Understanding the psychology behind which customers make buying decisions can give you a great edge over your competition. You can then use consumer psychology to promote your brand and to increase conversions.
By knowing what goes through the mind of customers through different buying stages, you can anticipate their behavior and provide them with what they need. This in turn can go a long way towards building your brand and securing loyal customers.
Let’s take a closer look at six psychological strategies to boost your sales.
The likelihood of impulse purchases
We have all been there where we’ve convinced ourselves that there will be no more unplanned spending, only to see something that we liked and completely neglected our resolutions. We went ahead and bought that item.
Businesses can take advantage of the obsessive-compulsive behaviour in humans to increase sales by promoting impulse buying.
For instance, one clever way you do this is to use the word “now” in your advertisement. This creates urgency in the minds of the potential customers and causes them to think that if they do not act now, they will miss out on any deals.
Asking for small requests
Keep in mind here that we are focusing on asking customers for a small request. The importance of this is that if customers agree to do something small for the business, they are more likely to agree to something else.
This is called the “foot in the door technique”.
By asking potential customers to sign up for a new trial, or for an email request, they are more likely to agree to a larger request such as making a purchase.
Look at it this way… instead of going from step 1 directly to step 10, you take your customer through the various smaller steps until they finally purchase your products.
And after all, there are 5 steps to making a purchase. These are recognition, information search, alternative evaluation, purchase and post-purchase evaluation.
Visually stimulating marketing
Naturally, our brains are better able to process video as compared to texts. This is not surprising in this age of social media, as research has shown that posts that include video are 650% times more likely to result in reader engagement than those that only have text.
Secondly, it’s important to understand how the different colours affect the human psyche and ultimately buying decisions. Colours play a significant role in impulse decisions and purchases so including the right colours in your products can make all the difference.
Another way to use visually stimulating marketing is by the use of language. Savvy marketers will use words such as guaranteed, 100% original, certified, loyal and authentic in their ads. This immediately causes a sense of trust and can prompt shoppers to make impulse decisions.
Evoke the right emotions in your customers
Humans react strongly to feelings such as joy, sadness and excitement. The clever marketer can use this to their advantage by crafting ads that stimulate such strong emotions in favour of the business.
This can result in impulsive purchasing.
Secondly, self-esteem is important to everyone. By boosting people’s self-esteem, you can increase sales and promote impulse buying. For instance, marketers can help customers feel worthy and important. One easy way you can do this is to promote memberships and then offer VIP privileges to members.
Marketing is all about understanding customer psychology and what drives them to make purchases. The savvy marketer can then use this information to trigger impulse buying. Done the right way, it can greatly increase sales and conversions and improve the bottom line.