From the course: Marketing Foundations: Consumer Behavior
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Helping customers overcome their concerns
From the course: Marketing Foundations: Consumer Behavior
Helping customers overcome their concerns
- [Instructor] Being a consumer is risky business. As a marketer, you have to understand the risks and uncertainties faced by your customers and figure out ways to lower that risk. The lower the risk to consumers, the more likely they are to buy the products, and less likely they are to complain about it afterwards. Consumers face four types of risk. Financial risk is the risk of wasting money on the purchase. Physical risk is the risk of injury from using the wrong product or using a product incorrectly. Functional risk is the risk of buying a product that doesn't work as expected, or fill the need the way you wanted it to. And finally, is psychological risk. This is the risk you face from feeling badly about the purchase, perhaps feeling guilty or even foolish. People compare their downside risk, or what they stand to lose in buying the product to their upside risk, or what they stand to gain from buying the product.…
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