How big a decision is it to buy from you? Do your customers choose your products on a whim or do they think carefully about it?
Unfortunately it isn’t simply a case of being one or the other. And the magnitude of a purchase in the eyes of the buyer affects how you market your business. So how do you work out where you are on the Purchase Spectrum?
At one end of the spectrum you have the "impulse buy". These purchases are quick and easy decisions to make:
At the other end of the scale is the "considered purchase". These decisions take a bit of thinking about.
The more expensive the purchase, relative to how much the buyer can afford (premiership footballers buy diamonds on a whim because they can afford to), the further to the right the purchase lies.
2.The time it will demand
Similar to cost above, if a buyer will need to invest a lot of their time in the the purchase, such as in the coaching course example above, then they will think carefully about whether they are likely to commit that time in order to get value for money.
3.The people affected
If the purchase involves a lot of people (eg the software system above) or people who are very important to the buyer (eg the newborn's car seat) then this makes the purchase more considered.
4 Emotion AND logic
If the decision is both logical and emotional, then the buyer will slow themselves down. For example the baby's car seat needs to fit into both Mum and Dad's cars, is safe, and has good reviews (all logical reasons) but will also protect this precious baby in the event of an accident and that the parents will feel comfortable using every day (emotional reasons).
How to locate your product/service on the spectrum
First of all, download and print off my Purchase Spectrum Worksheet.
Then consider each of the four factors above in turn and, for each one, put a cross on the line for how your product or service ranks.
The cross the furthest to the right sets the bar for how considered a purchase your offering is in the eyes of your customers.
And the further to the right your offering is on this spectrum, the more important it is that you support your customers through their buying decision.
This phenomenon is described in more detail in the book Watertight Marketing by Bryony Thomas.
If you are struggling to work out whether your purchase is "considered" or not, come along to my workshop on Thursday 17 March at 10-12:30 where we'll look at how considered a purchase your products or services are and what that means for your marketing. During the course of the workshop we'll work out a personalised, prioritised marketing action plan for your business that you can use to step up your marketing.
>Book your place here
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