We all have values that drive our decisions as consumers. Whether or not we’re aware of it, we each have a set of values that inform the choices we make when spending our hard-earned money. But what are these values, and what do they mean for businesses? In this blog post, we’ll take a closer look at the psychology of consumer values and explore how they can affect purchase behavior.
The psychology of consumer values is a fascinating and complex topic. To understand what motivates people to buy, we must first explore the different types of values that exist.
- Theory 1: Basic Needs Theory: According to this theory, four basic needs drive human behavior – physiological, safety, love/belongingness, and self-esteem.
- Theory 2: Hierarchy of Needs Theory: This theory posits five levels of needs in hierarchical order – physiological, safety, belongingness/love, esteem, and self-actualization.
- Theory 3: Value Systems Theory: This theory suggests that people have different value systems based on their culture or upbringing. There are six primary value orientations – acquisition (getting), conservation (keeping), hedonism (enjoying), power (controlling others), tradition (following customs), and universalism (consideration for all).
Why do their belief systems so drive humans?
Our belief systems drive us because they are a fundamental part of our psychological makeup. Belief systems give us a sense of order and meaning in life, a sense of identity, and help us make sense of the world around us. They also play an essential role in our emotional well-being, as they can give us a sense of comfort and security and can help to boost our self-esteem.
Belief systems can also be potent motivators, influencing our behavior and guiding our decisions. And finally, they can provide us with hope and inspiration in difficult times.
What impact do consumer values have on the consumer journey?
Every step of the consumer journey – from pre-purchase to post-purchase – is influenced by consumer values. For example, a company’s marketing and advertising efforts are designed to resonate with specific values that consumers hold dear, such as the desire for independence, social approval, or self-expression.
Additionally, the way consumers interact with brands and products during the purchase process is often based on their values.
For example, some consumers might be more likely to do their research before making a purchase, while others might prefer to rely on recommendations from friends and family. And once a purchase has been made, some consumers might be very engaged in using and sharing reviews online, while others might not care about it.
What impact do consumer values have on someone’s relationship with a brand?
There are basic guidelines that a consumer uses to live their life. Every purchase made is determined by our values. A brand’s stability, future, and relevancy align with the consumer’s core values. Consumers generally base their decisions on five values: self-transcendence, self-enhancement, conservation, openness to change, and hedonism. How vital each particular value is to an individual will depend on their personality type and life experiences.
Marketers need to understand the psychology of consumer values to create messages that resonate with potential buyers. By understanding which needs and values are most important to consumers, you can craft messaging that speaks directly to their hearts and minds.