5 Buyer Motives Every Entrepreneur Should Know

As a business owner, it’s crucial to have a grasp of consumer psychology in order to sell. Whether you have a small business that sells to other businesses, or a large enterprise that sells directly to consumers, the end customer is still a human being at the end of the day. What’s in it for them? Understanding what motivates buying decisions will help you craft promotions and marketing campaigns that are sure to attract more customers to your door and increase conversions.

These are 5 buyer motives every entrepreneur should know:

1. Practical Needs – this is arguably the most obvious and easiest to appeal to. Since everyone needs to eat, sleep, wear clothes, etc. These will always be in-demand markets. Being the most affordable in combination with appealing to a practical need is sure to increase lead traffic and conversions.

2. Fear – Motivation spikes drastically when fear is input into the equation, just ask anyone who’s ever been robbed at gunpoint. That being said pointing a gun at your target consumers’ heads probably isn’t the most ethical tactic, so what else can you do? Well, creating scarcity by running limited-time promotions and releasing limited collections are great examples of marketing strategies that capitalize on the Fear Of Missing Out, better known as FOMO.

3. Personal Values – A lot of people are inclined to make buying decisions based on their personal values, or beliefs. One way to implement this would be to use a bible verse as your company slogan if you’d like to publicly identify as a Christian company. Doing so can increase traffic with people in that demographic and works particularly well if your business is located in a more conservative area.

4. Status – Receiving admiration or respect from others has no price tag. Capitalizing on this motivator has been proven to weather many storms. Whether you’re in a down market or a booming one, the fact is that people with money will always have it, and some without it will still value appearances.

5. Convenience – Many are willing to pay a premium for a product or service that can make their lives easier, after all, time and energy are more precious than a couple of extra dollars. Making sure to emphasize the convenience aspect of what your business can offer is sure to motivate buyers if the message is delivered correctly. App-based services, Fast food, and clothing subscription models have gotten this aspect of motivation-centric marketing down, and with practice, you can too.

How can you boost buyer motivation?

Try answering these questions before crafting your next campaign:

• What needs does this fulfill for my target audience?

• What kind of emotions does this make my audience feel? Am I creating a sense of urgency to buy now? If not then how can I?

• How easy and convenient am I making it for the customer to make their purchase? How long does it take me to fulfill their request? If my response time is longer than my competitors’, then how can I justify the long wait?

• How do other people see my brand? Who identifies with my values? How can I incorporate that into the company’s public image?

Asking these questions and understanding buyer motivation is sure to increase efficiency in sales and marketing efforts, increase lead generation and conversions, and increase customer satisfaction overall.

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JDB Media focuses on a data-driven approach so we can get you the best results possible, as efficiently as possible. We dedicate time every day to researching industry leaders, the newest platforms, consumer psychology reports, behavioral psychology reports, online trends, economic news, and more to compile the best strategies that work today.

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