The Psychology Of Marketing
Getting to turn leads into sales can be very daunting even as a writer, copywriter or marketer and this is why understanding how people think and behave is important. So before you cook up some marketing strategy it is important that you understand how the target market operates. By understanding these basic principles of psychology you can create a better marketing strategy they can identify with and be convinced to buy. To help you convert an audience into paying customers there are certain principles of psychology you must understand and apply in marketing.
The first principle you should understand is anchoring. It is one factor that makes it hard for people to resist sales no matter how broke they might be and it is on this principle the concept of sales hang on. By anchoring people's base decisions on an initial information they receive their perception of that particular item changes.
They see value and an opportunity that must not be missed because that's how humans are wired. When an item makes people feel prudent and wise they jump on it. For example if you put a bag out for $30 while showing it's initial price of $50 dollars people are thrilled because first they think opportunity, value and urgency. That's why including a time period for sales is also important just to add that sense of urgency to it(another principle). In fact it creates a sense of satisfaction in a customer because they believe they just got the best deal, if we compare this scenario with them just getting a bag at $30 dollars without any other information a large percentage of people would not be impressed.
The second principle is scarcity. It's the reason limited editions are sold out before they even reach the market. That feeling of scarcity attracts people which can be linked to our desire to feel special, better and stand out among others because that's just how we are wired. This means the more rare a product or service seems the more valuable it becomes in the eyes of a customer. Although you have to be careful with the choice of words you use when applying this principle, you want to make the product seems scarce not feel like a left over.
Social proof is another principle you might want to apply. This principle hangs on the fact that no one wants to be the first to try something they aren't familiar with because they are either scared of leaving their comfort zones or what society would think. For example, pizza with pineapples, most people wont try it until they see someone they trust or seek approval from try it in fact for some people all it takes is a stranger. You can also include factors that will make people trust this product or service even more like reviews, testimonials and so on.
Different industries calls for different strategies or principles to be applied. While for some industries the feeling of scarcity, social proof might work, for others they won't and so it is important that you find that which is more compatible with your industry and apply it. There are many other principles that can be applied but the trick is finding the right one and applying it smartly.