How did that first wheel get sold, anyway?
We humans have been making buying decisions for tens of thousands of years. The way they make these decisions is hard-wired into us.The survival of the species depended on humans making good decisions.
That’s fortunate for you and your business, because it means you can tap into the buying decision process and use it to create a plan to get people to buy.
A case study to illustrate the buying decision process.
I’ll use a recent situation in my own business to illustrate the decision process. As you read this, think about yourself as the owner of a business who wants to get people to buy whatever you are selling. Your understanding of this buying decision process will help you plan your marketing and customer service campaigns.
It All Starts with a Problem
I had a problem.
I needed to find a different way to promote my Frugal Business, so I could get more people to sign up for my email newsletter, get them to be fans, and ultimately get them to buy books.
The Search for a Solution
When someone has a problem, they begin to search for a solution. Of course, these days the first place they go is the internet. Sometimes the search is conscious, and sometimes it’s sub-conscious, unintentional.
Evaluation of Alternatives
I am constantly searching the internet for new marketing and promotion ideas. A month or so ago, I came across some articles about podcasting as a way to get new potential buyers for your business. A recent article in Entrepeneur says,
By allowing you to talk to your audience directly, in your own voice, podcasts help you connect with your audience on a deeper and more personal level.
“The barriers to entry have been torn down,” Copyblogger says, and podcasting is soaring. As of 2015, 17% of Americans listen to podcasts, and over 29 million minutes of podcasts are recorded each year.
I tagged a couple of these articles and forgot about them. I put the idea of podcasting out of my mind, because I thought it was too difficult to get into, and (to be honest) I don’t like the sound of my voice.
But the information was jiggling around in my brain.
Obstacles are Overcome
Then two things happened. I was at the dentist’s office and having a chat with the hygienist. She commented, “You have a great speaking voice. You would do great on the radio.” Hmmm. And a possible solution presented itself.
Just today I came across a possible solution.
Every Saturday morning, a newsletter pops up in my email, and I read it. Faithfully. Today the author mentioned a friend who had a guide to how to start a podcast. Amy is a trusted source, so I pay attention to what she’s recommending.
The guide was discounted, but only for today. So I headed over to the site and bought the program.
The Purchase is Made
Here’s why I bought:
I saw an answer to my problem. Podcasting seemed to be a possible solution to my problem of getting in front of more people and establishing relationships with them.
The obstacles were taken away. I had the confidence that my voice was acceptable for podcasting and it seemed that doing a podcast was not as difficult as I thought.
The price was right. Originally $39, for today only $29. I have a self-imposed Frugal Rule-of-thumb that I must wait at least 24 hours before making any buying decisions over $25.00 That’s below the price point where I have to wait 48 hours (Ok, it’s a little over, but such a deal.)
Most important, it seemed to be a SIMPLE way to solve my problem of how to get more people aware of Frugal Business Secrets. I’m obsessively focused on simple solutions.
What about Other Alternatives?
Sure, I could have spent more time evaluating alternative guides. There are probably a lot of them floating around the internet. But this one was (a) available today, (b) at a very reasonable price, and (c) I was primed by my search and excited at finding a solution to my problem.
Finally, What about Buyer’s Remorse?
I was skeptical, of course. How much could I expect for just $39.00 ($29.00 when I bought it)? Buyer’s remorse (what the graph above calls “post-purchase evaluation”) is that “why did I buy this” sinking feeling, in the pit of your stomach … and your wallet.
We always evaluate after we make a decision. It’s part of the psychological process that’s hard-wired into us. We think about whether that wheel was a good buy. Was this the right decision? Did I spend my money wisely? We are satisfied or dissatisfied. Every time.
No buyer’s remorse here. I was impressed with the quality of the startup guide. Although it turns out that the process itself is about as difficult as I thought, the guide didn’t leave anything out. The detail on how to do all the complex tasks was impressive. Illustrations and notes will lead me through the process step by step.
There’s the buying process in a nutshell. I love it when the process works. It’s a psychological process that savvy marketers understand.
Why You Need to Know About the Buying Decision Process
First, and most important, you have to understand your audience and their problem. No problem, no purchase.
Then, you have to put yourself out there, where your audience is, so you can show them how you can solve their problem.
You have to present your solution in many places and times.
Then, once you get the person to buy, you have to under-promise and over-deliver. To avoid the buyer’s remorse.
Sounds simple, doesn’t it? Understanding this simple principle and putting it into a specific promotion campaign can help you grow your Frugal Business by getting more buyers. That’s what it’s all about anyway.
Here’s to the success of your Frugal Business!