Brian Tracy (speaker) presents a short YouTube video outlining five key consumer needs that motivate buying decisions: money (desire to make/save money), security (personal safety/stability), being liked (acceptance and social approval), status (personal prestige and perceived importance), and the deeper need to feel important/valued. He advises tailoring products and sales messages to match these motivations to increase sales and customer satisfaction, and points viewers to his blog for seven additional needs and to subscribe for more content.
Chapters
Lets talk now about the five needs that shape consumer behavior. The question is, what are people's motivations for buying products? Would you like to learn how to increase your sales by tailoring products to fit different needs? Everyone has certain basic human needs that serve as motivation for him or her to take action, including buying action. There are 11 different customer consumer behavior categories that help to explain why people buy what they do. Identifying and satisfying these needs and selling will bring you more sales and greater customer satisfaction faster than you can believe possible. In each of these needs, customer satisfaction comes from the motivation that the customer has the best product that they could possibly buy to fulfill one or more of these needs. People buy a product because you as a salesperson have convinced them that it fulfills their most pressing need at the moment. The first need that everybody has is money. Everyone wants to have more money. This is a basic need. Whenever you can use customer service to link your products and services to making or saving money for the customer, you will have his or her total attention. Money is always a top motivator in consumer behavior. Now the second consumer need is security. Every person has a fundamental need for security. Most people feel if they had enough money, they'd be completely secure. So although money is hard and cold, the need for security is warm and personal. Just as no one ever feels that he has too much freedom, very few people ever feel that they have too much security. They always want more. Now the third need is to be liked by other people. Consumer behavior dictates that everyone wants to be liked by others. We need to feel accepted and respected by the people around us. We want to be admired by our friends and neighbors and associates. So achieving these goals satisfies our deep need for belonging and self worth. Customer satisfaction comes from the motivation that if they purchase your product, they will be liked by others. The fourth need is status and prestige. In dealing with customer needs and consumer behavior, a very powerful motivation for people to buy a product is status or personal prestige. We want to feel and be perceived as important and valuable as customers. We want people to look up to us and praise our possessions or accomplishments. Perhaps the deepest of all needs is the need to feel important and valued, worthwhile both to ourselves and in the eyes of other people. So by knowing these consumer needs, you'll be better able to identify what your product does well and be able to market and sell it in the right way. Visit my blog to learn seven more consumer needs that you can also strive to satisfy with your product. Thanks for watching my video. Make sure to subscribe and tell a friend about it. For exclusive content on sales, training, leadership, business and personal success, Visit me@briantracy.com and while you're there, sign up for my newsletter. Until next time, don't wait for things to happen. Go out and make things happen.
