How do you exchange a produce or services? How do you exchange more of what you have? How do you sell it faster and then how do you sell my shares to more people? Today I’m gonna teach you five reasons why people buy. Now, these are not emotional reasonableness. I’m not gonna talk about something else. I’ve got other videos that I talk about that, but today I’m gonna teach you the points of differentiation in terms of your offering, in terms of your focus, what do you need to focus on? How do you stand out in the marketplace? How to cut through the racket, right? How do you made to ensure that more parties will buy from you? So, let’s get right into it. Reason number one why people buy is because of price.Who gives me a better cope? Who offerings the cheapest cost? That’s who I’m gonna buy from, right? So, perhaps when it is necessary to your makes or services you do furnish the lowest price in the marketplace or you offer a lower price compared against your competitors.
Yes, that is one reason why people will buy from you. The challenge, when it comes to offering the lowest price, is when you emulate by cost “youre dying” by cost. It is not a sustainable advantage because anybody at any given time could come in and compete with you and furnish a lower toll. So, whatever advantages you have right now in terms of going customers and going market share, someone come in and am saying, hey, you know what? We’re gonna offer 10% cheaper, 20% less expensive than what you’re offering right now. You instant lose that competitive edge. But that is one option.
So, think of areas where you buy based on price. Reason number two why people buy is because of selection. We buy from residences and companies where they furnish a wide range of collections. One of the best patterns I could give you is Amazon, right? When you want to buy something you would go to Amazon because they offer a wide range of picks. Or maybe there’s a neighbourhood supermarket that you go to that they give a broader range of picks. You like to go there because you don’t need to go to here and here and here and here and here. You can just go to one situate and buy almost everything that you want. So, Amazon is a great example. I recollect when I need to do something now, when I need to buy something, I’m like, ah, you know what? I don’t want to make a trip.
I don’t want to send someone to get all that stuff. Maybe just go to Amazon, buy, and carry immediately to my house, and pretty much has everything that I want. I can look at its mid-term review, I can equate prices. Great. Let me give you another example. Netflix. One of the reasons why Netflix is so successful is because now you can go to Netflix and you can just watch. You get a lot of selections, right? What type of movies that you want.
You like activity movies? They’ve got a ton of those. You like drama? They’ve got a ton of those. You like TV successions? They got a ton of those. So, that’s the second reason why people buy. Reason number three why people buy is because of quality. We crave good quality products and services, don’t you? Think about in your own life who do you buy from? Don’t you miss superior quality in terms of produces or services that maybe you have to pay a little bit more, but you’re like, you know what, it is worth it, right? The suffer is worth it. You’re willing to spend a little bit more money, but what’s very interesting is this. As a purchaser, as the interests of consumers, we could be a price buyer in one category and we could be a quality buyer from a totally different category.
Just because you buy based on price for certain products and assistances it doesn’t mean you’re always a price buyer across the board. It’s very, very critical. So, think about in our lives, where do you buy for quality that you don’t mind spending a little bit more money? For me, I almost always buy for tones. One act I’ve learned, illustration, like for shoes, I used to buy cheap shoes. I thought it doesn’t make a difference, right? But what I notice is when I buy inexpensive shoes they wouldn’t last as long and they would not be as comfy. The character is not as good. Now if I waste more coin on a duet of shoes, yes, it is more expensive, but they are more comfortable, they’re more sturdy, too, they ogle most effective and they feel better and they last longer. So, there’s specific products and services that I choose to buy in my life based on quality. People are always willing to pay for quality. There’s always a segment in the market that are willing to pay more, in fact, a lot more, for payment concoctions, services.
They don’t mind it as long as the quality, it is all very well. Reason number four why people buy is because of convenience. Nowadays customers, we want something and we want something now. We don’t want to wait. So, accessibility is a huge selling factor. Imagine this, you are traveling, right? You territory at the airport, you go to the hotel, and then, you want to eat, you’re hungry. But all the restaurants are already closed. You’re in your inn area, you’re like, oh my god, I need something to eat, and you look at the mini table known that, what are you talking, that chips costs like two, three, four times more than what I could get in some accumulation. What the heck is this? But you know what? You’re hungry and you require some food. You’re willing to pay more money for what? It’s the same product.
For convenience. People are willing to pay more for convenience. Something that will save them day, that will save them a lot of effort. So, convenience is a huge selling factor. So, why are you willing to pay three or four times more for the same product that you get somewhere else? You could easily lead get into a vehicle, get into a Uber, and croak get wise, but you’re like, I don’t want to move, it’s late at night, I’m tired, I’m exhausted, I merely want something.
A quick bite, I precisely want something to eat. That’s perfectly fine. You’re buying gadget. So, beings are willing to pay for convenience. In fact, beings are willing to pay quite a bit for gadget. So, explain below. Where else in your life that you buy because of convenience? Amazon, besides pick, they likewise give accessibility. It’s simple. I don’t need to go somewhere. I don’t need to go into my car. I could just go to my phone, I could go to my computer, I could go to my iPad and simply ordering from there. So, that’s another selling advantage that they have.
Convenience. Reason number five why people buy is because of personalized busines. I very much speculate now the competitive advantage a lot of companies should offer is personalized service. We are now in the era of personalization. We don’t merely want makes for everybody, we want products for us. Even should be considered like Coca-Cola, a brand. You’ve seen those bottle where they have your personalized appoint on it, right? It’s a form of personalization. That’s my bottle of Coca-Cola, although, you are familiar, it’s the same thing, it’s just Coca-Cola, it’s a Coke.
But that’s a form. Even for something like this people want personalization. You think about Amazon, you go there, it is a personalized shopping experience. Your Amazon home page is very different from mine. Depends on what products you bought in the past, what’s your shop record, right? So, think about that, personalized assistance.
And then, we can say, okay, you know what, that’s cool. If we do like it “were having” our credit cards on file and she could just bill the debit card, she will be generated it to us, to our dwelling, stopped it off to a concierge. We could try it on. If we don’t like it she could come to concierge and take it back.
It saves us a lot of time. It’s a personalized assistance. When we go to the store, when we buy a cluster of things, she will likewise apply all of that together and then deliver to our residence without us carrying all the containers and material like that. We was able to deter browsing. It obliges our store event more pleasant, and likewise saves us a lot of time, as well. See, personalized busines. So, out of those five reasons why people buy, which one should be used concentrated on? Which one is your point of differentiation? I suggest you focus on one of them instead of trying to compete on rate as well as on excellence as well as on pick and then convenience as well as personalized work because when you focus on quality, occasions are you need to charge more in order to deliver that kind of quality. You need to charge more money if you want to offer that personalized service.
So, focus on one of these. So, you now know the five reasons why people buy. The next question you might have is, Dan, how do I implement this in my career? How do I implement this in my business? Exactly what do I required to do? That’s a very good question.