In order to maximise your sales, it helps to understand at least a little about human psychology. When you understand how consumers think, and how their thinking influences buying action, you can tap into that process to make your product more appealing, and essentially turn browsers into customers.
Sales is all about numbers, you may say, and it is. But without understanding your customers’ buying process and knowing how to tap into it, you’re unlikely to see the numbers you’re hoping for. These 5 psychological triggers are a good starting point to optimize your customers’ shopping experience and boost leads into conversions.
1. Make Use of Anchor Prices
When potential customers are browsing your eCommerce store or website, one of the first things they want to know is your product’s price. Here’s where psychology comes into play as buyers want to think they are getting a good deal. Tap into this desire by using anchor pricing, a tactic to show a product is cheaper than usual. For example, if you’re selling a dress usually $100 on sale for $80, show the anchor price of $100 as well as the current price. If customers don’t know the initial price, they are less likely to buy as there is less perceived value.
2. Leverage Newness
Don’t you love having the latest watch, phone, or book? So do your customers. Advertising something as ‘new’ brings a level of novelty. Psychologically, this impacts shoppers to expect a better product than before and they may even hope to gain social status by having something new before their friends.
Do Apple really need to release a new iPhone every year? Probably not, but customers love to have the latest iPhone regardless of the product’s steep price tag.
You can apply the same psychology to your own product, by introducing something new, or slightly upgrading your existing product. Then, when you market it, stress the fact that it is ‘new’.
To use this strategy most effectively, create a schedule of regular new product launches. Depending on your product, these can be monthly, quarterly, annually, or even bi-annually. The more expensive your product, the longer it will stay ‘new’ in the minds of consumers.
3. Simplify the Solutions That You Offer
You may have spent many hours creating a technically complex, detailed product that you’re proud of, but before you start communicating your product’s finest details, remember that customers value simplicity as well as quality.
Create marketing materials that show your product’s superior quality, but also communicate it’s easy to use. The last thing people want is to get their new product home and have to spend hours putting it together or learning how to use it. Younger consumers, especially, have a short tolerance for instructions, so show your product can be assembled intuitively and used with little effort from its new owner.
4. Invest in Influencer Marketing
Gone are the days when celebrity endorsements made a product appealing. Now, consumers want to see people just like themselves using your product. Social media influences on platforms like Instagram, Twitter, YouTube, and TikTok have their own followings of people who can relate to them, and believe they are trustworthy.
When a fashion influencer wears your brand’s dress, their followers will want to wear it too. When a hiking influencer uses your brand’s camping tent, their followers will want it too. The same goes for other industries. It’s social circle influence on a much larger scale. Find an online marketing network that can connect your product with suitable influencers. This usually involves sending them a free sample to photograph and then explain their experience using the product.
5. Include a Free Gift
Everyone loves free gifts, and when you give an extra product with a purchase, customers will perceive they’re gaining a greater value. If you sell beauty products, give away a small lip-gloss sample with purchases of your other products. This is a great way to attract new customers and also increase brand loyalty.