In this episode Mark explains the psychology behind your customers' buying behaviour we can make it easier for our customers to buy more from us. Mark then lays out 10 practical ways you can leverage this knowledge to boost your sales.
People will only buy something if the cost of the solution is outweighed by how much somebody wants it.
We may think this decision is being made rationally. It's not...
When people make a purchase, there is a war going on in our emotional brain between the Nucleus Accumbens (the pleasure zone) and Amygdala (fight/flight centre).
Whoever wins the war, will decide on whether the product will be bought.
Let’s assume someone wants to buy your product. There are questions that could be holding them back:
“Can I afford it?”
“Will I be ripped off?”
“Will it work?”
Here are 10 ways to reduce this fear and make it easy for your customer to buy:
1. Buy Now, Pay Later
- defer the pain.
2. Finance Plans
- reduce the pain by breaking it into small chunks
3. Easy Payment Terms
- create an environment that makes it easy for me to pay
4. Freebies/Buy One Get One Free
- everyone loves getting something for nothing
5. Bundle Stack
- add value” “not only that, you will also get…"
6. Cash Back
- add a cash incentive
- create perceived value by offering a discount
8. Money Back Guarantee
- take away risk with a guarantee
9. Free Trial
- 'try before you buy'
10. Introductory Offer
- make it painless to opt in at the start