The Relationship Between Consumers and Their Finances

By Rebecca Lam

11 September 2018

Consumers are now enjoying a sense of financial stability, with less consumers delaying or cutting back on purchases. Internationally, more consumers are moving towards expensive purchases, in a period of financial stability.

For organisations to benefit from this trend, they must tap into the emotions of their consumers to fully grasp what makes them part from their finances. Here are four emotions you should make your customers feel to motivate them towards the buyer’s journey.  

 

Trust

Trust is imperative when a consumer parts from their finances. They want to feel that your company is sincere and trustworthy, so that they get a return for what they purchase. As a company, you must keep your promise and steer away from false marketing to gain a sale. By doing this, you will be rewarded with brand loyalty which will last for a very long time.

 

Belonging

For consumers, the feeling of belonging within a brand will encourage them to choose that brand over its competitors. Whether it be through social media, or creating and online/offline community, making your consumers feel comfortable and a sense that they belong to your community will be extremely beneficial.

 

Value

Business values are fundamental in the consumers you attract. Your business values should mirror the core beliefs of your consumers. It can be a persuasive technique to attract consumers to your brand, and encompasses the feelings of belonging and trust to your brand.  

 

Fear

Although considered as a negative attribute, fear is powerful in sealing the sale. Fear of being left behind or missing out on a great deal encourages customers to part from their finances, and often times it will be spontaneous. Many consumers will be tempted by the fear that they lack the product and service you are providing.

 

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Rebecca Lam

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