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What Are Buying Motives & Why Are They Important?
When it comes to sales, it’s critical to understand the reasons why customers buy. There are two general purchase motives to be aware of. This is the rational buying motive and the non-rational, also known as the social buying motive. Continue reading to learn more about the two purchase motives and how to incorporate them into your sales.
What Are Buying Motives?
Buying motives are frequently very personal, coming from the diverse needs of each individual consumer. We are all aware that we consider various factors before making a purchase; these factors can include, for example, price, needs, interest, style, and so on. It is therefore important to investigate what motivates different consumers making their purchases in order to meet the customer’s needs as best as possible.
Buying motives are important to keep track of, whether your company works with B2C or B2B, because they can help your company with online marketing and thus generate more sales.
As previously stated, purchase motivations can be broadly classified into two categories:
- Rational motives
- Social motives
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The Rational Buying Motives
The rational purchase motives are all rational and are usually based on the product’s functional value. This means that the consumer only purchases the product to meet a practical need. As an example, suppose your customers buy your product solely for its practical and functional value.
The Social Buying Motives
The social or emotional purchase motives are those that are influenced by other people’s opinions, which in turn influence one’s motive for purchasing the product. Here, one considers the impact the purchase might have on others.
There are four types of social purchasing motivations:
- Bandwagon
- Snob
- Veblen
- Thrifty
Bandwagon
If you buy on the basis of a bandwagon, you do so because it is popular among other consumers. You will frequently find that many people buy the same product at the same time when the product has achieved some level of popularity.
Snob
If you buy with a snob mentality, you buy the product because it is extremely rare, unique, and original. With this purchase motive, you want to stand out and own something unique, and as a result, you want to own something that others do not have, which can provide a sense of individuality. This is frequently applied to limited edition items that were not produced in large quantities.
Veblen
If you buy based on the Veblen motif, it means that your customers are willing to pay a high price for a particular product. You choose this store because it is more expensive than the others. The goal could be to demonstrate financial superiority or to exude a certain level of status and style. This is especially noticeable when purchasing designer brands considered to be particularly exclusive.
Thrifty
The thrifty motif refers to consumers who buy a product based on a good offer. It is a purchase where you get a lot for your money, and thereby you show your circle of friends that you are good at making a sensible purchase at a relatively low price.
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