Which Marketplace Incentives Get Your Attention – and Money?

by Gina Blitstein · 0 comments

Money is a resource we use to exercise our preferences in the marketplace. We make decisions about where and on what we spend money based upon that which we personally value. When there’s an added incentive that appeals to us, we are more likely to shop at a particular store or buy a particular item. It’s important to be aware of the kinds of things that make us more willing to part with our hard-earned dollars. Knowing what we consider “worth” buying and why helps us to make better-informed buying decisions in the long run.

What factors influence our spending?

Certainly we each have preferences as to how we want to spend our money. In some cases, we may be willing to spend a bit more to get something we perceive as “better.” When we spend our money on items we hold in higher regard, we tend to feel more satisfied with the purchase and more justified in going to the expense.

Some of those incentives that may influence purchasing decisions include:

  • Organic – Choosing something that’s been grown without synthetic fertilizers or pesticides may make us feel that we’re making healthier choices.
  • Natural – If “getting back to basics” is important, purchasing items that are made more simply and are less processed can make us feel we are living more naturally.
  • Recycled – Those concerned about environmental issues may prefer to purchase items that have been repurposed in order to lessen their impact on resources.
  • Fair trade – Some people may prefer to purchase products they know were produced with ethical standards in an effort to uplift the living conditions of those who made them.
  • Made in U.S.A. – Some people’s buying decisions are greatly influenced by products that are made utilizing American labor and which create jobs in the U.S.
  • Locally grown – As pertains to produce, many believe you can’t get fresher in-season foods than that which is grown locally.
  • Locally sold – Buying from local merchants rather than big-box stores on online supports the local economy and keeps tax dollars in the community.
  • Responsibly sourced – Being assured that products they buy come from sources that are not being detrimentally depleted (like fish, seafood and wood products to name a few) is an compelling incentive to some people.
  • Cruelty-free – Buying products that are not tested on animals, which they consider a cruel practice, is of utmost important to some consumers.
  • Company reputation – Outstanding treatment of employees, service to the community or charitable works are the types of actions a company can undertake to gain a favorable reputation with customers, encouraging them buy there.
  • Benefit to a cause – We may be more likely to buy an item knowing that a percentage of the price we pay will be donated to a worthy cause.
  • Luxury – There’s no shame in paying more for a luxury item if you believe that it is superior to other items and worth a higher price tag.

Each of these factors may serve as an incentive to buy certain products or from certain companies. No incentive is any better than any other – they are simply choices that may or may not speak to you. When we feel that our dollars are doing more in the “big picture” than simply fulfilling a desire, our money’s spending power is increased – at least in our own minds. The bottom line is, spend where and on what you believe is best – that’s how to get the most enjoyment and empowerment from your resource that is money.

What types of incentives compel you to open your wallet?

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