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Focus On The Key Factors First

Now that you agree on the existence of these 5 decisional factors, which one appears to be the most important? How would you rank them in terms of importance in the decision making process?

Table 4.3.C Motivational factors

Decision

Factors

Motivation

Questions Customers Ask

Why

Brand

Aspiration

Does this brand inspire me?

What

Product

Need

Does this product suit me?

How

much

Price

Value

Does the price sounds like good value for me?

Where

Place

Services

Do the place and the people provide me with good service?

When

Time

Urgency

Do I want the product now?

Table 4.3.D Understanding real motivation

Decision

Factors

Motivation

Real Motivation

Why

Brand

Aspiration

I am looking for a very safe financial institution. This one has much credibility due to its serious image; the company's values speak to me.

What

Product

Need

I am looking for a savings plan for the worst-case scenario. I want my family, and especially my daughters, to be able to be secure until they have finished their college education.

How

much

Price

Value

I am looking for a fair financial institution that will not abuse me with excessive charges. I am ready to invest the needed amount without compromising my lifestyle.

Where

Place

Services

I will only subscribe to a serious and renowned solid institution. I will not take any risks with my money. I will research the offer further with the Wealth Manager who seemed to be knowledgeable at our first meeting.

When

Time

Urgency

I think now is the right moment, that we have enough for opening a policy and feel the necessity to save more for rainy days when we are old.

Product, brand or price first? And what about timing?

For sure, the product is important. But it is not the only factor. Would John Hudson buy that sports car without the logo and what if the same car were not produced by a country as trustworthy as Germany but by an Asian country instead? Even if the quality is the same, the brand makes the difference. With the selection of a brand, the customer has already somehow pre-selected a certain set of values: quality, security, seriousness of a certain type of vehicle and at a certain price level.

Customers make decisions in light of these 5 factors and in this order:

Brand: The brand for me

Product: The product I want

Price: The price I should pay for it

Place: The place, the service I want to use it for

Time: The time I need it

The customer’s need will be unveiled step-by-step, with motivation becoming more and more complex, but it will also become increasingly clear for you (Chart 4.3).

Chart 4.3 The five decisional factors

Let us recap:

A customer’s decision making process is a balancing act between desire and fear. It always looks complex at first but by putting this method into practice, you will find it becomes increasingly transparent. Always keep in mind the five decision factors from the customers point of view: brand, product, price, place and time.

In the coming chapters, we are going to see the characteristics of each decisional factor and how to use these factors in a positive way to influence your affluent customers.

Thinking Corner

For the products or services you are selling, why do customers sometimes not buy? Brand? Product? Service? Price? Location? Time?

 
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