Tuesday, December 25, 2007

Justifying Purchases with Performance Predictors?

Performance predictors are a very powerful force in post-purchase evaluations.

There is a psychology term used widely in marketing circles called "cognitive dissonance" and it applies when consumers are evaluating their decision post purchase. Post purchase dissonance is the insecurity a consumer feels about the appropriateness of the purchase decision after the decision has been made. This occurs because consumers typically purchase emotionally and evaluate rationally.

Performance predictors provide consumers with the necessary rational justification to feel comfortable about their purchase decision when the dust has settled.

My wife is a master of the art in this regard. Michelle regularly justifies paying more than the category median price by steering my attention to a performance predictor. For example, she loves to shop at Pumpkin Patch for our girls clothing. These purchases are justified by the fact that this clothing lasts longer, even though it costs more than other department and clothing stores in the children's clothing market. Pumpkin Patch offers a 100% satisfaction guarantee with all their clothing (to make it easy for Michelle to justify her decision to me).

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