At a very young age, my mother taught me that if something I wanted cost more than $100, I should go home and think about it. Then there’s that basic guideline: if you want something, go home, and if you still can’t stop thinking about it after a week, then, and only then, can you buy it.
There are so many factors in play when making purchasing decisions. As marketers, we need to focus on the perfect way to position the solution or need to a target audience and on competitive benefits. What separates the potentially purchased item, and how can we avoid buyer’s remorse or any future dissatisfaction post-purchase?
There are three main factors to consider that influence a buyer’s decision-making:
Individual
This category includes all the financial, time, and knowledge resources the buyer has, what motivates them to purchase, or their attitudes towards the purchase and research.
Environmental
It contains the social class and cultural factors influencing the buyer’s decision-making. To learn more about environmental subcategories, click here.
Psychological
This includes all ways a consumer processes information, researches the product in mind, and changes their behavior to decide whether or not to buy.
One example that comes to mind is my Apple Watch. I have been an Apple user for years but hate its battery life. So, I started researching fitness trackers with longer battery life; I watched YouTube videos from fitness experts recommending many different devices and read various articles and even CES reports on the latest gadgets. Long story short, I purchased the Garmin Venus 3s and now wear both Apple Watch Ultra and Garmin because one lacks what the other has and vice versa. Looking back at my purchases, I regret buying them and wish I had opted for the Oura ring and kept my old Apple Watch.
Although the Garmin pushed me to pay closer attention to my sleeping patterns and has a longer battery life, I don’t think it was a necessary purchase.
Too many factors can influence a buyer’s purchasing decision. The right thing to always do as a consumer is to evaluate whether or not the potential purchase meets our wants or needs and if the cost can be justified. Ultimately, products must align with the needs and psychological understanding of the target audience to make informed purchases that avoid dissatisfaction due to impulse buys.