How do Customers make their purchasing decisions?

Hello Readers,

This is your newsletter on understanding the business crux and various knowledgable news, which will help every one of us bring up our knowledge, network, and enhance as per the industry standards.

Whenever I have been in touch with Entrepreneurs and various industry builders, usually they point out the fact of how to generate revenue, and in simple terms how to earn money.

Simple, by providing a product to your target audience's problems or by giving them some sort of service to satisfy them, and in return, they'll pay for using the service.

In Simple terms, we want to know our fitness activity, understand our heart rates, know our glucose level, and so on, to accumulate the whole data and read the same is done through various fitness activity devices by various brands, so there is a product to solve the problem statement, and to know this our fitness freak friends buy a fitness tracking device. So that Fitness Tracking Device is a product for which we pay.

Now, it looks simple, however, from a business perspective, the same process highlights how one of our target audience knows about, gets into the sales funnel, decides on whether should go with us or with our competitor, and finally buys the product/service.

So here comes our highlighting topic, that is - How would a customer make a purchasing decision?

In the modern era or to be more precise in the digital era, there are 4 ways in which customers make their purchasing decision.

As per the report, we usually spend a minimum of 30 minutes to a maximum of 50 minutes on social media, so most of the ways will highlight the touch points around the digital world. (People on Digital Detox, well-done bruh!!)

Control -

Let us dig deep down into our old times when companies had the control, Buyers had limited options because they were captive audiences to TV, radio, and newspapers. Only so many spots for companies to advertise, and the start-ups at that point couldn't get in front of the eyeballs.

However, Today, start-ups have their social media accounts way before releasing the actual product/service, such as creating a big buzz around the product/service. Surely, the big giants have the big budgets to do the same, however, today customers have the control over what to watch and what not to look at, which shifts the whole control towards the customer's end and brings in the power to the customer whether to buy from you or not.

Pro Tip: Creativity is the king, around the whole hustle-bustle around the rat race in the world, people reach out to their android/ios to chill and relax, laugh, and live with small stalking too (duh you need to have a crush for that).

Reducing the risk of a mistake -

In the age where we live around brands, daily consume various brands and always get attached to the brand.

Suppose there are 2 shoes one is Adidas and the other one is Abibas, do let me know in #comments your suggestion, which one will you pick?

This also brings in the lesson on building the brands, which would be covered in the further newsletter.

Simple Buying Process -

Ever happen to you, there is this shirt you like on a random website, and you go ahead and add the same into your cart, and then you jump to the end of the product that is purchasing, and you don't want your mum to know about your purchasing, so you go ahead for paying through UPI then booooooom!!! There is no UPI payment mode, how would you react? Do let us know about it too...

Customers need an easy way to buy from you. If you make it difficult to buy from you, you'll lose them before you even know them existed. This is why amazon is so successful, the buying process for the same product is easier than the product's own actual company's website.

Emotional Connection -

As we live in the Digital age, the way today brands reach out to us through social media and we feel like we are the one in a billion, also the way brands go ahead and reach out to you.

For example, you had an appraisal meeting and you are in the meeting room, you get feedback on your performance, and the whole thing goes in the other direction from your thought process (which I pray that never happens to you, still), you are pissed and you are on legit level 0 (Zero), and while commuting back home, you go ahead and open a social media platform, and you open the BEWAKOOF? 's page, whole lots of meme, lots of laughing content and all of sudden, you are zoned in and ready for the battle again, that the emotional touch and you build the community or to be more precise get more close to BEWAKOOF? brand.

This is how you create an Emotional Connection with a brand or with your target audience.

Do let us know your thoughts, if we have missed any or if you have any additional points to bring out your knowledge to the learner's community to know more about the business and bring out the best in their offerings.