Since the internet became an integral part of our lives, consumer behavior has exponentially changed. In the past, people needed to go to brick-and-mortar stores to find the products and services that they needed. Now, it’s all a click away. You can find any product or service that you could think of on an online store. While this has been great for businesses since they reached far more customers, it wasn’t so good for consumers. We spend more money than we should because everything is accessible. To remedy that, you need to understand what buyer awareness is and make better buying decisions.
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Buyer Awareness
Generally speaking, buyer awareness is the first stage of the buyer’s journey into acquiring a new product or service. This starts when you, the buyer, identify a particular need. This can be triggered by anything from targeted or even untargeted ads to your current situation changing. If your laptop suddenly stops working, then you become aware that you need a new one. This is an example of an unexpected change triggering your need for something. It doesn’t have to work that way, though. You might have a friend on Facebook showing off their vinyl record collection, claiming that records sound so much better than any other music medium. You begin considering purchasing a turntable and starting your record collection, which you didn’t even know you wanted to do until you saw your friend’s posts.
Buyer awareness is heavily influenced by companies leveraging your personal information that is available in cyberspace. A google search you typed in will start reflecting on your Facebook and Instagram ads. You will be bombarded with products and services related to your search query, which you need to keep in mind because this is how companies get you. The question is, how can you make better buying decisions?
Research
As we said earlier, the internet opened a million doors for consumers to spend money on things they don’t necessarily need. The first thing that you should do is use that same tool to make better buying decisions. As explained by the experts at productreviewhero.com, you could start by reading reviews about the products that you are considering buying. This will let you know if the product or service you want to purchase is even worth it. Researching and comparing products also allows you to find the best option for you. The goal is to buy the best product within your budget, which you’ll only know if you compare prices and features.
Wants before Needs
You can’t hope to make better buying decisions if you purchase anything that you like. It’s certainly not easy to consider the endless lists of products and services you would get if you had the money. However, until you do, the best way to go about it is to weigh wants against needs. There are some necessities that you can’t go on without, and there are luxuries. The essentials include rent, food, water, electricity, grocery, mortgage payments, and others. You can’t live without food or a roof over your head, but you can go a few months without going on a luxury vacation or buying books.
Save Up
One financial tip that always works is to split your paycheck. You have some money for your needs, which are essentials as we mentioned above. Then you have money for savings, which are as crucial as needs. You never know when something unexpected might happen, like a medical emergency. For those, you will need to have some money saved. Any money that is left after you put aside money for savings and needs is yours to spend.
Slow Down
Take a moment to consider any buying decision you are about to make. Necessities aside, you will find that, in many cases, this isn’t a purchase that you should make. Ask yourself, what benefit will you get when you buy this product/service? Will it help you be happier/more productive, or are you buying it for vain reasons? Will you be using this product or service? Many people pay thousands for memberships in exclusive fitness clubs and end up going once or twice a year, for example.
Making better buying decisions means being aware of your consumption patterns. Always consider the effect that a purchase will have on your overall finances. If it will affect your savings negatively, and you don’t need it, drop it. Remember to compare prices and features because there is always a chance you might get this product or service at a better price elsewhere.
Featured Photo by freestocks on Unsplash
