Some of the most successful companies in the world are great at selling a product, but they’re even better at selling an experience. If you want to bring in more customers, it may be beneficial to consider the factors that make people purchase your product or service rather than your competitor’s. Also, understanding jobs to be done can provide new insights into how to market your business. So here are three reasons why people buy products and services.
People often buy a product or service if they feel it will fill their life’s needs. Sometimes the need is tangible, like buying food for a hungry child, but other times the need is intangible, and the person may not even be aware of it. For example, some people might want to get out of their comfort zone by taking an adventure vacation.
Fear of Missing Out (FOMO)
The fear of missing out (FOMO) is when you feel like you missed out on an opportunity, so you want to take advantage of the next. The fear of missing out can be triggered by several things, including social media posts from friends or family members doing something fun or advertising a new product or service.
Desire For Self-Improvement
People want to improve themselves. It can be a physical change, like building muscle or losing weight, or an emotional change, like getting out of debt or overcoming anxiety. The desire for self-improvement is one of the biggest motivators for purchasing a product or service. People will only invest their money in something they believe will improve their lives.
People often seek convenience in their purchases. If a product is time-consuming to make, for example, people are less likely to be willing to spend the time making it themselves. Instead, they will purchase the finished product from someone who has already done all the work for them. It’s also true if a service takes a lot of skill or knowledge most people don’t have.
Great Deals or Prices
While it may seem like the reasons for purchasing a product or service are straightforward, a variety of things make people spend their hard-earned money. For example, people will often buy something because it is better than its competitors. After all, they need to use it for an upcoming event or simply because they want to own it. Whatever the reason, there is no single answer as to why someone chooses to make a purchase.
Security and Protection
Many have bought a product or service to provide security and protection. For example, we may fear that if we don’t have our car, then something terrible might happen. Or, if we don’t have our cell phone charger, then we will be left without the ability to contact someone in an emergency. For many of us, security has become a significant factor in the decision-making process for purchasing goods or hiring someone for a service.
People buy products and services for a variety of reasons. To satisfy needs, meet wants, and provide something missing from life. Whatever the reason, it always comes down to making decisions about what we want out of our lives. We all have desires, aspirations, and ambitions that need fulfilling to be happy. The responsibility lies with us as individuals to decide what kind of life we want.