Why do consumers buy products

Sales will occur from properly selling your items and matching them with the requirements of your target audience. Another big reason customers buy stuff is to decrease their hassles and make their lives more comfortable.

Many buyers acquire new goods to help them do a task more quickly, easily, or affordably. They also do so to make their lives less unpleasant. Customers purchase products to protect themselves and to provide security. These motivators correlate with the second category on Maslow's hierarchy of needs, specifically the safety requirement.

Many of the things we buy protect us. All types of insurance such as health, car, homeowners, renters, life, pet, and more protect our health and belongings.

Purchases calm future pain and shield us from the unknown. Many of the products we buy are intended to keep us safe. All forms of insurance, including health, auto, homeowners, renters, life, pet, and others, are designed to safeguard our health and possessions. Purchases in this category help us cope with the pain of future misfortune and protect us from uncertainty. Feeling the need to have the latest and greatest thing around is a compelling motivator. The fact is, FOMO is real.

The fear of missing out is unpleasant and somewhat scary. Many people purchase goods to get the benefits, rewards, and prestige other buyers have experienced. If they don't follow, they miss out. And being left out is painful. Thus, FOMO is a remarkably potent motivator for consumers to buy. Impulse buying may tie in, but FOMO focuses on current trends. During the time of a rapidly developing fad, customers tend to buy into the craze as a hedge against missing out.

FOMO purchases give consumers a kind of immediate feeling of inclusion. Plus, they are able to showcase their new purchases and keep the FOMO going.

It's smart for brands to ride trends and develop some FOMO, especially for products catering to those born between and You are probably well acquainted with FOMO if your brand targets this age group.

Millennials experience FOMO more than any other consumer segment. Further, when millennials endure FOMO, they react quickly. Recent studies show that consumers who buy items have elements of their identity that they don't feel good about linked to their purchase. Everybody is trying to conceal their weaknesses and compensate for them with money. As consumers work to better themselves, think about how your product and brand mission can serve them. On the other hand, individuals who see themselves as part of a specific group are motivated to purchase items that distinguish them as brand community members.

A virtually unlimited abundance of options exists for buying goods that are either unique or indicate a specific social standing. When marketing and selling, Remember to consider what your product is actually accomplishing for your customers and what they want the items to say about them.

A variety of items support individuality on an emotional and social level. When brands utilize influencer marketing and ambassador marketing , they focus on the identity purchase motivator.

These are advocates who have a well-established reputation. Influencers and ambassadors promote a company and its goods authentically while they identify themselves through endorsement and join their identities. Many experts say that price isn't one of the top reasons customers buy. But I personally regard this motivator as an essential driver of purchases.

Sometimes, the discount amount is enough to buy stuff that I don't even want or need. How will I ever use these kits? Honestly, it doesn't matter because they were such a great deal. For the shopper moved by quality, this matters - and you'll risk losing them if you cut corners here. Hundreds of luxury brands have held potent positions in their categories because their customer wants craftsmanship, fine materials and so on.

Don't assume that price will keep a customer alone. If making things easier for your customers requires you to chop away at your product, don't do it. In an era of innovation, ideas explode across all markets. But not all fill a need - and needs of all kinds play a huge part in consumer behavior.

It can be base needs like food or shelter, or something else. Google was enthusiastic about its Google Glass product. But consumers felt differently and it affected sales. My company's customers feel a need to eat natural, whole foods. Find this in your customer.

Make it your priority. Top Stories. Top Videos. Getty Images. Sponsored Business Content. The campaign was well planned and was data-driven, of course, carefully analyzed before taking any action. This message inspired many consumers and had enormous appeal for target consumers. When the world is changing as rapidly as it is happening today, the biggest challenge we all face is staying relevant to our target market.

And do you know what is the main reason behind the rapid changes? It is the ever-changing behavior of our customers. Losing relevance will only cost the company its market share. Consumers require different levels of customer service, and understanding the differences within your customer base will help you provide the most appropriate service for individual needs. Leading companies such as The Coca-Cola Company and Barclays, have constantly improved its existing products and focused on developing new products.

Similarly, Barclays conducted consumer behavior study to better understand the needs of this target market. Consumer behavior analysis has emerged as an important tool to understand your customers. By looking into consumer psychology and the forces behind customer buying behavior, companies can craft new products, marketing campaigns and increase profitability. Companies should talk to consumers, watch out for frustrations, and most importantly, identify their needs and expectations!

Contents What Is Consumer Behavior? Importance of Consumer Behavior 1. Consumer Differentiation: 2. Retention of Consumers: 3. Design Relevant Marketing Programe: 4. Predicting Market Trend: 5. Competition: 6. Innovate New Products: 7. Stay Relevant in the Market 8. Improve Customer Service Conclusion. Search for:. What Is Consumer Behavior? Importance of Consumer Behavior Understanding consumer behavior is essential for a company to find success for its current products as well as new product launches.

Consumer Differentiation: In marketing, consumer differentiation is a way to distinguish a consumer from several other consumers. Design Relevant Marketing Programe : Understanding consumer behavior allows you to create effective marketing campaigns. Predicting Market Trend: Consumer behavior analysis will be the first to indicate a shift in market trend. Competition: One of the most important reasons to study consumer behavior is to find out answers to some of the questions: Is the customer buying from your competitor?