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Marketing Quick Tips
Types of Consumer Buying Decisions
People are faced with buying decisions almost every day. But not all decisions are the same. Some are more difficult - requiring more effort. While other decisions are fairly routine - requiring little or no effort. Generally, these buying decisions can be broken down into one of four types:
- Small New Purchase - This kind of purchase is for something new to the consumer but, in the customer's mind, is not very important in terms of need. Even though it's small, this purchase can be perceived as a small risk in terms of money, time, or other reason. Examples - trying a new restaurant, or hairstylist, or internet service provider, etc.
- Small Re-Purchase - This is the most routine of all purchases. And customers often return to purchase the same product or service without giving much thought to other options available (i.e., brand loyalty). This type of purchase is typically perceived as being little or no risk.
- Big New Purchase - Often the most difficult of all purchases to make. This purchase is important, but the consumer has little or no previous experience making it. This type of decision often (but not always) requires extensive research and due-diligence in the decision-making process before a person can decide - first, what to buy and second, who to buy from. It should come as no surprise that big new purchases are usually seen as being very high risk, since the wrong choice could equal a great deal of lost money, or time, or worse.
- Big Re-Purchase - This purchase decision is also important to the customer but they feel more confident in making it since they've already purchased the product or service in the past. It's still seen as being very high risk, but if the customer made a smart purchase decision last time - the buying cycle is often shorter and more enjoyable. If however, a poor decision was made before, you can expect the consumer to approach the purchase the same as they would a big new purchase.
It's important to understand how your prospects think about buying what you sell. If you're targeting customers who think a purchase decision is difficult and fairly high risk (i.e., Big New Purchase), your marketing strategy will be very different than if your customers view a purchase as routine. In fact, you may need to address both situations at the same time; for some customers the product or service is new, while others will see the purchase as routine. The point is - your customers buying behavior is going to be very different depending on what you sell, and who you're selling to, among other things.
So make sure you know how your prospects think about buying what you sell - BEFORE you start trying to sell them.
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