7 Key Principals in Consumer Buying Behaviors

You’ve built it, you’ve tweeted about it and you’ve even created Facebook ads. But your ads aren’t converting to sales. So, you may be scratching your head right about now and asking: What makes a customer purchase from you?

According to psychologists, seven key principals to winning your customers over and getting them to purchase are these:

1. Reciprocity

2. Commitment & Consistency

3. Like

4. Trust

5. Authority

6. Social Proof

7. Scarcity

   
   

Reciprocity can show up in a variety of ways. From Gary Vaynerchuk's ‘Jab, Jab, Jab, Right Hook’ tactic to Costco’s free samples or a gazillion online marketers who offer free eBooks or webinars (in exchange for your email address, of course). The psychology behind giving something first, creates a relationship and the desire to give back (in most people). I also like to call this: Guilt Marketing. It works pretty darn well. How many times have you accepted a free sample or free gift and then felt as though you needed to reciprocate? I think it’s in our DNA to give back when we accept something (especially if it’s valuable to us).

So, as a retailer or business owner, ask yourself the question, What are you giving or offering your customers first?

Be creative, but ADD REAL VALUE. This can come in the form of value content (a how-to video, an informative blog post, eBook, etc.) or a free service or product.

Commitment and Consistency Have you shouted from the mountaintops your commitment to customer service, an easy return policy, or a ‘try before you buy’ policy? Are you all-in with your customers and do they know you offer an open door, no commitment value? Even if you can get customers to make a small commitment to your brand, like showing up for a demo, signing up for your newsletter, this will create the relationship. The likelihood of them coming back to purchase from you later are greater.

“Like Us!” Do your customers LIKE YOU? Do they like who you are, what you stand for? And a bigger question: Do they even KNOW you? If not, you may be lacking in the branding department. What makes a customer like you are the direct engagements you have with them or the endorsees or faces of your brand. People like people or brands because they, well, like them. When was the last time you were at a party and you walked up to someone and asked them to Like you or be your friend? How do you think that would play out? Creating engaging content on social media that will connect yourself or your brand with the customer is key to relationship building and organic Liking. Tell your story, engage your audience, know your audience, give them ways to get to know you, too. Be real. Create a brand personality, use faces your customers can relate to, and use visuals (imagery, graphics, videos, fonts, colors) that are likable and cohesive.

Trust has become one of the most important factors in buyers behavior. Did someone else try this? How did it go? Do they like it, recommend it? What do your reviews say? Do you have any reviews or testimonials? If not, you need to cultivate this area of your business. Ask for reviews from past customers. Offer free samples or discounts in exchange for honest reviews if you need to, but get that customer feedback and create a platform built on transparency and trust!

Authority Are you an influencer or the authority in your market? What steps have you created to establish this? Whether you create valuable video content centered around your products or service or blog posts, you need to establish yourself as the premier authority in your field. Why? Because people respond to authority. Place your brand on a platform of authority that adds value and you will see the difference it makes. What makes your products or services best? Are you highlighting these points in your posts or videos? How many years of experience do you have? What can you tell customers that they don’t already know?

Social Proof If you are an online retailer, what social proof do you offer your customers? Are you number 1 ranked on Google? What are people saying (ratings, reviews), happy customer photos, past customer or press logos? Display these badges proudly if you have them. If you don’t, get them. Use such terms on your website as: Top Sellers, Best Sellers, Most Popular Items, etc.

Scarcity Are you offering something that is scarce, limited? Supply and Demand come into play here but you can stretch this further. What about “deadlines”, “while supplies last”, countdowns to a sale ends, out of stock, sold out, etc.? Think about how many products you love that are only offered for a limited time and employ this tactic.

Does price impact people’s purchasing behavior? Absolutely. But the price of your product represents the size of risk someone is willing to take. People will be a lot more choosy with a $10,000 product than one that is $5.

So, how do you remove the risk if you’re selling a $10K item? By building trust, authority, social proof and providing transparency to your company or brand that they will Like.