Consumer Habits to Embrace Spending


October 12, 2017 Facebook Twitter LinkedIn Google+ Latest News



Consumer Habits to Embrace Spending

 

Just putting a price tag on products that is astronomically huge gives the consumer the idea it is the best deal and the status symbol of owning it would speak volumes of their value in the world. People routinely accept high priced items as the best in the selection and quality.

I always laugh at people who buy jeans that are torn as part of their design. I’m in the mindset those pants need some mending or should be recycled into something more useful, but this is not the case for the consumers who buy them.

Below are a few habits we see the consumer embracing in their spending habits:

TREND – This trend of thinking the most expensive is the best, can produce a stimulus of satisfaction they have made the right choice in their purchase, even if there are other less cost options.

HYPE – Hype surrounding a product with lots of flair or celebrity sponsorship produces a premium price people are willing to pay. Those people begin to feel they are part of the hype and celebrity status as owners of the product.

SCARCITY – Being left out of an opportunity to purchase a product will drive consumers to pay the premium price for products before they are gone. Consumers who buy these products get the satisfaction of being part of the those who own the last of the product.

IMPULSE – The impulse purchase is by far the most accepted habit of any consumer. They are in front of the product and they want it now! This habit is triggered by an event of the product proximity to the consumer and give instant tactile satisfaction of a good purchase.

OLD – Products from years gone by drive the consumer to think old means expensive. This thinking is further enhanced by the idea products become more valuable if they are worn out and no longer being made or used.

SALE – The magic word sale makes any items affordable. Consumers have been trained to seek the sale priced items as the first choice of a good deal even if they are still overpriced.

 

Time for marketing people to develop a good habit to explore in promotion and pricing of your products. Take your pricing to the next level and understand your customers habits and how to fulfill them. Understanding the habits embraced by the consumer give insights to companies on how to sell their products at the highest possible price. The consumer would be willing to pay a higher price when a product advertisement fills one of their embraced habits when shopping. Consumers would want your product but without one of their habits reinforcing the purchase your product could become choice number two.

 

Robert Armstrong

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