#1 Reason Consumers Make Purchase Decisions: Brand Experience
June 29, 2007 by Susan Gunelius
Filed under Marketing
Gfk Roper conducted a study of consumers late last year to learn what influenced people the most when it comes to making purchase decisions. The study showed that advertising, marketing and pricing are not the biggest factors that influence consumers’ buying choices. Instead, prior experience with a brand is at the top of the list. Here is how the top four factors shook out:
Most Important Factors Influencing Purchase Decisions
- Past experience with a brand (83% of respondents)
- Quality
- Price
- Personal recommendations (i.e., buzz marketing and word-of-mouth advertising)
Notably, only 48% of respondents said that advertising helped them make their purchase decisions, yet advertisers spent nearly $2,500 per household in 2005. Based on these findings, companies would be better off funneling their money into building their brands than through promotional advertising. Secondarily, advertising should focus heavily on the top four factors from this list.
Remember, your brand is the basis of your business. These statistics prove that building your brand should always be a top priority in your overall marketing strategy. Once your brand is established with a consistent promise and image, consumer loyalty will follow and buzz marketing will ensue. Then, according to the statistics, your business will grow.
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I definitely believe that the customer makes the purchase decision. Some customer make purchasing decision based on need and other base there purchase decision based on wants. You have people who always want the best of everything in cars, houses, cloths, and they want everything to be perfect for them. A customer like that mine is made up before they even enter the store.