Consumer’s decisions: top 4 factors influencing their purchases
Every business’s competition is endless for every product offered in the marketplace today. There are always new businesses entering the marketplace with better products or an updated product currently being offered in the marketplace. While a business has no control over this, they can elevate themselves in the marketplace by considering what influences a consumer’s decisions and using that information to their benefit. Consider these top 4 factors influencing a consumer’s decisions today when marketing your next product:
1- Psychological factors:
Psychological factors refer to the way people receive a marketer’s message. This includes motives, attitudes, perception and lifestyle. When these factors are considered while creating marketing messages they will be more effective in reaching the targeted customers. For example, Diet Coke has created an excellent marketing campaign that makes us think that when we are thirsty they will make us satisfied. This plays on motive (anyone who is thirsty will look for something to drink) and perception (we perceive that Diet Coke will quench our thirst best).
2- Situational factors:
Situational factors refers to the atmosphere inside the store or on the website, the shopping and buying situation the person is in and any promotions that may be going on. Each of these sub-factors need to be appealing to the customer for them to make purchases and return to the store or website in the future.
3- Social factors:
Social factors involve the customer’s family, reference group and culture. For example, in the middle east women are forced to be very conservative. If you were selling women’s undergarments some products would not sell because of the implications that the culture has placed on those items. Some items would also be seen as inappropriate to her family and would have negative consequences, making her even less likely to purchase said item from a store. Shopping online has seen an upswing due to the nature of discretionary purchases being made to bypass cultural taboos.
4- Marketing mix:
The marketing mix is a mix of four different factors that all have to be in line for the store or website to be successful. They are product, price, place and promotion. For marketing tips, check out Agency Fusion.
Overall, it is important to understand what influences a potential customer’s decision in order to be a successful business and reach the amount of sales desired by a company. While different businesses strive to reach different goals, it is always important to consider the many factors surrounding a customer’s decision in making a purchase.