Relationship Marketing Psychology
Why trust is critical in marketing
The Purchasing Decision
Are consumers like Dr. Jackal making strategically planned purchasers or like Mr. Hyde indulging in buying binges to satisfy sudden impulses and cravings or a combination of Dr Jackal and Mr. Hyde?
Then there is also the dichotomy of whether there is a difference in buying patterns on-line through the Internet versus buying at a brick and mortar store to consider.
The word impulse suggest purchasing of “want items” to satisfy an immediate urge for satisfaction. Purchasing of “need items” on the other hand is to satisfy a future or long-term requirement.
On-line Shopping
On-line shopping is now estimated to have become a yearly US$100 billion industry. The interesting thing about internet sales is the fact that technology makes it easier to analyze online purchases more easily then purchases at physical stores.
I remember a Travel & Tour operator saying his was now an increasingly irrelevant industry as more and more individuals and corporations were making travel and tour bookings online where they could get better deals. Where the consumer had the online option to get the same service cheaper and from the convenience of an armchair the brick and mortar locations are beginning to lose out.
Purchasing Psychology
But can we say what about the purchasing of products? Will consumers opt for the internet or head out to the store. Would you trust the internet store to deliver quality? And what about that cup of coffee? Would you pop out to grab a cup or prefer to have it delivered. With impulse purchases for immediate satisfaction it appears that the speed of delivery of the product becomes a critical factor. But with planned purchases quality and pricing may be the factor.
This suggest that internet marketing can succeed in selling products and services that are either need items or items that do not require immediate delivery.
Marketing Trust
However, whether it is purchasing on line or at a brick and mortar shop the decision to purchase is very largely driven by consumer trust in the business. Trust comes from building a relationship within the market. It is therefore critical that all businesses incorporate relationship marketing into their business strategy.
Siddha Param
International Business Consultant
WorldwideBusinessConnection.com
Why trust is critical in marketing
The Purchasing Decision
Are consumers like Dr. Jackal making strategically planned purchasers or like Mr. Hyde indulging in buying binges to satisfy sudden impulses and cravings or a combination of Dr Jackal and Mr. Hyde?
Then there is also the dichotomy of whether there is a difference in buying patterns on-line through the Internet versus buying at a brick and mortar store to consider.
The word impulse suggest purchasing of “want items” to satisfy an immediate urge for satisfaction. Purchasing of “need items” on the other hand is to satisfy a future or long-term requirement.
On-line Shopping
On-line shopping is now estimated to have become a yearly US$100 billion industry. The interesting thing about internet sales is the fact that technology makes it easier to analyze online purchases more easily then purchases at physical stores.
I remember a Travel & Tour operator saying his was now an increasingly irrelevant industry as more and more individuals and corporations were making travel and tour bookings online where they could get better deals. Where the consumer had the online option to get the same service cheaper and from the convenience of an armchair the brick and mortar locations are beginning to lose out.
Purchasing Psychology
But can we say what about the purchasing of products? Will consumers opt for the internet or head out to the store. Would you trust the internet store to deliver quality? And what about that cup of coffee? Would you pop out to grab a cup or prefer to have it delivered. With impulse purchases for immediate satisfaction it appears that the speed of delivery of the product becomes a critical factor. But with planned purchases quality and pricing may be the factor.
This suggest that internet marketing can succeed in selling products and services that are either need items or items that do not require immediate delivery.
Marketing Trust
However, whether it is purchasing on line or at a brick and mortar shop the decision to purchase is very largely driven by consumer trust in the business. Trust comes from building a relationship within the market. It is therefore critical that all businesses incorporate relationship marketing into their business strategy.
Siddha Param
International Business Consultant
WorldwideBusinessConnection.com
