If you want consumers to buy your product(s), you must first understand how their minds work and how they make their purchasing decisions.
Consumers are getting smarter, more social, and increasingly analytical. They see through advertisements that are too good to be true much quicker. They are quick to hold businesses accountable for discrepancies between what is being said and what is offered.
8 in 10 buying decisions begin with some online research, usually conducted on Google. Consumers now read the fine print and the product descriptions. They now also read the reviews. More importantly, they compare your products with that of your competitors. And only then they will decide which company to do business with.
So, what persuades consumers to gravitate to a specific branded product? What do consumers want to see when they arrive in a store or browse through a corporate website? Our marketing agency in social media and SEO believes that a consumer’s decision to buy a product is influenced by six major factors. These 6 factors also help buyers develop product and brand preferences. Read on to learn more about how you can make your products more marketable.
6 Factors to Consider When Influencing Consumers
1. Monetary Factor
Any product you buy is a gamble. Most consumers agree with this fact. If the product does not hold, then they could end up losing their money spent.
A guarantee on products sold could help alleviate some of the concerns and pressures of consumers. There are a few ways to offer guarantees. They can be in the form of cash backs, free trials, or opportunities to exchange the product free of cost. You can also try to lower the price so that it is no longer a big monetary risk. Testimonials about your products will also build consumer trust in you.
2. Functional Factor
Any product that is newly marketed comes with risks. Many consumers are fearful that the product would not function properly or may not be worth the money spent. As a result, they might avoid buying products until there is more research and credible reviews. Businesses can ease the minds of consumers by giving them a complete, complimentary demonstration. You can also offer consumers on-site training once they have purchased the product from you.
3. Social Factor
Society also plays a very important role in the way consumers think. All of us have a question at the back of our minds, “What will people think?” Many times, it happens that people want to buy a product, but are held back because of public opinion.
Businesses can, however, give them a push by getting testimonials for their product from the high standing members of society (e.g., social media influencers). This will make consumers feel more confident about their choices and will be easier to move down the sales funnel.
4. Psychological Factor
Often, consumers are not ready to make the big leap to make important purchasing decisions. They may refuse to buy a product because of guilt inside them. Many of them also have the mindset that there are other meaningful places to spend the money. Businesses will have to come up with some rebuttals and sales pitches that will help consumers realize that it is quite okay to indulge and spend on themselves occasionally. They have full right to do so as they work hard all year round.
5. Physical Factor
It is hard to believe, but true at the same time. There are products on the market today that make consumers think that they could do more harm than good. If consumers feel that your product is too harmful to use and can have adverse effects, then they will avoid buying it.
In this case, first, businesses should make sure that their product is safe to use and is not harmful to anyone. Second, you should keep consumers informed about the safety of your product. For this, you can get your product certified, for its safety, from any creditable agency. You may also feature demonstrations and testimonials from known personalities to verify its safety.
6. Personal Preference Factor
At the end of the day, it all comes down to the consumer’s unique preferences. Consumer behavior is strongly affected by lifestyle choices, beliefs, likes or dislikes, and aesthetic preferences. It is also a well-known fact that most consumers are likely to choose a brand that speaks to them and a brand they could easily relate to. This is mainly the reason why targeted ads and online branding are important.
Compared to ads that are built for the average Joe, over 50% of consumers find personalized ads to be more impressive. Meanwhile, branding that’s suited to the taste of your audience will make it easier for them to recall you when they require your service.
Consumers make important buying decisions. When they decide on your product, they are asking themselves questions about how it satisfies their needs. That need may be spurred by several factors, some of which are listed above. Each of the above-listed factors can be led back to the way businesses leverage their storefront or website to increase the likelihood of a sale or lead. Keep these factors in mind when designing your marketing materials and strategies.
About iRISEmedia | Digital Marketing Agency Toronto
iRISEmedia.com is a marketing agency in social media and other digital marketing channels offering services to clients in all of Toronto, Canada, and the USA. Our team helps clients increase their reach and profitability by developing and implementing customized and targeted online campaigns and social media marketing strategies.
If you have any questions about the contents of this blog or would like to set up a free consultation, please contact our digital marketing agency in Toronto today.
