The moment of purchase
  • May 17, 2021
  • EOE Digital

The Wolf of Wall Street Jordon Belford stated: “The easiest way to make money is - create something of such value that everybody wants and go out and give and create value, the money comes automatically”


Value is what differentiates you from other financial advisors. How are you applying value to your business?


Last week we discussed the Active Evaluation Stage. This week we will discuss the third stage, namely the Purchase Stage. The Purchase Stage is the third stage in the consumer buying process.

Once the consumer has evaluated all the alternatives and identified the value that the purchase will bring him/her, they will form an intention to buy the most preferred product (Lumen Learning).

 

The consumers final buying decision is determined by:

  • Whom they should buy from?

It can be determined by price, sales, commission fees, terms of sale, awareness of the financial advisor, previous experience with the financial advisor, and the terms and conditions. Something as simple as your work environment can have an influence on your prospects!

Which one of these factors is in YOUR power to control?

  • When they should buy

This is determined by limited time offers, or the consultation experience. The potential client might decide that it’s not a good time to make the investment. As a financial advisor, we know you understand this feeling of frustration especially if you put a lot of time and effort into the client proposal.  

This is what Philip Kotler called disruption, which can still occur during this stage in one of the following manners:

  • Disruption occurs due to a situation that no one anticipated.

An example is a potential client might withdraw his investments from an RA due to retrenchment.

  • The feedback we receive from others.

An example is a client contemplating investing in a certain RA fund but reconsiders when he hears negative reviews from a friend.

 

The journey doesn’t end there my friend. Stay tuned for next week's stage, which is an important one!

 

Contact us to find out more!