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7 Magic Sales Psychology Tricks that Big Businesses Employ and So Can You

Updated: Apr 17, 2021

Psychological tricks to grow your business faster than your competitors can spell S-A-L-E-S!

A company is run by people, and for people. And people are all about psychology. In case you were wondering, no - this isn’t a manual that teaches you how to trick or cheat customers by reading their minds and convincing them to cough up thousands of dollars for any product or service you offer them. This is a practical guide on how you can understand your customers better and improve your sales by making subtle (or not so subtle) changes in your advertising strategy. So here goes nothing, hope you’re taking notes! 1. Scarcity

“Only 2 pieces left”, “limited discount offer” – we have often seen messages like these pop up as we surf through shopping websites or even physical stores. The fact is that the 'Fear of Missing Out' syndrome or as we call it FOMO is a real thing. When brands create a sense of scarcity of products and urgency to buy, many people are more likely to end up buying the product. Often the sense of loss from not buying a scarce product exceeds the gain from buying it.

2. Benefits Sell, not Features

Research shows buyers are likely to buy a product that they know will help them solve their problems. Generic information and technical features hardly catch the attention of prospective buyers. Simply put – “Benefits sell, not features”. Or what a lot of psychologists refer to as a base rate fallacy. Neglecting generic information in favor of specific features.

3. Cheerleader Effect

When in a group a person can find themselves more attractive than being themselves. Brands try to get to us, through the reviews and recommendations by family, friends and people around us. This kind of marketing goes a long way in influencing customers to buy a product.

4. An Offer they Cannot Refuse

Trial versions, free samples, festive discounts are a sure shot way to drive up sales. People who try the one-month free trials offered by a myriad of streaming services like Netflix, Disney, etc. will more likely convert to permanent subscribers. The same trick is followed by beauty brands like Sephora who offer free makeovers and trials of their makeup products.

5. The Principle of Commitment

They say millennials have no brand loyalty, in comparison to their predecessors. It may not be so. Brands are still making people commit to your brands, with new tactics ranging from an Instagram page, to subscribing to their newsletter, making them more likely to stick to the brand while making future purchases.

6. Illusion of Control

Myntra, an online shopping website offers a try it on policy where customers can try the clothes ordered and return them if they do not look good, no questions asked. Offers like these appear logistically difficult but they often manipulate people into thinking that they have a sense of control over their choices and thus motivate them to shop more than they normally do in hopes that they will be able to reverse said choices. What many customers and brands often do not see is how such illusions increase their sales and how much more likely people are to keep the products they buy.

7. The Snob Effect

Buyers often like to feel special when they shop for products. Anything that sets people apart from the crowd via a niche product can create an extremely dedicated customer base. An example of this would be offering limited editions and special extras to loyal customers. This technique especially works for luxury products like perfumes, shoe lines and bags. The French luxury brand Hermès with their Birkin bags has become a symbol of wealth due to their exclusivity and long waiting lists.

That’s it for the time being, hope you gained some valuable points from that! Looking forward to seeing your business on the Fortune 500 list!

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