There are many underlying influences in consumer behavior and there is an extensive psychology on what drives people to buy things. Understanding a few of these underlying influences can help your business instill these aspects in your products and services. One of primary drivers that leads people to buy something is convenience. If your business can consistently provide something easily and in an accessible path for consumers to reach, then you are on the right track. There is a reason why people tend to order food or purchase things online because convenience trumps the act of going out to get those things. Scarcity is also another influence in which it compels a consumer to make the purchase because the product may have limited availability in the future. This goes hand in hand with exclusivity and how much of a factor that also can be in driving sales. Exclusivity can overwhelm the consumer in making the purchase because of the limited supply and the consumer considers the thought that the value of the product will rise in the future and they do not want to purchase something at a higher price if they can just get it now. Supereme and Yeezy are prime examples of businesses that limit supply to increase demand. The hype around their products help engage insecurity in the people who can't readily access their products which makes their brand more desirable in future launches. Insecurity is also a significant purchasing influence because people tend to buy things they do not need to fill voids they have in their personal life. Media has exploited people's shortcomings and insecurities to generate problems that may not exist which leads consumers to seek materialistic things to momentarily forget about their self-insecurities. As businesses this a reality we have to accept whether we are fond of the idea or not because it is your essential job to provide solutions and comfort people.
If you have found this article to be insightful, make sure to follow our Instagram.
We post tips and tricks on how to grow your business.