Are purchase decisions made more consciously or unconsciously and how have they changed in times of influencer marketing, in which bloggers flood us almost 24/7 with advertisements for products that we seem to absolutely need? In the following article, you can find out what has the greatest influence on our purchasing decisions today and what actually happens in our brains during the seconds in which a purchasing decision is made.

Factors influencing purchasing decisions

In fact, buying decisions are a complex, psychological process that are largely emotion-based. In this process, buying behaviour is influenced by the following factors:

1. Impulsive factors
Impulsive purchasing decisions mainly concern so-called impulse purchases. This type of purchase is entirely driven by emotions and usually is triggered by the so-called "tempting offers", such as supermarket offers or limited-time special offers in online shops, among others.

2. Habitual factors
Habitual purchasing decisions are purchases formed out of habit or that are made regularly, such as a daily coffee and croissant from the bakery. Disinfectant solutions and mouth-nose protection have certainly also become habitual purchases within the last 2 years à la "you can always use that".

3. Limiting factors
The limiting purchase decision describes the so-called repeat purchase. In this case, the customer only considers products that he already knows and that are the first to be called to his attention.

4. Extensive factors
The extensive purchase decision is probably the one most likely to be influenced by targeted advertising. In this case, the prospective buyer consults numerous sources of information for his decision, informs himself about the most diverse suppliers, compares them with each other, gets tips and experiences from other people (real or online) and then finally determines the best price-performance ratio for him.

Even if the extensive purchase decision seems to be driven out of rationality, emotions such as sympathy and trust also play a certain role here.

Where do people potentially discover new products?

Now, of course, the question arises as to how companies should best deal with this knowledge in order to get the maximum attention for themselves. Where and in what way does advertising make the most sense? 

First of all, you have to know where people discover potential new products, where they find the most information about them, in order to balance whether they really want to buy these new products. In fact, it seems that friends and acquaintances are still the best advertisers, followed by traditional advertising, social media, videos such as YouTube and customer reviews. Online magazines and newspapers, blogs, podcasts and celebrity recommendations bring up the rear in this ranking, which was collected in September 2021 by Statista - a German online portal for statistics that makes data from market and opinion research institutions as well as from business and official statistics accessible. Even though the data was primarily collected in Germany, it is representative for all other European countries. 

Source: https://de.statista.com/infografik/25773/anteil-der-befragten-die-ueber-diese-kanaele-normalerweise-auf-produkte-bzw-inhalte-stossen/

How people gather information about new products

In addition to the question of where people come across new products, the question of where they find out about new products naturally also plays a major role for marketers. Here, search engines and friends & acquaintances are equally at the forefront. Online retailers, traditional retailers, social media, video & streaming websites and price comparison websites were named next: 

Source: https://de.statista.com/infografik/25731/anteil-der-befragte-die-sich-ueber-folgende-kanaele-ueber-neue-produkte-informieren/

Purchasing decisions - emotions are the key

Even though facts and figures play a role in most purchases, many purchase decisions are largely based on emotions and it is important for companies to capture and satisfy emotional needs. This is best achieved through a trustworthy presence on all advertising channels that are used. General information about the brand, customer reviews and success stories inspire trust and can strengthen purchasing decisions.

In general, a high sense of responsibility with this knowledge is very important if you as a company are interested in a lasting relationship with your customers.