Ask all the right questions before you buy

Sixto Marcelo By Sixto Marcelo, 6th Nov 2013 | Follow this author | RSS Feed | Short URL http://nut.bz/ng4z-fud/
Posted in Wikinut>Money>Shopping

People always ask questions before buying because they need to know what they're getting in exchange for their hard-earned money. Common sense dictates that as a retailer you need to know all the right questions people might ask so that you'd know how to answer all of them advantageously.

The “Will I?” and “Which one?” of buying decisions

As a business owner contemplating the retail future of your products every time you gear for the launch of the latest ones you offer consumers, you will always be concerned as to how you must go about pricing. In fact, long after all the ideation, creative process, engineering and manufacturability of new products have all been hurdled, the retail requirement of pricing and its ensuing market viability are often two of the most challenging aspects to tackle.

Before you can launch marketing efforts, you need to peg a price on your commodities. This isn’t an easy task to handle, however. Especially when you go beyond subtracting the figures that make up the production cost, labor cost, foreseen cost of sales, and capital expense amortizations that usually determine how much profit margins should go. You are likely to take into consideration consumer reaction when thinking proper pricing for goods or services.

There happens to be two things that automatically come to customers’ minds that they ask themselves and then answer every time they make a purchase. One is about the “Will I?” The other one is about “Which one?” Both questions are those you need to consider when contemplating pricing.

Will I?
The first question customers always ask themselves is the most basic one that starts the possibility of a retail cycle beginning and that is the “Will I?” question. To ask this some other way would probably sound like, in this instance, for a new car: “Will I buy a new car?”

There are many implications to such a question. It could be that the one making the question is contemplating buying a car for the first time, or simply asking if he/she needs to replace the one he/she is driving right now. At this point, pricing doesn't count yet since the customer has yet to arrive at a decision to buy. It might take a considerable amount of time before one is arrived at. Nevertheless, the possibility will always be there that when a decision to buy becomes present, it must be sustained via effective marketing information from the one making the sales proposition.

The “Will I?” phase is one where the most marketing information is needed most to affect buying decisions. This is where product/service attributes figure in to get factored in the psychological state of the customer that has begun getting excited at the prospects of perhaps acquiring something new. This is the attention and interest stage responsible for the tendency of customers to make tollfree number calls to inquire for further information.

Which one?
Once a customer arrives at a decision to buy, prodded by marketing information or some other considerations involved in the mental round-up associated to making purchases, it is only then that the price of any product or service begins to matter and affect decisions. Once a customer begins to compare products and prices and their discrepancies and disparities with regards to value, it is then that the second question enters the retail cycle: “Which one?” To put it another way --- “Which one is the best buy for the kind of money I have?”

This is the time for the retailer to communicate the following insights, factors and ideas to the customer with the intention of swaying the buying decision in his/her favor:

• Benefits
The primary information customers need to be provided with that makes up the main value idea. What a product or service does and how it can make life better and easier for the customer.

• Advantages
This is about how any product or service is far superior to anything in its class or category. The idea that nudges customer decisions in the direction that negates the benefits of the competitor’s products/services.

• Price
The amount or monetary figure that rationalizes the benefits and advantages of products/services. That which retailers impress upon customers to equate value with as best buy for the kind of money customers have.

Tags

Analysis, Bargain, Benefit, Best Buy, Buying Decision, Consumer Goals, Cost Benefit, Decision, Features, How Much, Need, Practicality, Purchase, Want, What To Buy, Why You Buy

Meet the author

author avatar Sixto Marcelo
Professional graphic designer and writer.

I try to be helpful as much as I can with the kind of information I put out. Pop culture, tech, business, music and art are my points of interest.

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Comments

author avatar Rose*
24th Nov 2013 (#)

The other thing to investigate is "How long will this item last". Some well made things last years, others break within six months. It's better to pay a little extra to buy something good as it saves you money in the long run.

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author avatar mybithdaye
25th Dec 2013 (#)

Well good info. Appreciate it.

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