Reasons Why People Buy Anything
People buy something because they perceive it will meet a specific need or desire. This can be a practical need, such as purchasing food to satisfy hunger, or a more emotional need, such as buying a luxury item to make them feel good. People also buy things because they believe they will bring them some benefit or value, such as purchasing a new car to improve their mobility or a new piece of technology to make their work more efficient. Additionally, people may buy things based on social or cultural influences, such as purchasing a trendy item because it is popular among their peers or following a brand they trust.
The classic “make or buy” decision
The make-or-buy decision is a process buyers go through when determining whether to produce a product or service in-house or purchase it from an outside supplier.
When selling, the make or buy decision is crucial because it affects the cost and availability of the product or service and the level of control and flexibility a business has over the production process.
If a business decides to make the product or service in-house, they have more control over the quality and delivery of the final product. Still, it may have higher costs associated with production, such as the cost of equipment, materials, and labor.
On the other hand, if a business decides to buy the product or service from an outside supplier, it may have lower costs associated with production. Still, they may have less control over the quality and delivery of the final product.
The make-or-buy decision also affects the sales pitch; if a company makes the product, the sales pitch can be more focused on quality and innovation; if the company buys it, the sales pitch can be more focused on availability, price, and warranty.
Ultimately, the make-or-buy decision will depend on various factors, including the business’s resources, capabilities, goals, market conditions, and industry trends.
VIDEO: Why people buy (logic)
Many businesses and salespeople struggle to reach the top because they don’t know how to stand out in the marketplace and attract more customers. In this video, Dan teaches you the five reasons people buy and how you can sell anything to anyone.
VIDEO: Why people buy (emotion)
You see, people buy emotionally, and they justify their decisions logically. This means no matter what you’re selling, people don’t care too much about technical details until they’ve covered some of their dynamic reasons.