One of the biggest challenges in business is how to convince customers, who know what kind of product or service they want to buy, that they should choose you to purchase from. Many factors will go into the consumer’s final decision, especially when faced with such a wide range of choice. Making these decisions online further adds options to the selective consumer. So, what are the three major factors that help a consumer make up their mind when choosing a brand to give custom to?
Quality or Quantity
The quality/quantity issue has been a touchpoint in marketing since its inception. For instance, when buying a pair of trainers, is it better to get something well-made that will last or something cheap that may not? A study into quality vs quantity in electronics found that favorable word-of-mouth reviews that cited durability and a long-lasting product were more likely to be followed by a purchase.
So, it’s important to make sure customers understand the quality aspect of a product. Many companies choose to issue a warranty or guarantee to ensure customers know this – they can have a replacement or refund within a period of time if the quality doesn’t last.
Deals, Deals, Deals
Offering a deal at the start can definitely help customers make their mind up about a purchase decision. Many e-retailers offer new customers a discount on their basket (10% in many cases) or free shipping for their first order – this is to bank some goodwill in attitudes towards the company.
For instance, if we take a popular online video slot, Reactoonz, we can see how different providers are attracting customers to the same product with welcome offers. You can claim Reactoonz spins from a variety of online casino sites – some offering certain amounts of no-deposit spins, others offering bonus money, and some giving away free spins outright.
The Company’s Values
Increasingly, company values are becoming a factor in whether or not a purchase is made. 94% of Gen-Z think that companies should use their position to address change in the world, while 55% of all consumers are willing to pay more from companies that do good socially. Reports suggest that corporate social responsibility plans can help add 4-6% market value to a company.
So, we can see that having strong ethical values for a company can increase people’s awareness of them. For example, Toms Espadrilles are probably most known for their program of donating a pair of shoes to those in need for every pair bought. People may be more inclined to give their business to a company that is doing good so that they can feel as though they are using their purchase to contribute in a positive way.
There are many ways a company can choose to grab the attention of consumers so that they make a positive purchase decision. The right way will be dependent on your business and its existing values. As the market saturation grows for an industry, standing out by benefitting the consumer will be the only way of attaining dominance.