It’s tax season (sorry to raise your heart rate).
You have a family friend who typically files your taxes for you, but they’re too busy this year. You decide to do it yourself. After all, how hard can it be?
Turning to Google, you start to look at the different options. The top search results are TurboTax, Quickbooks, and WealthSimple.
After 45 minutes of reading reviews and comparing each product, your head starts to spin.
Each product page includes several options with long lists of features and with small variations in their pricing and inclusions.
You don’t know which one to choose.
Out of sheer frustration, you decide to go with TurboTax. Is it the best choice? Honestly, you’re not sure. But you’d rather just make a decision and get on with it.
Why did you choose a solution if you weren’t confident it was the best option?
In today’s edition of Why We Buy, we’re exploring Satisficing – why people are okay with choosing “good enough” over the absolute best option.
Let’s get into it.
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The Psychology of SATISFICING 🧠
We don’t make the most optimal decisions when we choose products or services (despite what we’d like to tell ourselves).
We find what’s good enough—and that’s called satisficing.
Instead of spending our time combing through every option and drawing up a spreadsheet to analyze them, people want to save money, time, and energy by settling with the option that meets their initial criteria.
We might not be getting the best price or all the bells and whistles, but that doesn’t actually matter.
We’re really looking for the ratio between how much effort we have to put into buying something in comparison to how much value that product or service brings to our life.
And that determines if we make the purchase, or keep looking for better options.
Inside Your Buyer’s Mind 🧐
Your buyers want to know the details about your products.
But, most people don’t want to know too much.
They want to know enough to make an informed decision but are content with settling for good enough. People are actually happier with settling than they are when they keep pushing for the best possible option.
Buyers are looking for the fine line between having enough information to make an informed decision, and not being so overwhelmed they decide not to make the purchase.
They want to know your products or services meet their criteria, and then they want to check this task off their to-do list.
Your product or service doesn’t need all the bells and whistles. It just needs to meet enough requirements that people feel comfortable hitting the buy button.
How To Apply This 🤑
Alright, so how can we apply this right now to sell more?
Make Decisions Reversible
It’s easier to make a quick decision when you know you can take it back. With money-back guarantees, companies can make these decisions easier to make so customers feel safer hitting the buy button without needing to meticulously compare products.
Ilia shows their refund policy right on their product pages directly under the purchase button to make customers feel more comfortable with their purchase.
Avoid Choice Overload
Avoid overwhelming prospective customers with too many choices that make it difficult to make a decision. Instead, offer clearly differentiated options and make it easy for them to quickly compare solutions.
Including thoughtful categories or filters can help prospects quickly choose the option that’s right for them.
For example, MentorPass is an on-demand expert platform. While other platforms typically categorize their experts based on their areas of expertise (eg. SEO experts, Instagram experts, etc.), MentorPass encourages users to first choose which goal they want to achieve and then asks more questions to match them with the right mentor.
This takes the onus of making the right choice off of the mentee and likely results in more connections.
Use Comparison Pages Wisely
Prospects are already comparing your product to alternatives. You can control the narrative by creating your own comparison pages. But rather than simply listing all the features your product has, use comparison pages to differentiate your product and communicate your UVP (unique value proposition) so you attract the right customers.
For instance, when Drift compares themselves to Intercom, they start by complimenting Intercom’s product—a classy move—and then they show what really makes Drift different…
Drift uses its comparison page to attract people who buy into their mission—a clever move in a world where competing on features is quickly becoming a losing game.
The Short of It 💥
People may think they want the perfect product—but oftentimes they’ll settle for “good enough.”
They want the product that fits their criteria, but it doesn’t have to be the cheapest or best option.
Make it obvious that your products fit the criteria your customers are looking for, and make it easy for them to hit that buy button (and check that task off their to-do list!).
Until next time, happy selling!