It is crucial for marketers to understand what factors that influences the buyer decision making when considering a product or service. This help marketers to drive business success by carefully assessing these factors. There are many factors that fall into three main categories, which we will explore in this article.
Main Influences Categories:
Individual: There are many factors that falls into this category such as buyer resources. Time and money play an important role in influencing the buyer decision. For instance, a person that has car that barley function and need to buy a new car urgently. The buyer in this case doesn’t have a long-time window to assess their needs and alternatives. Also, the buyer is limited to a specific budget that they can afford for immediate purchase. So, by understanding these factors, marketers can effectively create more personalized marketing strategies for this type of influence such as immediate provision of the car with flexible payment options or affordable prices.
Environmental: Factors such as social class and culture can shape the buyer’s preference and behaviors of selecting a product or service. For example, a person that comes from a culture that consider owning luxurious items such as watches and clothes as part of their professional success. Therefore, the buyer would consider products or services that would reflect on their prestige. Markers can create messaging and feelings that influence the decision making of the target group such as distinctiveness.
Psychological: Some buyers influenced by analytical factors while some buyers influenced by emotional factors. The analytical buyers would be motivated by data, research, and options before making their decision. On the other hand, the emotional buyers are influenced by feelings and desires before making their buying decision. For instance, buying a new car, the analytical buyer would assess reviews, consider specific budget, and compare alternatives. On the other hand, the emotional buyer would be influenced by how the car would reflect on their personality, consider a favorite brand, and seek recommendation from family and friends. Understanding different types of buyers will help marketers to establish personalized approaches to each type based on their psychological influencing factors.