Business

Why is price not the only purchase decision factor?

purchase decision factor

Price is no longer the only decision and purchase factor. Understand what is most important for the new customer profile and how to adapt your company to this reality.

Anyone who thinks that price is the main factor in the purchase decision is wrong. While competitive pricing is important, on its own, this strategy does not tend to be sustainable, as customers are more demanding today.

Based on this evidence, a survey indicates that , by 2030, brands should increasingly invest in the shopping experience , ensuring that there is satisfaction at all stages of the process.

In addition to the low price, consumers increasingly demand care, efficiency and personalization in service. And there? Is your brand ready for this new service model?

Read on to understand the main factors that today strongly influence the purchase decision and go far beyond price!

Know what customers expect from your company

The first important point to define a strategy for obtaining and retaining customers that is lasting and healthy is to understand: what does your customer expect from the brand?

It is increasingly important to see your consumer as a human being who consumes many things, taking away the weight of being your “target audience”, but understanding its plurality and complexity.

In this sense, it is also necessary to exercise creativity to offer your customer solutions that are increasingly beyond the obvious.

The Yocum brand, for example, a reference in men’s and women’s fashion, created the character Yolanda , who has been following the store’s history since the beginning.

However, it has gone from being just an AI to becoming a key virtual assistant to assist in the purchase decision.

That’s because Yoyo, as the mannequin is known, helps customers when taking measurements and choosing the ideal size. Thus, it improves the experience and facilitates consumption in a friendly, fun and accessible way.

Have sustainability as the focus of the experience

A survey carried out by the National Retail Federation , the largest retail trade association in the world, points to important new data on consumer behavior.

According to the study, which surveyed nearly 20,000 people, consumers are increasingly preferring hybrid shopping journeys. This type of purchase involves physical, digital and mobile touchpoints.

For example, the customer searches for a product on their smartphone, compares it with other brands, evaluates comments from other buyers and, finally, places the order online, but chooses to pick it up in store.

Additionally, the same survey reports that these consumers tend to prefer brands that demonstrate sustainable appeal. In other words, it is no longer about “just consuming”, but consuming with conscience.

And that’s not all: 62% of respondents were willing and interested in changing their shopping habits to reduce environmental impact. Two years earlier, this percentage was 57% — since 2020, customers have been looking for this sustainable profile from brands.

In fact, consumers say they can pay more for the service as long as sustainability is involved . Crucial information about the purchase decision and new habits. You can read more about it here .

Understand the importance of the buyer’s journey

We cannot talk about a purchase decision without talking about the importance of Customer Experience and the customer journey in this process.

The customer journey, when properly mapped, allows you to have a better understanding of your audience’s behavior, as well as the habits and attitudes they usually adopt.

From this strategy, it is possible to map the customer’s relationship with the brand throughout the process – before, during and after the purchase.

Thus, it is easier to identify the barriers that hinder the purchase decision and compromise the relationship between brand and customer. Click here to learn more about the customer journey.

Key insights for adopting a customer experience culture

A customer experience strategy is based on a series of insights that need to be taken into account, and they are:

How do potential customers decide on the product to purchase and what factors influence this consumption?

On which channels does your audience look for information about these products before purchasing them?

How is it possible to offer a better experience to these people?

Conducting research and gathering concrete data about these and other choices is crucial to getting a more accurate x-ray about your client. This makes it easier to correctly conduct your strategies focused on your consumer’s purchase journey.

4 tips to make your service better

Service is a fundamental part of this experience. As we said, low price alone is no longer enough. Customers are looking for a combination of factors that make the experience unforgettable, and service is one of them.

1. Offer a humanized service

Although technology is a great ally, humanized service is essential to retain customers . In this sense, it is possible to emphasize the importance of your customer by facilitating contact with agents of your brand.

Proof of this is that, in a survey carried out by Mind Miners, Cortex and CS Academy on “Service with human interaction versus automated”, 37% of respondents revealed that they prefer a service that is done by humans and automated at the same time, in a balanced way.

2. Listen to the consumer

Listening to the customer is essential, so allow them to express themselves and avoid putting pressure on your customers to consume something. Developing an empathetic eye is essential to the success of any business.

3. Invest in team qualification

Qualify your team to meet these new demands. Invest in training that align actions and in efficient systems that facilitate service.

Research by CS Academy, Cortex and Mind Miners also cites that, for 66% of respondents, poor customer service would prevent them from doing business with a company.

In other words, the absence of good service is the main factor, pointed out by the respondents, for not consuming a company’s products and services.

4. Pay attention to after-sales

The sale has been completed, but the process is not over yet. In addition to providing good service , use after-sales to measure customer satisfaction, take feedback and find out how to improve the experience.

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