If you want to make a living selling things, then there’s one thing that you really need to know – what motivated people to buy stuff? Why so they choose to purchase one product or service over another? If you can pin that down, then you can structure your business so that it plays to your customers’ wants and ensures that you’re the one who gets the sale.
The good news is, to a large degree, we know why people really purchase what they purchase…
They Think a Product is Safe
If customers are buying any product where safety is even remotely an issue, then they will go for the safest option they can afford every time. So, if you make standard access panels, you might lose sales to a company that makes fire rated access panels, which add an extra layer of protection, or if you make standard burglar alarms, you’ll probably lose a serious amount of business to the company that makes burglar alarms that connect directly to law enforcement. People like to feel safe, and they will pay for safety or even the perception of safety. So, make your products safer, and they will sell.
Fear of Missing Out
FOMO is a very real phenomenon. If you can create a lot of hype around your products and services, then many people will buy based solely on the fact that they don’t want to be the only one who doesn’t have it. It’s never been easier to create the FOMO feeling thanks to social media and doing things like creating limited editions, so if you want to sell more, look at your products and services from the FOMO perspective.
On a similar note, many people buy consumer goods, vacations, cars – stuff like that – that they don’t really need because they want to impress other people. They want to be able to post photos of themselves with nice things in nice places on social media or brag about their latest purchase in the office. So, if you can create a product that has a high status; something which is really desirable, you can charge a premium for it and have people falling over themselves to get it.
Excitement and Adventure
Why do so many people buy tickets to ride on roller coasters or head off to climb Mount Everest Why do they pay money to jump freefall out of a plane? Because most of our day to day experiences are pretty mundane and anything that we can do to add some excitement and adventure into our lives is something to be welcomed. Of course, if your business’ products aren’t exactly the most interesting in the world, it could be hard to convince them to buy on these grounds. However you’d be surprised by what a bit of creative thinking can do.
Of course, the most common reason for making a purchase is need. If you can find a way of filling a need that lots of people have in a new and innovative way, you could become very rich one day!
I hope this helps you to work out how best to sell your goods and services to build a stronger business.