Sales Psychology is by all means a handy skill to posses. Whether you’re a sales genius or a total newbie and don’t even have up to your first 100 customers yet, Sales psychology can be a huge benefit to you. Even professionals could use a couple tricks up their sleeves.
Sometimes you might encounter customers who are interested in your product or service but can’t quite make up their mind, this usually results in lots of “add to carts” but no actual sales or a bunch of traffic that isn’t converting. The customers just aren’t buying!
A lot of times a few minor adjustments can result in a huge boost in sales and you can be sure these sales psychology tricks can be used to get your customers buying ASAP!
1. Use Loss Aversion
Its typically hard for a customer to say No to your product or service if you address what exactly they have to lose.
When you use loss aversion, you’re simply getting your potential customer to realize whatever benefits they stand to lose if they don’t buy your product.
A typical example would be “Keep losing 100$ Every month on Insurance or Buy XXX insurance and save 100$ every month”
Address your target audience’s possibility to lose something valuable wherever you can in your sales pitch. Make them realize what their life is lacking without this product, “why will they regret not buying from you?”
Another typical example would be for a product, say a pillow that’s designed to ease neck pain, for a sales pitch on that product you could decide to address the fact that the customer is probably tired of neck pain and needs a pillow that can ease the neck pain and be comfortable. The pitch would be something along these lines, “Keep dealing with neck pain using your old regular pillow or save yourself the stress and pain with this New Neck Easing Pillow”. Catch my drift?
2. Ask Hesitant Buyers To Explain Their Reasoning.
Getting hesitant buyers to finally make a full purchase could be as simple as requesting that they walk you their thought process. If you can get prospects to think about all the benefits of your product/service weighed against their non existent imaginary doubts , they might end up making the purchase after taking their own advice.
A simple ” What exactly is holding you back? ” can get your buyer opening up on their thoughts. It might be the budget, product fit or just flat out timing, knowing your customers objections is key to giving you a chance to change their perspective.
Whatever possible question you can pose to stimulate an answer to your customers hesitation can open up their thought process and not only help you reframe your potential customers mind but also help you gather useful data on your product and how prospects view it.
3. The Art of Storytelling
Storytelling is a very powerful tool that we should all posses. Provide customer success stories to your prospects. Not only does this help build trust by releasing the trust hormone Oxytocin, it also motivates your audience to take a desired action.
We all know how easily we all jump to the buy/sign up button after reading a couple customer success stories. When I started freelancing on fiverr, I would go to their blog and read the freelancer success stories, not only did I trust fiverr more to help me generate income but it also kept motivating me to keep grinding and gave me hope that I could achieve the same results.
Customer success stories are a form of marketing on their own, they inspire a true connection between the customer and your service/product because it’s help the customer visualize themselves in the position of receiving whatever benefit you have to offer.
4. Offer Freebies to Incite Reciprocity
When you give out freebies to your audience, not only does this create a feeling of gratefulness and trust but it also incites a feeling of obligation to do something in return.
People who practice email marketing are very good at this stuff, I’m pretty sure you’ve been offered a free guide on so and so topic from XXX blog on your first visit to their page,if after receiving the free guide and it helps you not only do you trust that page more but now if something that’s beneficial is offered to you as an up sell you’ll be more inclined to buy simply as a thank you.
Remember incite “Reciprocity”……
5. Know The 3 Types of Customers
Basically there are 3 types of Customers and they are
. Average Buyers
I’d like to believe that the titles are self explanatory, but for the sake of clarity let me explain.
The tightwads are basically the penny pinchers, always looking to get more and spend less. The Average Buyers are the ones who are in the middle, they just spend rationally like any other human being would. The spendthrifts live by their name, these are the extravagant spenders who don’t consider money an object and are very ready to throw it your way in excess.
Our focus would be on the tightwads, it’d be relatively easier to get an average buyer or a spendthrift to make a purchase than it would be get a tightwad to buy anything. You see the key to getting tightwads to buy is simply cutting costs.
Focus on selling your products or services in bundle’s at a discounted price, reframe your product value ( $8.99/month versus $107.88/year) and also make sure to reduce unnecessary unwanted fees. This tactic will conveniently work with all three types of buyers.
6. Use Labels and Reputations
Dale Carnegie talks about this in his book “How To Win Friends and Influence People” he calls it “Giving the Other Person A Reputation to Live up to” . Simply labelling your customers as something reputable just might do the trick.
In a behavioural study exposing voting patterns, researchers found that people whom they randomly labelled as “Politically Active” were 15% more likely to vote than others.
Simply giving your customers a title or label that could certainly describe them is capable of getting them to buy from you.
Label your customers as part of a superior group and their actions will reflect those associated characteristics.
If used correctly and appropriately these 6 tips are capable of getting your audience to convert into paying customers and also help keep your loyal customers………