Psychological Factors Influencing Consumers Purchasing Decisions

3 Mar

The psychology of consumer behavior and the factors that influence people to buy range from physical stimulus to cultural influence.    One of the biggest factors at play is social influence and it’s increasing the way we search for information and purchase products.  What products and services does your business offer?   Does your product fall into any of the factors below that drive a consumer purchase?

Cultural Influences

Beliefs, values, rituals, and norms fall into the cultural category.   The best example of this would be our culture’s concern for the environment.    The green sustainable movement has become a world-wide concern.   Another example would be Kosher foods.    For some cultures only eat kosher and organic is an important decision and this will drive their purchasing decisions.     

Physical drives

Hunger, thirst, and other physically oriented needs drive consumers.    Radio spot for restaurants or food brands are best during lunch hour while people are hungry.  

Self Image

This is one of the biggest factors that influence consumers.   If a consumer’s image matches a brand’s image, then their is an increase of purchasing.  Many people are driven by self-expression and products that they identify with and support their individual self-expression. 

Social Factors

Consumers seek to imitate people they admire and will  buy the same brands as their favorite athlete, model, or actress.    Not to mention, their friends.   Social factors are on the rise with social media and word of mouth with like-minded acquaintances.    This is why Facebook, Twitter, and YouTube are gaining more advertising support.   They are able to target their exact style audience and influence them socially.

Learning

All consumers are influenced by their learning experience.   Were the french fries exceptional at this restaurant or another?   Experiencing first hand a product and brand help the consumer decide whether they will purchase again or not.   In addition, consumers research out costs and weigh whether price and other factors to decide on their next purchase.  Then, of course, they tell all their friends.

It’s a great idea to understand the psychological factors driving consumer behavior and see where your business fits.   Are you providing any of the above to drive sales?  

Although there are many other factors such as convenience, price, and logic.  We’ll touch on those points in the future.  

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