Buying Motives

Trust is the most important buying decision factor. Our statistics show that, Respect is the second most important buying decision factor.

I've done quite a bit of research on the buying motives of the affluent. Something interesting I've found is 'sales rep likeability' plays a large role. Liking is an expression of trust. They listed about 15 ways that wealthy clients develop trust with sales people.

Susan

Quote:

Originally Posted by JacquesWerth

Michael's examples of how statistics about perceptions may be skewed depeniding on economic differences are excellent. We did not concider that when we did the needs vs. wants perception study.

Most of the people we surveyed were moderately succesful business people who could be classified as "affluent." Furthermore, we only sureyed about 600 people, which is sufficient for our purposes, but it is not likely to be statistically accurate for the entire population.

A journey of a thousand miles begins with the first step.

Thank you for your kind words.

michaelc.

Trust is the most important buying decision factor. Our statistics show that, Respect is the second most important buying decision factor. - Jacques Werth

Quote:

Originally Posted by susana

I've done quite a bit of research on the buying motives of the affluent. Something interesting I've found is 'sales rep likeability' plays a large role. Liking is an expression of trust. They listed about 15 ways that wealthy clients develop trust with sales people. Susan

We found eight studies of buying decision factors:
4 by universities
3 by large consulting firms
1 by a trade association
A compilation of their data shows that less than 3 percent of people who make important buying decisions rate likeability as one of their 5 most important decision factors.

Question: How many of us know people who are charming, charismatic, fun to be with, and very likeable, but we would not trust them with anything important?

I know several people like that.

I was specifically talking about the affluent. When I was selling fractional ownership of business jets, the average net worth of my prospects was 20 million+. They might be considered 'super affluent' as far as studies are concerned.
It's purely anecdotal, but I know likeability played a role in whether people bought from me. Because they would come right out and tell me if they didn't like one of my competitors. Or I'd hear, 'I like you guys better'.
Many things create likeability: listening, timely communication, doing what you say you're going to do in the agreed upon time frame, providing information in the due diligence process, representing the client well in the negotiations process, etc.
These are just my opinions based on personal experience.

Susan

Buying motives dpends on kind of product, Rich people generally buy things even for there pride and normal people may buy just for need

Quote:

Originally Posted by JacquesWerth

However, "want" is the most important qualifying factor in prospecting. If a prospect is is ready and able to buy, but does not want to buy now, we (temporarily) disqualify him/her.

If a prospect does want to buy, then the decision making criteria is about what to buy and who to buy it from. That is where Trust and Respect becomes most important.

There is a lot of wisdom packed into those two paragraphs. Sooner or later people are going to catch on.

Quote:

Originally Posted by Marcus

This is what I posted in another thread ( Need or Want or both? ):

I might "need" a new car but I "want" a certain model and that's the model I'm going to buy. Besides that I'm certain that people buy a lot more than they 'need' because they 'want' it.

You're firing on all cylinders Marcus.

Great Discussion!

	#81
susana	Buying Motives Trust is the most important buying decision factor. Our statistics show that, Respect is the second most important buying decision factor. I've done quite a bit of research on the buying motives of the affluent. Something interesting I've found is 'sales rep likeability' plays a large role. Liking is an expression of trust. They listed about 15 ways that wealthy clients develop trust with sales people. Susan __________________ *Join my new blog: www.sellingtotheaffluent.net* *www.susanadamshome.com*

	#84
susana	Buying Motives I was specifically talking about the affluent. When I was selling fractional ownership of business jets, the average net worth of my prospects was 20 million+. They might be considered 'super affluent' as far as studies are concerned. It's purely anecdotal, but I know likeability played a role in whether people bought from me. Because they would come right out and tell me if they didn't like one of my competitors. Or I'd hear, 'I like you guys better'. Many things create likeability: listening, timely communication, doing what you say you're going to do in the agreed upon time frame, providing information in the due diligence process, representing the client well in the negotiations process, etc. These are just my opinions based on personal experience. Susan

	#85
mtajim	Buying motives dpends on kind of product, Rich people generally buy things even for there pride and normal people may buy just for need

Buying Motives

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