How People Decide Which Products to Buy

How People Decide Which Products to Buy

In our free market, the competition between products and manufacturers creates better products and lowers prices, while improving the customers’ shopping experience. If you are unable to compete in the market, you are slowly pushed out and disappear.

It is, therefore, important to figure out what drives people to buy one product and not the other and how to create your product to appeal to your target audience the most.

Packaging Is More than a Box

Put yourself in your customers’ shoes. The first thing that they will see from your product is the packaging. More likely than not, will be nestled on a shelf, surrounded by scores of other products from the same niche. Why should they pick your product and not some other?

Apart from safely storing your product, the packaging needs to have something about it that will attract your customers’ attention. Depending on your target audience, that can mean a lot of different things, which is why it is important to do proper market research. There are certain traditional packaging options for certain industries, as listed here, but you don’t necessarily need to adhere to those if you have a better idea.

Word of Mouth Means a Lot

If you are a small company, chances are that you don’t have a particularly big budget for advertising and marketing. That’s when it is time to advertise smart and make sure that your product reaches people who can make an impact on others. In today’s modern world, that can be anyone from notable Twitter to YouTube stars, and even regular people in smaller communities.

People are much more likely to buy a product recommended by a friend or a family member than those advertised by celebrities. Celebrities are inherently considered untrustworthy because they are paid to recommend the said product. On the other hand, if someone you know tells you about a product, it feels more natural and people inherently trust it more.

Make Sure Your Product Is Good

If you’ve managed to convince people to buy your product either through choosing the appropriate packaging or through a successful marketing campaign, you may be able to convince people to buy your product once. However, if you want to create a recurring customer base, you need to give your customers a good product.
It is your job to make sure that the product corresponds to everything you promised in the packaging and the marketing campaign. If your customers aren’t satisfied with the product they got for their money, they will take their business elsewhere the next time around. What’s more, they will potentially generate negative word of mouth which can further damage your brand’s image.

Price to Value Ratio

When you have a customer who is on the edge whether to buy your product or not, the deciding factor is more often than not the price. However, it is not the price in the vacuum; if that were the case, we would only ever buy the cheapest brands and be done with choices.

We calculate how much value we are getting for the amount of money we are paying. Some recent studies have shown that our lines of reasoning are much simpler than the complex mathematical models that big marketing companies have developed and swear by.

Instead, the MIT researchers posit that we like to simplify things and not overanalyze things when making everyday purchases. When it comes to more complicated and expensive purchases, most people make a conscious effort to be analytical and rational, but that is not always the case when buying everyday items.

Ultimately, your job as a company is to create the best product you can and to offer it to the general public for evaluation. You can always change and adapt to the shifts in the tastes of the market.

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