Following up on our previous post on sales psychology, this week we bring to you more insights into the world of cognitive biases that influence a prospect’s buying decisions. Here are our next 4 picks:
Environment plays an important role in influencing a person’s subconscious mind. When placed in a particular environment, memory cues get activated. These cues influence the process of decision making by recalling past incidents, associations and predispositions.
While setting up sales meetings, it always helps to consider the prospect’s environment and choose a place that is conducive to the usage of your product.
Scarcity is a powerful tool for event marketing. The whole idea of exclusivity comes from scarcity. While selling your product, it is important to add an element of exclusivity to it. When a product is exclusive and selectively available, it’s perceived value increases automatically. Another way of making your product or service highly coveted is by adding premium features that come at a higher price or takes longer to build. For example, drive more registrations to a webinar by giving away only limited seats, or have limited tickets to be distributed only through recommendations to an event.
c) Surprise rewards
Surprise rewards are always more motivating than expected rewards. To add to it, make the rewards customized. It helps build confidence and a sense of delight when customers feel that you are paying special attention, and would go that extra mile to win them over.
Surprise your prospects with unique, exclusive deals to cater to their tastes instead of giving them standard discounts or offers. Your reward or gift should be useful as well as thoughtful.
d) Repeated exposure
According to this theory, repeated exposure to positive things generates similar feelings. That is why reviews are more impactful than sales advertisements. When people are exposed to reviews from multiple people, it makes them want to own the product or service. So exposure effect works not only in influencing buying decisions but also in planting the seed of the desire to buy.
Marketers should also try to expose the buyer personas to impressive and informative content about their product, trying to rank up in searches and organic feeds. Try crowdsourcing social media platforms where similar people can review and comment. The more exposure to your product or service, the more chances of your target personas liking your brand.