There are times we wonder how come our wallets shrunk so quickly despite having budgeted to save up for something big or start a business. Its like a demon breaking through our pockets but obviously its not. We are lured into spending by these 10 tricks according to @salesnotepad.
- Reducing the left digit
The first digit makes a difference in buying decisions.
Your mind encodes numbers at a high speed. It automatically assumes it is much cheaper with a lower number.
- Removing the comma
Removing the comma makes the price looks cheaper. ($1,229 vs. $1299). It’s proven research. Apple uses this strategy on their homepage.
- Making the sale stand out
Your mind automatically triggers to at least check the product. Those red bold sales notifications make the buy appealing.
- Sense of urgency
You either buy or you won’t get this offer again. Remember, nothing is for free. “Free” has been taken into account in the price offer.
- No difficulty to pay
Technology has made the paying process easier. One click on your phone and you have made the purchase.
Software for easy payment processes is on the rise.
- The Decoy Pricing
The powerful rule of 3 offers.
You see this one everywhere, including online courses. Your mind is triggered to decide between the middle and highest offer. Let’s choose the highest!
- Social Proof
Word of mouth and social proof is power. Testimonials and referrals make a big difference. more popular it is, the more likely you are to spend your money or time on it.
- The power of a brand
Logos can x10, x100 the amount you spend for the same exact product. Brands are emotion. It makes your wallet happy to spend more. It happens with branded clothing, education, cars, mobiles.
- VIP offers
Only for exclusive members, fear of missing out! This happens in subscriptions, communities, events, etc. That sensation of feeling important will trigger you to spend.
- Maximize the discount perception
The higher the discount looks, the more likely you are to spend.
Example: You see a PC screen for $50.
20% off looks better than saying $10 off. Even if the total discount is the same amount.