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Is purchasing a monetary decision ?

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INTRODUCTION:

Every brand out there ought to be aware that the crux of the matter is,’ Purchasing is not only a monetary decision.’. Most of us have a misconception that customer purchasing completely revolves around the price of the product. However, that is not the truth.  Customers do compromise on the price for a few more valuable and appealing factors. Though it might seem ambiguous and difficult to predict the customer’s behaviour, it is also significant for every seller to put themselves in the shoes of their customer. You need to be savvy while analyzing customer behaviour. Understanding the customer is inevitable to bolster the growth of your company. To help you with that, here are some tips: analyze the buyers, understand what it is that makes them grab out your product from the store and define the success of your brand.

Why is predicting customers a big challenge?

The important fact one needs to understand is that not every customer looks only at the price, they react and respond differently based on the factors that segregate them into different categories. In today’s world customers’ purchase decision has evolved into a multi-faceted domain. Long gone are the days when customers were confined only by the price. It might seemingly be bizarre, and illogical to analyze the buyers but customer’s buying pattern and habits can easily perplex the sellers since a considerable quantity of customers are emotion-driven and biased when it comes to purchasing. You need to set yourself free from the delusion of money being the only factor customers are considerate about. Let’s strategically study customers before drawing fallacious conclusions. Leap before you jump!

 

Significant factors that influence purchasing 

Here are some factors that extend to all facets of studying customer behaviour.

  • Packaging
  • The popularity of your brand
  • The psychology 
  • Social status
  • Economic status

 Packaging

The packaging is the first and foremost factor customers notice.” First impression is the best impression”. It is highly important to concentrate on this as this is a great opportunity to allure consumers as well as an unfortunate one to lose consumers. The following need to be ensured while designing the package:

Eco-friendly packages:‘Organic’ is the word of the age. Awareness regarding an eco-friendly environment has tremendously increased for the past few years. Modern consumers are always fascinated by brands who use reusable packages and recyclable materials to make an eco-friendly, organic, and green package for their product.

Package reusability: Reusable packaging not only allures environmentally conscious consumers but also the people who would be happy to reuse it and store stuff for a longer time. It might sound difficult to accept but still, there are a lot of consumers who buy the products to exploit the reusable jar or container in which it is packed.

Alluring package :

All of us are aware of the adage ‘Don’t judge a book by its cover’, but a good cover does matter. Wildly inventive package designing ideas attracts consumers to check out the product. Besides reusability, an innovative and vivid packaging adds perceived value to your product, though it’s crucial to ensure it doesn’t end up being offensive to the customer’s beliefs and emotions

Hassle-free: It is important to keep in mind the user’s convenience and thus the product should be easy to handle. Companies should offer sturdy packages to make the experience of handling the packages hassle-free. It also ensures the product is secure and undamaged. 

This is quite a challenging endeavour to make your product a hot selling cake. One must not go overboard with a creative design and perplex the buyers. This process of designing an alluring yet easy to handle packaging for your product has to be done with utmost caution. It is advisable to bring in creativity while maintaining the standard and regular way of packaging. it is also equally important to provide convenience for customers in using and handling the products. Adding images related to the product will increase the readability.. It is necessary to fuse creativity and convenience in the right proportion. If gone wrong, it might end up hampering sales. Even if the product might be a little pricey, customers are likely to buy it if the packaging is appealing to them

The popularity of your brand

Though consumers usually consider the price of the product, they do give cognizance to other factors which make sure the product is durable and of good quality and prefer high-quality products to cheaper products. Though the price has always been the topmost consideration it’s not the only factor in consideration. There are secondary factors that impact the buying pattern.

The familiarity of your brand matters a lot. People trust the brands they have heard a lot of and are ready to compromise on the cost as they believe a well-known brand guarantees good quality. An established brand name entices people as it simplifies the process of buying products. It narrows down the choice and decreases the decision making time. People desire branded products. 

Brands that have been out there since time immemorial impress the buyers. It induces trust since they believe that a product couldn’t have survived these many years if it wasn’t of good quality. A standard brand name builds credence and assures reliability among customers. It makes them strongly believe the product is of good quality. Not all consumers notice factors like packaging and cost. The brand name is an invincible factor when you want to treat your buyers in a hospitable manner. 

Brand names also make consumers feel safe. Uncertainty is usually cured by brand names. For example, when one goes to an unfamiliar place and buys some food usually the buyer prefers to stick to a popular brand as they feel assured about the quality. Buyers often believe that branded products provide comfort and convenience.

 Customers’ choices also revolve around the choices of their peers. They want to impress others by buying branded products. A lot of people are concerned about the brand just to keep up with the trend. For example: If a lot of colleagues at our workplace have an iPhone, automatically we will be inclined to buy one, no matter how expensive it is. We just want to jump on the bandwagon.

The psychology 

Understanding the psychology of your customer is important though quite tricky to do so. It provides you with a gold mine of insights to attract buyers. The beliefs, perspectives, and attitudes of customers though difficult, ought to be analyzed. This is the secret of acquiring and making them stick to your product. Offering personalized products or product packages is a  simple yet great way to impress your customers. Collecting feedback from customers periodically is one of the most tried and tested ways which can help your brand to improve the understanding of customers’ buying patterns.

“ Don’t search for customers for your products,

  Make products for your customers.” 

Social and economic status

Consumer choices are likely to be inclined towards the products their family has been using for a long period as their lifestyle, habits, and customs have shaped the way they perceive these products. For example: If the person has been habitually using the product since childhood, he or she will be inclined to buy the same brand without realizing the fact that their families have influenced them to use the particular brand. This is another case where the person doesn’t consider only the price. 

Consumers are also influenced by reference groups. Consumers often consider peer reviews or reviews of their neighbours and friends to be more valid and reliable. They are ready to spend on the product their friend has been using for a long time and finds to be of good quality. 

Another important factor is the status and role of consumers. For example, an ordinary subordinate of a company buys less expensive goods whereas the manager of the same company buys more expensive goods. The economic condition of the consumer has a considerable impact on purchasing. Apart from the individual income of the consumer, the family’s income and the dependents in the family also greatly enhance the buying pattern. For instance, if all the members of the family have a stable income irrespective of the individual income the family will be able to afford expensive products whereas, in a family where only one member earns however high the salary may be, the whole family has to run on that single income and so the family might not be able to spend on costly products.

CONCLUSION

Though the cost of the product is the most influential factor there are a lot of other factors that have a huge impact on the purchasing decision. Nowadays modern consumers are more concerned about reusable and hassle-free packaging. Your brand can have a huge impact on your product’s consumption. Consumers are ready to neglect the cost when it comes to a popular brand. Hence the companies should not be ignorant. Awareness and proper strategic analysis of the customer needs is highly essential to increase the sales of your product. It is essential to consider that though there is a group of buyers who consider purchasing to be solely a monetary decision, quite a lot of people are influenced more strongly by secondary factors for which they are ready to compromise on the cost.

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