Features
10 Psychological Tricks you can Use to Sell Expensive Products
Convincing people to buy a product is termed as the next challenge after starting up a business. Majorly, new businesses have a bigger challenge in making their sales while selling expensive products. This is usually the case when the business finally grows and becomes and household name/brand.
Subtle psychological changes can however lead to a major boost in your sales. Marketers and psychologists over the years have done extensive research to conclude that why we do what we do is what majorly influences a consumer’s decision-making. Below are 10 interesting psychological tricks that can profoundly boost your sales and also influence your customers:
- Reducing the last digit by 1
When the first digit is smaller, the price may seem smaller to the buyer. This is due to the human brain’s fast ability to encrypt numbers. Kshs 999 shillings may feel way less than Kshs 1,000 shillings.
- A colorful entrance
Psychology states that a bright entrance to a shop or office may uplift the mood of a client thus inspiring them to make a purchase or even buy more.
- Social evidence
When the clients give their reviews for a product, service, or company, many people may be motivated to buy similar products. This is major because human beings fear being left out (FOMO).
- Removing the comma
According to research, a price may seem lower after removing commas. (Kshs. 1500 may seem lower than Kshs.1,500).
- The odd-even cost
Research shows that buyers are more likely to opt for the price starting with an even number and ending with an odd number like Kshs. 467. Interesting right?
- The wordings
Consumers are more lured into purchasing products termed as ‘low maintenance’ and ‘ inexpensive.’
- The visible difference between the sale prices
Showing the difference between the current price and the original price is very important. Having the original price in bold or in a different color will make the contrast seem even bigger.
- The untrue feeling of top priority
Statements such as ‘very limited stock’ or as stock last may create a fallacious feeling of urgency to the consumer.
- Men and red!
‘Men are more likely to buy products whose costs are exhibited in red, studies have shown. To them, the color red amounts to a discount.
- Make the manufacturing cost seem high
When the products are labeled as ‘100% organic’ or ‘100% natural’ the price feels fair. Consumers can easily spend this way because they don’t have to feel like their money is going down the drain.
In winding up, try and implement one or a few of the above tricks and see your sales sour. May your sales in 2021 grow. Cheers!-
Lilian is a staff writer at Inversk Magazine
