold when it comes to shopping. Unconflicted buyers usually don’t think twice about swiping their credit cards. Tightwads are more challenging to convert. However, you shouldn’t give up all hope.

The best way to reach all three types is through effective marketing. You want to create well-written copy that touches all any apprehension a shopper may experience. If the price seems too high for much of your audience, you’ll want to reword how you advertise it. For example, shelling out $1,000 for a product may seem like a lot, but what if the buyer realized it only cost $84 a month?

You can also reduce the pain of buying by bundling products and services. Consumers would rather get everything they need at once than have to come back for more later. Individual purchases induce multiple buying pains, and buying a bundle creates only one pain point. Most shoppers will choose the latter, even if it comes with a higher price tag. Even tightwads will often open their wallets if they feel they are saving time.

Create Urgency and FOMO

When the demand for a product is high, sales will skyrocket. How can a brand increase demand? Creating a sense of urgency is a must. You can do this with scarcity marketing. This tactic uses the fear of missing out to boost demand. “For a limited time” and “one day only” are clever terms used by marketers to create FOMO. If customers think there is a shortage or the item is rare, they’re more likely to close the sale without second-guessing themselves.

Another way to create urgency is with instant gratification. Offering rewards or free gifts with purchase are often enough to make shoppers want to buy. After all, who doesn’t like free stuff? Instant gratification will also make your products fly off the shelves. Advertising products as “quick” or “instant” may increase buyer interest. The goal is to address your audience’s pain points right away and give a near-instant solution.

The Bottom Line

Sales have to do with more than just the quality or price of an item. Brands also need to know what makes their customers tick. Learning how to think like a consumer is perhaps the best marketing advice any company can receive. Once you learn how to connect with your target audience, your sales will increase ten-fold.

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