The Psychology Of Buying

Why do some people buy only what they need, while others go on shopping sprees? If people buy for a reason, then people should also sell for a reason, what’s yours? It is said that the mortality rate of businesses in Nigeria is 70%. In the midst of these challenges, how does a business survive and thrive enough to be profitable?

When you know what drives the decision making of your customers/client/buyer, it influences your business strategy. According to research, five major elements drive a customer’s decision-making process. These elements are responsible for why one product ‘seems’ more attractive than the other.

The elements are the drive to:

  1. acquire status, power, influence and material things so you can enjoy perpetual bragging rights
  2. bond and have serious or casual relationships for economic or personal reasons
  3. learn and know better – you need to get educated and/or build capacity
  4. defend yourself and yours which gives births the need for lawyers, security apparatus, insurance, etc
  5. ‘feel’, which leads people to companies that offer pleasure and thrill, massage parlors, movies, adrenaline games, hikes, race cars/bikes

What can our customers teach us about how to sell? How do we apply these drives to our businesses? How do we adjust our strategy to appeal to our customers’ drive? When people decide to buy, they aren’t looking for just a ‘fancy’ product feature, they are looking for a connection, they are looking for where their needs and wants will be met.

When you understand the psychology of the person you are selling to, it becomes easier to sell a solution to them. Identify the drive at work behind your customers’ decision, then based on your skills, abilities, passion and knowledge of that drive; craft your offer.

Can you identify the drive in your customers that your company is currently addressing? Sometimes it’s more than one. When you know the drive, it becomes easier to sell and become profitable because you are seen as a business meeting a need, not just a shop/marketer selling a product.

Give your business the advantage by identifying what drives you buyers and positioning your product(s)/services to address those needs.

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