Why people buy from YOU

Factors that Affect Why People Buy

There are many reasons why people buy from one business instead of the other.  You may win in one category and  lose in another, but one way to get an edge over your competition is to conduct a SWOT analysis of your business. Knowing where you can improve will help you grow your business and dominate the market. Here are 7 key factors that affect people’s buying behavior:

1. Price

One of the strongest influences on purchasing behavior is pricing. Most people compare prices with other options available before they purchase, so it's important to offer competitive prices. Price is important, but price isn’t the only factor why people buy. There’s absolutely no need to reduce your prices to the point that they damage your brand equity. Focus on giving them their money’s worth without compromising your business operations. Some businesses make a lot of money from selling products at high prices, even with low manufacturing costs. How? Simple- they can justify their price tags. It’s not deception, it’s just proper branding and marketing.

2. Quality

Quality is another reason why people buy from a business. Some people are willing to pay more for better quality products, but this just comes down to their personal comparison among brands. As mentioned, your prices should be justified. If you charge them high for such low quality products or services, you become a questionable business. Eventually, you will tarnish your reputation because your customers will not be satisfied. Maintaining good business quality will help retain customers and attract new ones.

3. Value proposition

Your value proposition is the unique benefit that your business offers in comparison with other competitors. Highlight your strengths and expertise without false advertising or overpromising to the customers. It's important to understand what your customers value and why they would choose your product or service over others. When building your business, think of something new or better you can offer to the market. Otherwise, you’ll find it hard to attract customers to your new business venture.

4. Market trust

Social proof is the idea that people are more likely to do something if they see others doing it. Having positive reviews and testimonials from happy customers can be a strong selling point for your business. Real-life experiences convince people to believe their opinions, so many people rely on customer reviews. The more positive reviews you have, the more people will be keen to choose your business. When you gain a level of trust with your target market, you need to maintain that positive image.

5. Customer service

The people that represent your company, like your employees or your partners, reflect the values of your business. A great customer experience can give an overall positive impression on your business and encourage clients to choose you over and over. Sometimes, why people buy is simply because they love the way you treat them before, during, or after the sales. Poor customer service, on the other hand, can have the opposite effect. Sometimes, even an incredible product or service isn’t enough to build customer loyalty, especially with a bad customer service experience.

6. Brand reputation

As mentioned, some people may still decide to go for the more expensive option even with cheaper (and sometimes better) alternatives just because of brand reputation. Usually, big companies who are already popular among the public aren’t affected by a few negative reviews, unlike small businesses who are still trying to establish a brand reputation. Even so, taking care of your brand rep is important to avoid losing existing and potential customers.

7. Convenience or Ease of Booking

Many people nowadays prioritize convenience because of their hectic schedules. They choose the most accessible options that are the least time- and energy-consuming. Make sure you are easily reachable, whether on social media, email, or phone calls. Have information about your offers readily available. Be sure that purchasing your product or service is hassle-free, otherwise you might end up losing your customers who are ready to patronize your business because your process is just too complicated.

 

Competition is Everywhere

Customers will always look for value in the things they are spending their hard earned money for. Any business that makes a customer feel like they are being ripped off will never see their shadow ever again. If you know how to get them to buy, you know the value they are looking for in a business.

This is why you should be careful of your price point and the quality of your products or services. In fact, every single item on the list of reasons why people buy from a business is important to maintain a good flow of customers into your business.

I know it’s hard to keep a smile on your face all day, every day. But being consistent with your offer is key to building a good reputation. Being a trusted brand is how other people can be convinced to choose you over your competitors.

Even when you are sincerely convinced that what you’re offering is fantastic, you’ll need to exert effort into making your customers believe that. You need to take into consideration all aspects of the business, even those that you dread most. You may be an expert at what you’re offering, but you can’t juggle everything your business needs all on your own.

As previously mentioned, keeping an updated SWOT analysis of your business can help you determine how to make customers buy from you. Once you have determined your paint points… Next step is finding the most effective solution.