A number of times, when I searched for my pre-decided products on any online store to buy it. It was my long desire to get that products, but at the end of the day I left that store with some other product in its place. It is a common problem in multi-branded stores, but competition apart, there are several reasons why a customers may like but do not purchase your product. Often the purchasing pattern of the consumer is personalized by demographic aspects, which sometimes suppresses even the original preferences of consumer for what they truly wish to buy. But that’s not the only reason.
As a businessperson you should know that customers are governed by psychological and social requirements. For some reasons, your product may not please the requirements of consumer and they oblige to purchase it, even though, they might primarily be fascinated towards it. A major example of this type of customer behavior could be seen with middle class society, when they shop for luxurious or expensive products. Their purchasing decisions are guided by reference groups: some close family members, the friends, colleagues; individuals whose opinion matters to the purchaser. Thus, entrepreneurs have to understand how to turn this into a win-win situation.
Reference Group Influence
How many times have you required the opinion of your friend before purchasing a high-value or expensive product? Acquiring a new smartphone is a lot different than choosing a topping for making pizza. With the cell phone, or any other technical gadget for that matter, you would probably ask a coworker or someone who is more tech savvy than you about their thoughts on whether it will be a admirable purchase. That is how reference groups have an effect on consumer’s decision.
Reference groups have a superior influence on buyers from under-developed or developing countries. Theoretically, a user may like your item, but he does not purchase it because someone else whose suggestion matters to him, does not think the product is worth buying. The buyer loses his power to make a choice, even when it is for himself.
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To cope with this sort of situations, some companies start their own reference groups, and invite people to join them, to meanderingly influence the buying decision of customers. Entrepreneurs can also offer exceptional schemes, where consumers get discounts on purchase by recommendations. This actually denies the effect of outside elements when the purchaser makes a purchase. The offers facilitate him to justify making his own decisions irrespective of what others think he should do; as an outcome, a personal conclusion is made based on his own preferences.
Simple-minded Lifestyle
The way of life a customer live does have a strong influence on their shopping preferences. A person with an easy standard of living will not tryout to go for purchases. In reality such individuals consider shopping a waste of time and efforts. They have a sluggish attitude towards shopping. They would only purchase goods that are completely vital and also, which, they have been buying for a long time, at a price range they are comfortable bestowing. Such customers believe that purchasing new products comprises financial risks, and as a result, would not even give a new product a second look. Advertisements on radio, TV and billboards would not work on this group.
Get Advantage of It for Your Business
A wide-range of promotional campaign to catch attention of the consumers to purchase the products works wonder. Making use of exciting discount schemes, giving discount vouchers or free samples will make them more receptive of attempting the new product. In this type of situations, if your product works well enough for them and are not much expensive than their normal purchases, there is a chance that transformation can happen and you come across yourself with a new dedicated customer.
Brand Association
Some customers have like-mindedness for specific brands so much, so that they would relinquish formal shirts and stick with T-shirts of their favorite brands even when meeting customers, which is not something I would recommend you do. These customers may come across equally superior shirts from other renowned brands, but their fascination with that one brand might stop them from trying products of another brand.
Fondness for a particular brand is one of the key reasons why customers may develop a fancy for your product, but may be reluctant to show their support monetarily.
Webstore owners particularly face a hard time marketing their products in developing countries because of the consumer’s empathy for brands they have heard of for pretty some time. For these shoppers, even when they get a platform to choose from an assortment of alternatives, they decline to move, favoring to stick to what they recognize, other than trying out a new product.
Get Advantage of It for Your Business
Billboards or Advertisements will not work in this condition. Your products are fighting against the hulks who have well-known for their territory and are doubtful to dislodge even at the sight of a destructive stranger. Business owners, perhaps, will require developing a program to make individuals aware of the advantages of their items. The most excellent way would be to connect or link up with a recognized brand.
Cost Factor
Cost is the most influential factor for customers to let your product slip by, even though they might like to own it. Entrepreneurs should recognize that pricing of a product is an indispensable element, which regulates the degree of achievement a product is likely to achieve. It does not mean, however, that they should lower the cost of a product to mollify every person. Cost may not be a factor, if the items fits to a list of vital merchandises. However, costumers have the choice to take a stand when they make high participation purchases.
Get Advantage of It for Your Business
Entrepreneurs should, therefore, recognize who their buyers are, and promote their products consequently. They should also keep the costs very affordable but if their items is far superior to the rest in their category, then, they may keep the cost up, but will have to pamper in widespread advertising campaign to make it perceptible.
Obsession with Social Status
Some individuals are very cautious with what they carry, and what they wear, and also with whom they are grasped. They consider their clothes and choice in products as a sign of their social status. It is part of the reason why luxurious products like cosmetic products, timepieces and perfumes have celebrity representatives to do the advertising for them. If your item does not relay to their social status or is portrayed like it is, then there is no way you could put it on their locator. These types of individuals are very status conscious and are frequently seen in the celebrity circles.
Get Advantage of It for Your Business
Unfortunately for this one, the solution is very understandable. If your items does not meet their demands, then there is no point hankering for their attention. It is superior to target your item to your target spectators, and tumble all your sweats selling it to the purchasing batch.
