Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
How to Capitalise on the Robots - 20th June 24
Bitcoin, Gold, and Copper Paint a Coherent Picture - 20th June 24
Why a Dow Stock Market Peak Will Boost Silver - 20th June 24
QI Group: Leading With Integrity and Impactful Initiatives - 20th June 24
Tesla Robo Taxis are Coming THIS YEAR! - 16th June 24
Will NVDA Crash the Market? - 16th June 24
Inflation Is Dead! Or Is It? - 16th June 24
Investors Are Forever Blowing Bubbles - 16th June 24
Stock Market Investor Sentiment - 8th June 24
S&P 494 Stocks Then & Now - 8th June 24
As Stocks Bears Begin To Hibernate, It's Now Time To Worry About A Bear Market - 8th June 24
Gold, Silver and Crypto | How Charts Look Before US Dollar Meltdown - 8th June 24
Gold & Silver Get Slammed on Positive Economic Reports - 8th June 24
Gold Summer Doldrums - 8th June 24
S&P USD Correction - 7th June 24
Israel's Smoke and Mirrors Fake War on Gaza - 7th June 24
US Banking Crisis 2024 That No One Is Paying Attention To - 7th June 24
The Fed Leads and the Market Follows? It's a Big Fat MYTH - 7th June 24
How Much Gold Is There In the World? - 7th June 24
Is There a Financial Crisis Bubbling Under the Surface? - 7th June 24
Bitcoin Trend Forecast, Crypto's Exit Strategy - 31st May 24
Zimbabwe Officials Already Looking to Inflate New Gold-Backed Currency - 31st May 24
India Silver Imports Have Already Topped 2023 Total - 31st May 24
Gold Has Done Its Job – Isn’t That Enough? - 31st May 24
Gold Stocks Catching Up - 31st May 24
Time to take the RED Pill - 28th May 24
US Economy Slowing Slipping into Recession, But Not There Yet - 28th May 24
Gold vs. Silver – Very Important Medium-term Signal - 28th May 24
Is Gold Price Heading to $2,275 - 2,280? - 28th May 24
Stocks Bull Market Smoking Gun - 25th May 24
Congress Moves against Totalitarian Central Bank Digital Currency Schemes - 25th May 24
Government Tinkering With Prices Is Like Hiding All of the Street Signs - 25th May 24
Gold Mid Tier Mining Stocks Fundamentals - 25th May 24
Why US Interest Rates are a Nothing Burger - 24th May 24
Big Banks Are Pressuring The Fed To Losen Protection For Depositors - 24th May 24
Another Bank Failure: How to Tell if Your Bank is At Risk - 24th May 24
AI Stocks Portfolio and Tesla - 23rd May 24
All That Glitters Isn't Gold: Silver Has Outperformed Gold During This Gold Bull Run - 23rd May 24
Gold and Silver Expose Stock Market’s Phony Gains - 23rd May 24
S&P 500 Cyclical Relative Performance: Stocks Nearing Fully Valued - 23rd May 24
Nvidia NVDA Stock Earnings Rumble After Hours - 22nd May 24
Stock Market Trend Forecasts for 2024 and 2025 - 21st May 24
Silver Price Forecast: Trumpeting the Jubilee | Sovereign Debt Defaults - 21st May 24
Bitcoin Bull Market Bubble MANIA Rug Pulls 2024! - 19th May 24
Important Economic And Geopolitical Questions And Their Answers! - 19th May 24
Pakistan UN Ambassador Grows Some Balls Accuses Israel of Being Like Nazi Germany - 19th May 24
Could We See $27,000 Gold? - 19th May 24
Gold Mining Stocks Fundamentals - 19th May 24
The Gold and Silver Ship Will Set Sail! - 19th May 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Consumer Choices - Why Buyers Buy

Personal_Finance / SME Nov 20, 2015 - 10:36 AM GMT

By: Submissions


Veselina Dzhingarova writes: A look at the buying process and how and why consumers make the choices they do.

Most businesses, especially small businesses, don’t pay much attention to why buyers buy. According to Allen Stanley, President of Best Attorney Rankings “Many go about their business with an attitude of providing a good product with good customer service at a fair price. “ While that seems reasonable enough, a better understanding of the buying process and how and why consumers make the choices they do can be extremely beneficial for any size business.

  1. Need or Desire. The first step in the buying process is the awakening of a need or desire. It is important to remember a couple of things about needs. One is that they can be real or imagined. In other words, the need can be an actual one, or the need may just be perceived. The other factor about needs and desires is that they can be created and influenced by outside forces. Every day consumers are saying “I just GOT to have that!” when referring to a product they didn’t know existed minutes before. Many times, needs are generated because of a problem. It may be a transmission breaking down, a toothache, or a legal issue may arise. In the case of businesses, it may be a cash flow problem or a sales slowdown. These problems will generally lead to the second step.
  2. Research. While the buying process has stayed relatively the same through the years, this particular phase has changed significantly with technology. In the past, consumers would ask family and friends who they would recommend. Today, research can be easily conducted online. “Today’s consumers are just as likely to trust online comments, referrals and testimonials as they are to ask a friend” says Greg Taylor of Rehab Facilities.
  3.  “It is why managing an online reputation is so important.” It is also why providing useful online information through content marketing is so valuable. If you are the source of this research, it greatly enhances your opportunities for being there at the end of the buying cycle. Giving away content and information is a type of “free sample” for consumers who are in the research phase of the buying process. This research phase is often where consumers are at when they say they are “just looking.”
  4. Comparison and Evaluation. This is where the consumer feels they have the information they need to make a decision, but now need to select the resource. They will consider factors they learned in the research phase, but will also include their own interactions with a potential vendor. Who are they comfortable with? Who seems to have the experience and knowledge to best help them? Are there significant pricing differences or guarantees? Was a vendor helpful, friendly and accessible in that research phase?
  5. The Purchase. The transaction takes place.

The challenge in marketing today is that many consumers can get to stage three and even to stage four without interacting directly with a vendor. That can make a vendor feel helpless, but that is not the case. “The key is taking the steps necessary to be as visible and accessible as possible in that research phase” says Cheryl Miller, President of Best Retirement Destinations. “If you are viewed as a resource, an expert so to speak, your chances of moving a prospect to a client increase tremendously.”

As anyone in retail will tell you, consumers are better armed than ever. Doctor’s offices are filled with patients who have “self-diagnosed” themselves before they’ve even got there. Auto dealers have learned to deal with this new informed consumer. But how are you handling it in your business?

The buying process may not have changed much through the years, but how consumers are moving through the process has. “Understanding the buying process and how it can be influenced with a well thought out and managed online marketing plan is a terrific place to start.” States Barbara Higley of Franchise Rankings. There are plenty of resources to help. Improve your sales and your bottom line and put knowledge of the buying process to work for you.

By Veselina Dzhingarova

Copyright 2015 © Veselina Dzhingarova - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

© 2005-2022 - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.

Post Comment

Only logged in users are allowed to post comments. Register/ Log in