Understand Why People Spend Money - Work from Home Jobs, Online Jobs & Side Hustles (2024)

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If you can understand why your audience opens their wallet to buy, you can trigger them to do so whenever you want them to.

If are serious about marketing, you have to understand how to evoke emotions in your audience that encourages customer loyalty and purchasing.

In fact, emotions are often more important than other factors when consumers make decisions.

When creating marketing messages — especially those that trigger emotions — it helps to understand the reasons why people spend money in the first place. Here are some of the emotions that motivate people to buy.

1. People Spend Money to Portray an Image

People want others to perceive them in a certain way. That need often drives them to buy things to help them keep that image, not only for others to see them that way but also to see themselves that way.

2. People Spend Money to Avoid a Bad Feeling

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Whether they think that they’ll miss out on something awesome, or have some other bad feeling, avoiding a bad feeling is a powerful motivator to buy something. If you can show how your product or service helps your audiences avoid a bad feeling, they’ll be more likely to buy.

Levitin explains whyspas, revitalizing creams, supplements, and you-deserve-it type products and services sell well: “Revitalization products promise exhausted consumers a mental, physical, and emotional uplift they’ll happily pay big bucks for.”

3. People Spend Money to Gain or Earn Freedom

A good example is a housekeeper or virtual assistant. Is a housekeeper selling a clean home, or more time? Is a virtual assistant selling document processing or more time? If you can be clear about what it is you’re really selling, you can entice your audience to buy from you more often.

4. People Spend Money to Fit in With the Community

Everyone likes being part of a community and part of the “in” crowd. If making a specific purchase will make them more of a part of the community, they will make it happen.

5. People Spend Money to Get Instant Gratification

Understand Why People Spend Money - Work from Home Jobs, Online Jobs & Side Hustles (2)

People like getting what they want when they want it. If you can offer them an instantaneous way to give them what they want, they will most certainly take the bait. The important thing is to deliver on your promises.

An example of instant gratification is an ebook they can download right away or a course they can access immediately.

6. People Spend Money to Gain a Sense of Power

When people buy something they view as potentially life changing, they feel powerful and in charge of their lives. If you can offer something super special that solves a very specific problem and evokes feelings of power in your audience, you’ll have a winner on your hands.

7. People Spend Money to Prove or Gain Self-Worth

Some people, maybe people in your audience, lack self-worth and need a way to get it. If you can offer them that feeling when they buy your products or use your services, you’ll sell a lot.

8. People Spend Money to Solve a Problem

One of the most obvious reasons people spend money is to solve a problem. Show them how your product or service solves their problems, and they’ll buy from you when the price is right.

9. The #1 Emotion You Want to Trigger

Trust is the one emotion that makes your audience want to give you money. Money is very personal and your audience must trust you to give you some of it. Here's how to earn that trust.
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Getting your audience to trust you is the most important emotional marketing trick that you want to exploit and get right. If you can get this one thing right you can explode your business.

Developing trust is a process; it’s a long-term marketing strategy that will pay off again and again. When you get just one person to trust you, they will tell ten others, and those ten others will each tell ten more people. The trust will spread far and wide until the very mention of your business name will mean trust. Ok, maybe it won’t go that far, but you never know.

It’s important to study your audience so that you know how to trigger these feelings within them, and know which ones they use when they choose to buy.

If you can find the trigger that keeps your audience from saying no, you’ll explode your business beyond your wildest dreams.

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Understand Why People Spend Money - Work from Home Jobs, Online Jobs & Side Hustles (2024)

FAQs

Why do people look for side hustles? ›

Increased income

While it might be to get ahead or to increase savings for retirement, more often it's because people need more money just to pay their bills. They feel that a side hustle can bring in a few extra bucks for emergencies, or they need a second stream of steady income to ensure their bills are paid.

Do people really make money from side hustles? ›

Side hustles are a great way to earn extra income but, like all new ventures, they require a bit of legwork upfront in order to get traction. If you don't choose an idea that fits your current lifestyle, it's easy for this extra work to sink to the bottom of your to-do list and, eventually, fall by the wayside.

What is the benefit of a side hustle? ›

You can step into a new industry or try something outside of your comfort zone! Or you can enhance your skills in your current industry as well with new opportunities and better exposure. Your side hustle is your chance - to grow those skills, find and work with clients, and keep yourself on schedule -.

Why do people hustle for money? ›

Financial Freedom and Security

The most obvious benefit of having a side hustle is to make more money. In an era of rising living costs and economic uncertainty, extra earnings can help cover daily expenses, pay off debt, or increase savings.

Why are side hustles so popular? ›

Financial pressures

One reason side hustle culture has become so popular among millennials is because many entered the workforce following the Great Recession and had to take on additional work to make ends meet.

What is the most common side hustle? ›

Some of the most popular side hustles in the U.S. include selling clothes, making and selling crafts, delivery driving, and freelance writing. One of the simplest ways to start a side hustle is to take a skill or hobby you already have and turn it into a business.

What are the best online side hustles? ›

The best side hustle ideas to do from home in 2024
  1. Sell digital products. ...
  2. Start a newsletter. ...
  3. Start a paid newsletter. ...
  4. Become a social media influencer. ...
  5. Become an online tutor. ...
  6. Sell homemade goods on Etsy. ...
  7. Create videos for the Amazon Influencer Program. ...
  8. Self-publish books with Amazon KDP.
May 3, 2024

Which side pays most hustles? ›

These side hustles include:
  1. Marketing Strategy. This side hustle stands as the highest-paid side hustle of 2024, commanding rates of $178 on average. ...
  2. Mobile App Development. ...
  3. Presentation Design. ...
  4. Web Design. ...
  5. 3D Industrial Design. ...
  6. Brand Style Design. ...
  7. Packaging and Label Design.
Feb 28, 2024

Why do people say side hustle? ›

, Slang. a job or occupation that brings in extra money beyond one's regular job and main source of income: My book launch was the catalyst to finally take my side hustle seriously by turning it into a full-time gig.

Which skill is best for side hustle? ›

Now, let's break down the top side hustle skills to learn in digital marketing:
  • Social Media Marketing: This one needs no introduction. ...
  • Search Engine Optimization (SEO): A lot of you think that SEO is dead. ...
  • Content Marketing: ...
  • Email Marketing: ...
  • Influencer Marketing: ...
  • Graphic Design:
Feb 13, 2024

What are the disadvantages of side hustles? ›

Adding more stress.

In addition to taking time away from friends and family, a side hustle will require additional record keeping and may complicate tax filings. Additionally, if your project involves custom work for clients, you'll be pressed to keep them happy to ensure referrals or repeat business.

How can I truly make money from home? ›

How to Make Money from Home: 23 Proven Ways
  1. Rent out rooms in your home. ...
  2. Become an online tutor. ...
  3. Rent out your car. ...
  4. Start a freelance business. ...
  5. Pet sitting at your home. ...
  6. Sell web domain names. ...
  7. Make and sell homemade crafts, clothes, and art. ...
  8. Trade cryptocurrencies.

What pays the most working from home? ›

The 10 most in-demand remote jobs paying over $100,000 that companies are hiring for right now
  • Senior software engineer. Average salary: $126,956.
  • Product manager. ...
  • Senior product designer. ...
  • Senior product marketing manager. ...
  • Engineering manager. ...
  • Senior DevOps engineer. ...
  • Senior data engineer. ...
  • Senior project manager.
Mar 29, 2024

Why do people want extra income? ›

Earning extra income will improve your life as you: Pay off your debt. Save for big purchases, such as a vacation. Stop living paycheck to paycheck.

What is the negative of side hustle? ›

Not-So-Passive Income: Many side hustles require active participation and ongoing effort to generate income, which can limit scalability and long-term earning potential. Without the ability to create passive income streams, you'll constantly trade time for money without achieving financial freedom.

What is the average income for a side hustle? ›

Key Statistics

19.1% of side hustlers report that they make more than $1,000 a month. Most side hustlers spend 5-10 hours per week on their business. An average side hustle brings in $688 a month, but 45.6% of people report that they earn less than $250 a month from their side hustle.

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