Spending money is something that humans do every single day. Some people spend money daily. Some people only spend money every few days. Some people rarely spend any money at all.
But it’s a given that spending money happens every single day, in one way or another.
But what really makes people buy something?
To see why people really buy, we need to look more into buyer psychology.
Buyer psychology is the science and reasoning behind what people think and feel when they are purchasing something.
As a business owner, this affects you and your business every single day.
Why do people actually buy from you in your business?
What do they think and feel when they complete a purchase with you?
How do you make them feel when they have become your customer?
Are they going to come back again and again as a customer?
These are things you should be thinking about when you create something to sell in your business. So do you actually think about them?
Why do people really buy something?
Everyone has their reasons for buying things. Let’s dive into these reasons.
People buy to fulfill their needs.
Everyone has needs that they need to fulfill: food on their table, a roof over their head, transportation to get places, the tools that help you run your business, etc.
Some people will spend extravagant amounts of money here and others will spend the bare minimum.
But this is a category that everyone spends in, no matter who they are.
People buy to fulfill their wants.
Everyone has wants. Some people will buy to fulfill these wants. Others will just want and not fulfill them.
Wants are those things that you can still live your life without, but they would make you feel better or help you make a change in your life or business.
People buy to justify their emotions.
Everyone has emotions. Sometimes those emotions rule our decisions how and when we purchase.
Not having a good day? Buy those shoes or that dress or those pants to feel better.
Business not doing so hot? Buy a course that teaches you how to make more money. Hire a coach that can walk you through the processes.
So many times, we don’t want to face or feel our actual emotions that are there (anger, frustration, discontent, etc.) and will justify those emotions with a purchase.
It’s a learned response. And for many people it works in the moment.
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People buy for fear of missing out.
Sales ending, the cart closing on a certain day, discounts going away ←- these all speak to humans being afraid of missing something.
How many times have you bought something on a deadline to never even open it or wait weeks or months to even go back to it, because you just weren’t ready for it, but were afraid of missing the discount or the deadline?
Someone, somewhere is always going to be afraid of missing out. Using this as a strategy in your business will help you make sales, from a buyer’s perspective, as long as you can nail how to help them with the value they are receiving and from getting away from their losses.
People buy to get away from their losses.
There is always something that people want to get away from. This is why you market to your clients’ painpoints when you are selling something.
People would rather find a way to ease their pains and have solutions to their problems.
It’s just an easier way to relate to humans and our brains.
This is where the calculation for the ROI (return on investment) happens. What am I actually getting for the money I am investing? How is this going to help me feel less pain?
People buy because of a story they read or felt.
This is why social media and sharing your story or your customers’ stories works so well.
I know you’ve heard, stories sell. And they do sell very well.
People want to know that they aren’t alone in their feelings or what is happening to them. By reading stories that they can relate to, they feel justified. They feel seen. They feel heard.
How many times have you read a story about how something changed the way they do business and that made you want to know how you could apply those same tools and get the results in your business?
How many times have you been invested in finding out what happens next in a story?
How many times have you followed someone’s path to see how they end up?
People buy because they crave value.
When you purchase something (or sell), what is the value of what is being bought?
People love to be able to see the value behind something they are buying.
How is this going to make their business better?
How is it going to make their life better?
What “extra” can be thrown in to make this a no brainer buying decision?
They always want to know what exactly their money is going to get them and what the value of that equates to.
What makes you buy?
Whether it’s your everyday groceries and needs, or something for your business, what actually makes you buy something?
When it comes to spending your hard earned money, what makes you spend it? What makes you not spend your money?
When you think about your own spending patterns, you’ll better be able to tune into what makes your customers buy as well.
Your Own Habits are Reflected in Your Buyers
You always attract people to you who are similar to you.
When it comes to buyer psychology, you will attract people to you that have similar habits as you do.
Are you someone who is frugal and doesn’t like to spend money?
Are you someone who always spends their money and doesn’t have much left over?
Are you someone who buys based on how that purchase makes you feel in the moment?
Are you someone who just can’t miss that special offer or bonus before the cart closes?
Think about your own spending habits and how you spend money, and what attracts you to spend money, that is how you will be able to attract your buyers to you.
Buyer Psychology defines why people buy
Money is spent every single day. Billions of dollars are spent every single. And the reasons why that money is spent is defined by buyer psychology.
You need to be thinking more about buyer psychology in your business to really attract the soulmate clients that you want to buy from you.
What parts of buyer psychology do you need to tap into more in your business?
What other reasons have you found that make people buy?