10 Reasons People Buy Products

Video Transcript

If you’re not familiar with the “Jobs to be Done” theory you should be. It describes how consumers buy products to solve various jobs they’re trying to get done. Of course, the decision to purchase by a customer is a nuanced one, and it goes without saying you gotta get to know your customer.  But in reality, when it comes time to purchase, consumers buy products for only a small handful of reasons. Bottomline, you should be able to very simply and succinctly explain the value of your new product to a customer or investor.

So why do people buy new products?
Here are 10 of the most common reasons…

For Functional Reasons

#1. To reduce hassle:  Make it faster, easier, cheaper, or less frustrating to accomplish something

#2. To get info: Information that’s particularly specialized or reliable, even in the age of the internet, is still highly valued.

#3. To lower risk: Consumers often want something different, but either they can’t get it or are afraid to. If your product or service helps them get over that concern, it’ll deliver a lot of value.

For Emotional Reasons

#4. For entertainment: This is obvious, it’s a huge market. People want to an escape via entertainment.

#5. For wellness: The global wellness market is huge and growing. Provide a good offering and you can get a piece of that.

#6. For nostalgia People love to think back about simpler times. Especially in these complicated ones.

#7. To get a reward or some recognition: It’s been proven, rewards and recognition motivate people to buy. A simple loyalty program can drive initial and repeat purchases.

For Social Reasons

#8. For status: Status is a big motivator. Offer exclusivity or products that confer status in some way and you’ll attract demand.

#9. To give back: For the opportunity to give back. People today desire to make an impact, give them a good, valid and authentic reasons to be able to do that.

#10. For a sense of belonging: And finally, a sense of belonging Give customers a sense of community and around that, you can build a stable and loyal customer base.