The Consumer Decision Process you Should Know to Master Marketing

You are probably very excited to launch your new business or product! Right? After hours of hard work and dedication, how much thought have you put into your customers' eagerness for your new launch?

As a customer, various elements factor into the purchase of a product or service. Every customer you have is different, Tall, Small, Purple, or Pink; whatever it may be, it will have to fit their needs and personal decisions.

There are five important components that you must know to make your life easier and your customers happier. These five influences on a customer will be the difference between purchasing or not purchasing. The marketing society calls it the Consumer Decision Process.

Before we get started, you might want to check out this awesome 2 min video from The Business Professor!! He gives a quick breakdown of how consumers think. Enjoy!!

Now, here is my take on the consumer decision process. Let’s get started!!! Shall we?

  1. Economic Needs

An unwritten rule of economics is that people behave and think rationally. A rational person typically makes a purchase based on the best use of their time and money. Many of us would say, “The best bang for your buck,” am I right? In economics, this thought process is called an opportunity cost.

Opportunity cost — “The loss of potential gain from other alternatives when one alternative is chosen.”

In this case, your consumers may only buy your product if it is convenient, efficient and if it is something they depend on. The economy may hinder a customer from buying based on the conditions currently affecting their social stature. Someone with a higher income and a stable job will most likely be more willing to spend than a person between jobs.

2. Psychological Variables

“People don’t buy for logical reasons. They buy for emotional reasons.”

-Zig Ziglar

Many psychological variables can come into play when a customer decides on whether to buy or not. Decisions are often made based on the emotional state that a person may be in. The difference between wants and needs is what may drive a customer to purchase your product. Needs are a necessity that pertains to the welfare of a human being, i.e., Water, Food, and overall health. Wants are related to things that people have learned to like over their lifetime. Wants and needs are what drive a person's enthusiasm to buy.

3. Social Influences

An individual’s social stature has everything to do with what they will purchase. Income comes in all different shapes and sizes. Not everyone can afford the most popular pair of shoes. Social class means everything in this case. Social class can be measured by occupation, education, type of housing, and location of housing.

Social media can be a huge influencer when it comes to marketing techniques. The social media platforms allow every individual with an account to view each other. In this case, all social classes interact together, leaving those of middle-class stature or lower to feel as if they can purchase the same products as, say, a celebrity or a sports star. Social media, compared to the real world, has one social class.

4. Culture & Ethnicity

How someone grew up and where they are from means everything! Every culture is raised liking different things. I was raised on American food and culture, my wife was born in the Phillippines and was raised in their culture, but our kids are raised in both cultures. See how that works? In such a diverse country with so many ethnicities, a seller needs to cater to them all. Most countries are more diverse than ever before.

5. Purchase Situation

If you are deathly hungry, you tend to think less about how much money you spend and more about filling up your belly. I can’t be the only one who thinks this way. The situation dictates how much a person is willing to spend. If you go grocery shopping without a list, you will probably spend more time in the store than if you did have a list. Naturally, more time spent in a store leads to more spending.

Conclusion:

You must take all five of these topics of the Consumer Decision Process into consideration when marketing and selling a product or service. The ability to master these 5 steps will set you apart from your competition. Research, study, and put your knowledge into action!!!

See the link below for more relevant information on this topic.

Originally published May 22, 2021