I have always seen as a business coach that different people buy goods and services at different times for different reasons but have never known why they made their decisions. Business coach legend Clay broke down why people buy into 6 different reasons. When you think about it, it’s pretty incredible that you can break all of the reasons why people buy into those 6 categories. It also helps tremendously because it allows you to focus on what to spend your time and efforts on.
The first reason why people buy goods and services is that everyone else is buying it. A great example of this is when you see signs in your neighbor’s yard that is advertising the company they used for their new pool. Maybe you didn’t want a pool yesterday and maybe you still don’t. Next week you see that another neighbor has a pool sign in their yard too. You start to think about having a pool and you think, “They both used that pool company… They must be pretty good!” Before you know it, you’ve got a pool sign in your front yard too and a new pool outback.
The second reason why people buy is that someone famous buys the product or produces the product. If you’ve ever seen a Yeezy shoe, you’ve probably thought to yourself, “What is that? Who made that? Why are people wearing those?” What you probably don’t know is that, according to Forbes, the Yeezy line is expected to top $1,500,000,000 in sales in 2019 and is still growing. Why would so many people buy a crazy looking shoe? Why would somebody pay $300 – $1,000 for a pair of Adidas sneakers? The reason why is because Kanye West, one of the most influential people in all of pop culture history who is also married to Kim Kardashian, makes and wears them. How great would it be if you could wear shoes not only branded by your favorite artist but actually designed by them? That’s why the Yeezy shoe sells so well. They are personally made by Kanye and people are willing to pay that exclusive price to be like him.
Another reason why people buy is that they need to buy a gift for someone else. If your product is put in front of someone and branded well, people will buy it because they know that a friend or family member will enjoy it. If your item is interesting Iike the Grill Gun or if your service is exceptional like Elephant In The Room Men’s Grooming Lounge, people will talk about it and buy that experience for the people they care about.
The fourth reason why people buy is that they are bored and they need something to do. If you’re selling an event, an experience at a restaurant, or a product that can fill their time, people will buy. If you have a restaurant that provides a great place for people to hang out, play games, and have fun, people will buy. You have to make it an experience because there are so many other things out there competing for your potential customers.
The fifth reason is that people are looking for something to fill a spot in their life. Also known as a hole in their soul. Some people will buy rare items, expensive cars, and other expensive goods so that they can feel as though they have more of a purpose.
The last reason why people buy is that there is trust built. This trust can be built in many ways. You could hear business coach conversations about how great a movie was but you still go online and check out the reviews. The same thing applies for restaurants and all companies. People use the internet to do research on businesses before they decide to hand over money to them. You have to build trust with your customers like we have to do as a business coach with all of our clients. The best way to do this is by getting Google reviews, video testimonials, and having a reputable website people can visit. You want to find out why people buy your product and aim to give everyone even more of a reason to buy.