The Purchase Consideration Process
In researching the feelings a typical consumer and business buyer goes though when given the choice amongst different products or services, we have identified seven core emotions that define a buyer’s feelings.
1. Need & Control: “Do I want it and does it make me feel in control.” Think Apple, Fitbit or in the business world, Salesforce.
2. Fear: “What are the consequences if I do not purchase this.” Think IBM, LifeLock or any insurance company.
3. Self Expression: “Does it represent who I am or who I want to be?” Think Louis Vuitton, Accenture or Nike.
4. Growth: “Will it bring me positive change or improvement.” Think McKinsey Company, LinkedIn or TED Talks
5. Recognition: “Will I feel validated and acknowledged by my peers.” Think BMW, Callaway golf clubs or Ritz Carlton Hotels.
6. Exclusivity: “Will I be accepted?” Think American Express, Admirals Club or even Harvard.
7. Care: “Is this something I can relate to or feel passionate about?” Think Subaru, Dove or any professional or college team.
So the question is: How well do you know your customer? What makes them tick? Understanding emotional, behavioral and psychographic insights increases the probability that you can influence buying behavior.