Whether you ‘buy it’ or not, psychology plays an integral
role in the consumer’s decision to make a purchase. And, as a business owner, you have a unique
power which can help you to influence the consumer’s buying behaviour. Particularly during the upcoming holiday
season, the following tips could help you to maximise your business’ potential
and earn some well needed cash for your business during this season.
Firstly, you must believe in the wealth and worth of your
business. Whatever product or service
you offer, there must be a clear definition of the features and benefits of
your offerings and every effort should be made to show potential consumers how
utilizing your product can positively impact their lives.
Broadly, consumer buying behaviour is usually influenced
by environmental and marketing factors, the situation, personal and
psychological factors, family, and culture.
More recently however, consumer behaviour has been influenced by more
modern factors. The following are four
areas that businesses can focus on to help to influence spending this holiday.
Trends – A
trend is the general direction in which something is developing or moving. The fashion industry is one area that is most
influenced by trends as fashion changes based on externals such as seasons and
locations and internals such as the wearer’s hobbies or music/creativity. The fact is however that any industry or
business can benefit from currency in trends.
The trend may be a newer, more efficient way to manufacture thereby
saving production costs and time or it may be an introduction of a new product
to the market, whatever it is, find out what is trending in your industry and
use it to improve your business’s viability.
Aesthetics –
Whether your business is online or brick and mortar, the physical layout of the
space can influence what and how much the consumer purchases. There is a school of thought that presumes
that the longer a customer wanders around a facility, the more he or she will
spend. Grocery stores frequently place bread and milk products on opposite of
the stores because people often need both types of products. To buy both, the
customer would have to walk around the entire store, which of course, is loaded
with other items they might see and purchase.
Likewise, your online storefront should capture your business offerings
in a fulsome way so that it encourages the customer to click through, recognize
additional needs and possibly make extra purchases.
Atmospherics –
The term may be a somewhat new concept, but atmospherics have been used for a
long time to influence consumer buying behaviour. Atmospherics refers to the physical layout of
the space, type of music, lighting, temperatures and smells the customers
experience during a shopping event.
Especially during the Christmas season décor, music and layout will play
a significant role in encouraging consumers to make additional purchases. Equally, the business’s advertising campaign can
and should be used to shape how your products can improve the holiday
experience. Holiday advertisements must
emphasise beauty, comfort, affordability and providing a satisfying experience
for both the buyer and his family.
Self-concept –
The customer’s self-concept is a very important factor that businesses can use
to influence purchasing. Self-concept
refers to how the customer sees himself.
Is your product offering capable of helping the customer to achieve his
ideal self – whether that is becoming more fashionable or more environmentally
friendly or more popular etc.? Conducting
some level of market research can help the business to identify products that
enhance how consumers feel about themselves.
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