“People buy on emotion and justify on logic.” -Zig Ziglar
In order to have a successful business, you must have consumers who want to buy from you. But knowing WHY people buy your products or services is so important. Let’s discuss some key points on the psychology of why consumers buy.
Pricing:
First, you need to know that pricing is never really about price. All of the things that happen before a purchase matter more than the price itself when it comes to buying. Many impulse buys have to do with emotions. For example, a person who has had a terribly long day at work may be more likely to spend extra money getting dinner delivered that night. They are tired and don’t want to spend the time it takes to prepare a home-cooked meal. Emotions play a larger role than price in many situations.
Imagery:
People are drawn by our senses. Images, sounds, smells, and the environment can have a huge impact on our behavior without us even realizing it. When it comes to imagery, the content you put out on your website, social media, etc. matters. This is how you are communicating information to your customers – everything matters, even on a very small scale.
Framing:
How you say something matters much more than what you say. For example, imagine two separate stacks of ground beef at a grocery store. One stack says 90% fat-free while the other stack says 10% fat. Most consumers will choose the 90% fat-free option. Logically we know they are the same thing, but it doesn’t feel the same. Understanding how to speak to the subconscious part of consumers’ brains will greatly help your business.
Social Proof & Herding:
Consumers are very influenced by what other people do. Especially in uncertain situations, we’re more likely to lean on social proof and herding tendencies. Customer testimonials, reviews, and word-of-mouth referrals are all examples of social proof in business. Seeing or hearing that someone else likes something is incredibly influential when it comes to decision-making.
Understanding what makes people buy the things they do is essential. We’d love to help your business further understand the psychology of why consumers buy, so please reach out to us to learn more!
*Source: Melina Palmer, The Brainy Business podcast host.
