7 Factors That Drive Consumer Buying Behavior
If you’re trying to sell products and services, you need to have an understanding of the consumer psyche. Understanding consumer behavior enables you to market and advertise effectively. And by marketing and advertising effectively, you’re able to turn potential customers into actual customers.
Curious as to the driving forces behind consumer buying behavior? Then read on. We’re going to cover 7 of them below.
1. Group Influence
Humans are social creatures. They’re most satisfied when they’re part of a group. As such, as a marketer, you must appeal to the consumer’s desire to belong.
When doing this, consider the types of groups that your target consumers belong to. These could be anything from families to friend circles to teams to workforces and otherwise.
For example, teenagers generally have a desire to fit in with their peers. As such, the products that are marketed to them are marketed in such a way that they inspire a sense of belonging. They’re presented as cool or edgy, indicating that owning them will heighten one’s status in his or her friend group.
Playing upon group influence is a vital part of any marketing campaign. It doesn’t matter whether you’re selling soda or yo-yos. Presenting it as a key to group inclusion or acceptance can make all the difference.
The world can be a scary place. If it’s not your safety that’s threatened, it’s your friends, your neighbors, or your family members. Danger lurks in every facet of life, whether it’s walking down the sidewalk, driving down the street, going to school, or otherwise.
As such, few things drive consumer behavior as much as safety. A product that allows consumers to feel safe in their environment is almost always sought after and purchased.
Take automobiles, for instance. Many consumers seek out vehicles with rear-view cameras and lane-keep assist features. Why? Because these features help them to feel safer while driving.
Or take home security systems. Statistically, houses rarely get broken into. Yet anyone with disposable income deems it necessary to install a security system in his or her house.
3. Financial Security
The truth of the matter is that the majority of consumers are scraping their way through this world, just barely paying the bills and keeping the lights on. For this reason, they tend to be conservative with their use of any disposable income.
The dollar that they save on that fast food burger is important to them. It might not be a lot to the restaurant selling the burger. But to the consumer, it could represent a fairly substantial portion of available income.
As a marketer, you need to focus on this consumer desire for financial security. Advertise your products as bargain buys. Or, if necessary, sell them for less than what they’re sold by competitors.
At the present time, many consumers are motivated by their health. They’re seeking out products that are as healthy as possible, whether those products be foods, supplements, furniture, or otherwise.
Look at the surge of success in stores such as Whole Foods Market. Consumers are flocking to stores such as these because of a desire for organic foods. Organic foods are regarded as healthy foods and so are attracting consumers in droves.
Cigarettes, on the other hand, have been rightfully condemned as unhealthy. As such, the adult cigarette smoking rate is at an all-time low.
5. Social Status
While it’s not true of them all, many consumers want to be the best. And to be the best, they have to have the best.
What marks a product as “the best”? In some cases, it’s its functionality. In most cases, however, it’s the advertisement that accompanies it.
Take clothing for example. By and large, it’s all the same, serving the same general purpose. But as soon as you slap a Nike swoosh on it, it’s transformed from a strategically sewn piece of fabric to a highly sought-after cloak of the gods.
In short, if you want your products to appeal to buyers, you have to present them in a way that optimizes their social status.
Whether it’s college students looking to reinforce their knowledge base or parents hoping to optimize the development of their children, education is of utmost importance to consumers. Education leads to a stable career and a stable career leads to a satisfying life.
Educational value is particularly prominent when it comes to the selling of kids’ toys. A toy with educational value is much more attractive to parents than is a nonsense toy.
And think of the popularity of online courses. Individuals are buying these courses in large numbers, hoping to improve their knowledge on a range of subjects.
Find a way to provide educational value to your consumers, and you’re almost sure to sell products.
7. Personal Appearance
This is a fairly obvious one. Just about everyone on this planet is driven to buy products as a means of improving or maintaining their personal appearance. This is true of teenagers, middle-age men, senior citizens, and everyone in between.
For this reason, the beauty industry is perpetually booming. Even in bad economies, consumers are buying makeup, beard wax, cologne, and perfume by the boatload.
Selling these products successfully can be done in a number of ways. You can sell them for less than your competitors, market them as being better than those of your competitors, or maybe even show that they’re friendly to the environment.
Oh, and make sure that the packaging stands out from the others. It might even be a good idea to hire a product packaging design company to get the details right.
Understanding Consumer Buying Behavior is the Key to Good Marketing
When it comes to marketing effectively, there’s nothing more important than understanding consumer buying behavior. Knowing the factors that drive purchases enables you to appeal to such factors in your advertisement. Sales will surely follow.
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