Are your sales decreasing? Do you feel like your strategies and techniques aren't working anymore? Trust me, you’ve landed on the right article.
The sales cycle is the lifeline of any business. If there are no sales, there is no profit for a business. Well, there can be many reasons for a sudden drop in your business sales. But all it takes to turn things around is to understand the psychology of buying. No business is perfect from the beginning, but it is with time and trying out different strategies that you can make it successful.
Let’s take a quick look at the psychology of buying. A consumer feels the need for a product and this need is further triggered when advertised in a certain way. A lot of times, businesses will use the psychology of fear, scarcity, social proof or urgency. Most of these techniques work and are great triggers for getting people to make a purchase from your business or brand. If you are able to include these triggers on your website, you can expect to see an improvement in your sales.
This may sound easy but it is not. As a business, you need to understand the psychology of buying behaviour a little more in-depth. Is your product benefiting customers in any way? What are your clients looking for in a product? And lastly, why should they purchase the product from you and not your competitors?
Here are some sales psychology tips you should know:
This is one of the greatest problems that any marketer faces at some point. Advertisements are becoming more and more personalized ever since customers stopped getting easily influenced by regular ads. This is why you may have seen some brands offer products based on personalized requirements. For example, we at RedAlkemi offer personalized digital marketing plans after understanding the requirements of your business.
A brand that excels at personalization has a better chance of closing sales easily. Because this way your brand is able to talk about the things the customers are concerned about. Another example of this is Nykaa, a beauty brand that often conducts a survey in order to recommend the most appropriate products based on skin type. This is just another form of personalized advertising.
Let’s say there are two similar products, fixed at a similar price, the only difference being that one of them also offers a freebie or a cashback coupon. When asked, consumers say they would buy the one with the freebie. We’re not surprised and we’re sure you’re not either!
But have you ever considered applying the same technique to your sales process? Are you skipping carrying out surveys that give you important insight into consumer behaviour and their thought processes?
Carrying out such surveys increases your chances of understanding your own sales process better. Understanding consumer behaviour and applying it to your business in the most efficient manner is likely to have a great impact on your profit. Try it out!
How would you react if you get an additional gift on purchase of a certain product? Will it make you want to purchase again from the same brand?
Our guess is you will. Because we’re sure we would love to go back to this brand!
Brands use sales tricks that, surprisingly, work! These are most suitable for people who are visiting a website or making a purchase for the first time.
Applying this trick to your own sales process means you would have to inform your users about the same. So it’s a good idea to let your users know clearly what the offer is to make sure they notice it and apply it. This means you need not inform customers about the free gift when they purchase the product.
Giving users such options boosts their confidence that they made a right decision to purchase the product and they will surely stick to your brand. This also encourages repeat purchases by the customers who are delighted to get the surprise gift.
Remember the last time you purchased something because your favourite celebrity or model was endorsing it? Influencer marketing is very real and is being leveraged by all businesses and brands that understand the value of it.
This is the case with almost all people. If you love watches and your favourite sports personality, Roger Federer, is endorsing a watch, the chances of you purchasing it or wishing to own it one day increases manifold. The basic understanding of this trick is to make the consumer feel like they, too, are equivalent to their favourite celebrity who owns the same item.
Whether you’re a startup or an established business, branding plays a huge role in making your business successful. Our favourite example of this will always be tech giant Apple. Apple has managed to achieve most of what it has thanks to its terrific branding. The way they established their image in the minds of their consumers is what makes Apple a successful and one of the most established brands in the world.
If you understand the psychology of buying, you would know that every element of your business store or business website helps to build brand identity. The look and feel of your offline and online business must be cohesive and in alignment with the nature of your business services.
Easy and cohesive brand recognition has more of an impact than you realize. Consistency in branding gives your users an impression of familiarity and trust in your brand. It may not sound like there is a direct relation with the sales, but indeed there is one!
One of the best examples of this is customer service. If your advertising is not aligned with the way you handle customer service, your customers or users may identify a discrepancy in all your efforts, which can bruise your brand image in the long run. Therefore, consistency in branding and effective branding can lead to more sales for your business.
Understanding sales psychology can turn things around for your business. But like all other activities such as marketing campaigns and customer relationship management, this takes time too. What do you think about the importance of understanding the psychology of buying? Let us know in the comments below!
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Anuja is the Co-founder and CEO of RedAlkemi Online Pvt. Ltd., a digital marketing agency helping clients with their end to end online presence. Anuja has 30 years of work experience as a successful entrepreneur and has co-founded several ventures since 1986. She and her team are passionate about helping SMEs achieve measurable online success for their business. Anuja holds a Bachelors degree in Advertising from the Government College of Fine Arts, Chandigarh, India.