Financial Gain is a key buyer motive
Financial Gain – A Buying Motive in Today’s World.
In our previous blog post titled, “Gaining Sales Using Buyer Motives”, we took a look into best selling author Napoleon Hill’s Nine Basic Motives to Which People Respond Most Freely. This post takes a more in depth look into his second motive, financial gain. Financial gain, for one reason or another, motivates most people that you meet in business. They may be motivated to grow their business, to support a cause, or for their own enjoyment. Once the sales person identifies what in particular is motivating the buyer, he or she is able to create a custom sales presentation to persuade the buyer that their product or service can aide in the individuals’ financial gain.It's clear... the universal laws of buying and selling will always be applicable. #marketing Click To Tweet
While Hill wrote about these motives in the 1920’s, it is clear that they are still prevalent. Though the products may have changed, these universal laws of buying and selling will always be applicable. Like the industrial revolution, the digital revolution is changing the way people reach their financial goals.
Millennials are finding more and more success using digital tools like social media to grow their personal brands and increase their financial gain by marketing themselves. On the other hand, many small business owners struggle to keep up with the pace of digital advancements.Targeting #millennials? You must be able to use #social media to sell to them. #sales Click To Tweet
If the millennial age group is part of your target demographic then you must be able to use social media to sell to them. Many large companies are already aware of the impact that social media has on selling to this buyer demographic. They dedicate portions of their organizations along with large sums of money to optimize this strategy.
There are many different forms of social media. The user demographic on each channel differs, which means the content must differ. While millennial’s may still use Facebook, they are not as actively involved as they used to be. The age demographic is older for Facebook users then it was just five years ago. Now people in their late teens to mid twenties spend most of their time on Instagram and Snapchat. Facebook recognized this early and bought Instagram, instead of having to compete against them.
Most companies have changed their advertising strategies to incorporate social media to increase their own financial gain. Many companies are now willing to pay people on Instagram with large numbers of followers to promote their product. Brand influencers post pictures that makes it appear to their followers that the product is a part of their every day lives. This is effective because the millennial buyers do not like to know that someone is trying to sell to them while the brand influencer benefits through their own financial gain.
Many people think that because small businesses do not have large advertising budgets they are not able to follow this trend. Small businesses can use Instagram to search for people in their local community with large numbers of local followers. Once you find these people, it may only take a small stipend or some free products to convince them to promote your product or service on their social media accounts. Brand influencers are just one example of how small businesses can use social media to influence the millennial buyer that is motivated by financial gain.
Stay tuned for more tips in upcoming blog posts.
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About Our Guest Author!
Halley Barnes is a graduate student at Rutgers University in the field of Communication. She recently graduated from Rutgers University with a bachelor’s degree in Communication with a specialization in Public Relations and a dual minor in Digital Communication, Media, and Information and Psychology. She spent four years as a member of the division one Rutgers Women’s Lacrosse team where she served as the captain of the team her senior year. She was also named a member of the Big East All Academic team her freshman and sophomore years, and a member of the Big Ten All Academic team her junior and senior year. As an undergraduate student she made Dean’s List all eight semesters and was the keynote speaker at the 2015 Rutgers Alumni Leadership Conference. She was also inducted into various honor societies including Chi Alpha Sigma, National Society of Leadership and Success, and the National Society of Collegiate Scholars. Halley loves traveling, trying new food, going hiking and kayaking, and spending time with her family.