Are you trying to gain a better understanding of why people buy what they do?
The reasons behind buying habits can often seem mysterious and unpredictable, but with the right insights, they can become clearer. In this article, we'll explore the psychology behind consumer behavior and how businesses can use it to convert more customers.
From analysis paralysis to reframing value and highlighting strengths, we'll dive into three powerful strategies where you can put your learnings about buying habits to use! So let's get started - let's unlock the secrets of buying habits!
What are Buying Habits?
Buying habits are the behaviors and decisions customers make when purchasing goods and services. They are shaped by a variety of factors including marketing strategies, consumer behaviors, psychological factors, personal factors, social factors, and external factors.
Understanding buying habits can also help business owners identify customer segments, deliver an enhanced customer experience and maximize response rates for physical stores. By gaining insight into the reasons behind buying decisions, businesses can refine their marketing efforts to better engage with their target audience and drive more sales.
Why do people buy?
People buy things for a multitude of reasons that are often influenced by their individual values, preferences, and circumstances. Consumer buying habits are often tied to a plethora of factors but let us look at some of the basic underlying reasons behind why consumers choose to buy things!
• To satisfy their basic needs: People buy things like food, clothing, and shelter to fulfill their basic physiological and safety needs.
• To improve their quality of life: People buy things like luxury goods, entertainment, and experiences to enhance their quality of life and enjoyment.
• To express themselves: People buy things like clothing, accessories, and personal items to express their individuality and identity.
• To fulfill their aspirations: People buy things like education, career development, and personal growth resources to achieve their goals and
• To maintain or improve their social status: People buy things like luxury cars, designer clothes, and high-end gadgets to showcase their wealth and social status.
• To solve a problem: People buy products or services that solve a particular problem or need they have, such as a broken appliance or a medical issue.
• To satisfy emotional needs: People may buy things to satisfy emotional needs, such as comfort food when feeling down, or a gift for a loved one to express affection.
Understanding buying habits to convert more customers
We have explored buying habits, and have spent time understanding why people make purchase decisions the way they do, and what motivates them! It is not enough that we just delve into these individual topics, it is important to be able to tie these together- now that you understand buying habits, how can you use your understanding to ensure that your conversion rates remain spectacular? Here are three things that you can do to put your learnings into use!
1- Create a sense of shared value through your brand.
Your company's values are your customers' values. In a crowded market, customers are seldom loyal to just the company, their loyalty is usually grounded by another major factor- the company's values. They tend to be loyal to what the company stands for.
By communicating your company's values clearly and consistently, you can ensure that your customers go beyond just loving your product to loving your company-what it stands for and the core values that it exhibits.
For example, a person may choose to buy locally-sourced produce from your organization not only because it is fresh and supports local businesses, but also because they share the common values of sustainability and reducing their carbon footprint with your brand. Another person may prioritize buying products from you because they share common views with your brand on ethical labor practices or on common charitable causes, thus going beyond just the product and standing with your brand for its values.
2- Center your buying experience around the concept of gratification.
When a potential customer is about to make a purchase from your company, how quickly they can get what they want for their hard-earned money has a big impact on their decision. Your copy should reflect the feeling of gratification throughout the buyer journey.
Several studies on cognition have shown us that when we imagine receiving something right away, our middle brain lights up-and that's the one we want to activate. It is known that words like "instant," "immediately," or even just "fast" activate the activity in the middle of the brain which then impacts the buying decision in a positive way.
The word "instantly" may actually be the most persuasive one you can use in your copy, along with the terms "free" and "new." Use phrases like "quick" instead if you are not selling digital products.
The key to these words, according to researchers, is that they enable the customers to envision their problem being solved immediately. If they are confident that their problem is resolved immediately, they are much more likely to buy the products/services advertised. Therefore, customers will always be eager to purchase your products if they know they will be rewarded immediately.
3- Play devil's advocate for your own products/services.
Playing the devil's advocate with your own product's potential flaws (for example, "Some have said that my product is not easy to use, but here's why it isn't.") Because people can see that their concerns are addressed before making a purchase, this can actually help your efforts to persuade people. By doing this, you will actively be building transparency, and it is shown to make your customers trust your brand more, thus, helping them shed their initial inhibitions.
Contrary to what you would think, playing devil's advocate has less to do with hindering people's decision-making and more to do with strengthening their resolve when it comes to their purchasing decision associated with a product/service. Be your own devil's advocate by supporting common objections with solutions that dispel your customers' concerns.
Now that we have equipped you with three powerful strategies, it is now time to explore the idea of making a case for the customers to buy your products and services knowing how their brain works!
Need help creating brand communications that are tailored to your target audience's psychology? We’re here to help. We can help understand your target audience better, analyze the platforms on which they consume content relevant to your services, and create a curated consumer journey that will strategically lead them to your desired buying behavior. Contact us today!