Selling is the goal of every retail shop at the end of the day. You may not have a huge budget to allocate to advertising like major brands do but you have a readily available resource at your fingertips: Simple psychology.
Here are six psychological tricks you can utilize for more conversions at your retail store.
During sales, retailers deliberately cancel out the original price and put the lower price right below it. This always works because customers feel like they are getting a bargain.
An item could originally be $20 and is slashed to $15. The sticker will read "Was $20, Now $15. Even if the item was $15 from the beginning, the illusion that it $5 has been taken off it to make it more available to you is a psychological trick that always reels in customers.
Customers like to feel important and want to have unique and exclusive items. This makes them feel more prestigious and special. For this to work, however, you must make sure that the promise is real.
Append a loyalty club to your product or service. For every person that buys a certain number of products or services, introduce them to your loyalty program which should have exclusive privileges and perks.
Hotel chains and airlines understand this trick and have been employing it for decades with immense success. As a result, they have loyal customers who are proud to be members of their loyalty clubs especially because of the exclusive privileges during their stay or flight.
Create fear and uncertainty about your competition's products, subtly and scrupulously. This does not entail spreading lies or using sabotage but highlighting issues that would be a big influence on the buying decision of customers.
When a product is said to be made in the USA or is proudly local, most consumers feel confident that it has passed through all the vetting, checks and balances that the state and federal governments have put in place. As opposed to products coming from outside the country which consumers are not sure about their safety.
These emotions are so powerful just a little introduction of speculation to the authenticity of a product could destroy the competition.
Capitalize on Emotion
If you do have the budget for advertising, make your ad campaign pull at the heartstrings of your target audience. Make it emotive and relatable.
The Dove Ad that talks about real beauty has been widely successful because it resonates with people of every color, culture and diversity known to man. A woman in Washington DC and one in Zanzibar both want clear, nourished skin and have similar insecurities about their skin, despite the cultural difference.
Provide Price Options
Provide a menu of options for your customers. This trick is known as the anchor delay and it makes products appear comparatively cheaper and the options appear more.
Have a high end product, middling product and low end product ranging from $100, $50 and $20. This caters to all economic demographics meaning you have sales across the spectrum.
Psychology is a powerful tool in marketing and it has worked miraculously for decades. Use it right and ethically, and you will enjoy more conversions.
Use Good Signage
Signs act as guideposts to draw the eye, simplify decision making, and reduce cognitive load. You could use a vinyl graphic signs to draw attention to your products and call out the price, the unique features, or the savings your buyers will get with this product. Contact a company, like DeMars Signs, for more help.