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Online Branding – 5 Factors That Influence Consumer’s Buying Decisions

Online Branding – 5 Factors That Influence Consumer’s Buying Decisions

It is our belief that a consumer’s decision to buy a product is influenced by five major factors. These 5 factors also help buyers develop product and brand preferences. Unfortunately, life’s circumstances are beyond our control and we are not able to make changes to our buyer’s preferences; even with the best marketing and sales pitches. What we can do is understand our consumer’s preferences and buying habits, so that they can appeal to them and make meaningful connections on both personal and professional levels.

 

consumer preferences
 

1. Monetary Factor

In a way, any product that you buy is a gamble. Many people feel that by buying a particular product, they are taking a monetary gamble and if the product does not hold true then they could end up losing their money.

You can however, provide them security from this issue by offering some kind of guarantee on the product. This guarantee could be in any form. You can offer them various options such as cash back guarantee, free trial, or chance to exchange their product free of cost. You can also try to lower the price so that it is no longer a big monetary risk. Showing other peoples testimonials about your product could also work wonders.

 

2. Functional Factor

When buying anything that they have not used before, most people are apprehensive that the product would not work properly or may be defective etc. As a result, they might avoid buying products, which they feel are complicated.

You can however change their mindset by giving a full-fledged demonstration before they buy the product. You can also give them an on-site training once they have bought the product.

 

3. Social Factor

Society also plays a very important role in the way people think.. All of us have a question at the back of our minds, all the time “What will people think?” Many a times, it happens that people want to buy a product, but are held back because of public opinion.

You can however, give them a push by getting testimonials for your product from the high standing members of society. This will make the people feel more confident about their choice making them think that if it is good enough for so and so then it is also good for me.

 

4. Psychological Factor

People at times are not ready to indulge and pamper themselves. As a result, they many a times refuse to buy a product because they feel guilty in doing so. Most of them think that perhaps the money could be well spent on something else.

What you need to do is to make them realize that it is quite okay to indulge, and spend on themselves once in awhile. They have full right to do so as they work hard all round the year.

 

5. Physical Factor

Believe it or not there are products in the market, which make people think that they may cause bodily harm to them if they buy and use these products. If people feel that the product in question is dangerous to use and can have adverse physical repercussion then they will definitely avoid buying such products.

In such a scenario, first of all, you should make sure that your product is safe to use and is not dangerous for anyone. Next, the task is to inform the people about the safety of your product. For this, you can also get your product certified, for its safety, from any creditable agency. Include demonstrations and testimonials from known personalities to verify its safety.

 

Overall, your approach should be to make people buy your products through legal and fair means. At any stage, you should not try to cheat your customers.

The idea is to help the customers in their decision to buy your products by answering any questions that they may have. This would be a worthwhile exercise because you would be helping those who may really want to buy your products but have a few apprehensions. In fact, it is your duty to guide them in the right direction.

Customer is all-important and so are there concerns. Therefore, there requirements should be kept in mind even when you start designing your product. If you keep the above points, in mind while designing your product then you can be sure that half the battle is won.

About iRISEmedia

iRISEmedia.com is a digital media agency and SEO company, specializing in Social Media and internet marketing. Our team helps clients increase their reach and profitability by developing and implementing customized and targeted online and social media marketing strategies. We service clients in Toronto, Ontario, the GTA and throughout Canada as well as globally.

By |2015-01-19T00:56:16-05:00January 19th, 2015|

About the Author:

Alex Noudelman earned his Honours B.A. in History and Political Science in 2007 from York University in Toronto, ON. He went on to complete his Advanced Certificate in Adolescent Education in 2008 at D'Youville College and became a certified teacher in Ontario in January, 2009. He's been working in the digital marketing industry since 2010 and enjoys writing to intrigue his readers and educate them about the fundamentals. Feel free to contact Alex Noudelman if you have any questions or would like to see a specific topic covered on this iRISEmedia blog.