The 5 P's of Why People Buy

why people buyNo matter what industry you’re in, people buy for many of the same reasons – some of which we’ll cover here today.  So no matter what platform you’re using, no matter what product you’re selling or who you’re selling it to – just remember these handy motivations and you should be well on your way to turning a profit.

When studied and applied, here’s how you can help yourself win that next big order!

Protection

Above all else, people have an intense desire to shield themselves from risk. They buy products for the same reason. They want to protect property, fixtures, health, their job, etc. In fact, many times employees are judged strictly on their performance – and as we all know – the better performance – the better the job protection. How you present the protection piece is up to you and the demeanor of your customer, but never underestimate people’s desire to want to be safe.

Profit

There isn’t a single thing that the old ‘what’s in it for me’ saying applies to more. Not only does something that helps people generate more income sell easily, but something that helps them SAVE money – in many respects – can be just as valuable. Resources are finite these days and being able to shift resources to an area of need is at a premium.

Pride

People want to be proud of their accomplishments, proud of their appearance and proud of the things they have. If you feel confident about your product, you need to convey that sentiment to your customers to make THEM feel proud of your product. If it helps enhance their image, be sure to stress that point.

Pleasure

People buy things because of how it makes them feel. In this case, they buy things that make them happy. With things like boats and cars – the pleasure quotient is obvious. In terms of B2B sales, it’s a little more subtle, but still exists. I’m sure you’ve heard ‘it’s a pleasure doing business’ many times. If your product helps make their lives easier, a little less stressful or their work-flow more enjoyable, you’re selling pleasure.

Price

Everything has a price – but more importantly, everything has value. Price and value really aren’t a number on a piece of paper, but really more of a representation of how someone views something else. Not only does it dictate how important something is to them, but how much or how badly they want or don’t want something. Understanding value helps you understand price. Understand price and you’ll be able to sell significantly more than you are currently.

For the heck of it – think of all the things you’ve purchased in the past and why you’ve purchased them. We’re willing to bet that more often than not – it was because of one of the five ‘P’ reasons we listed here. Your job is to consider your product and take into account which ones are in play and determine how best to operate within that space. Happy selling!

 

 

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