Black Friday is near the corner, the day when almost all shops offer high discounts on their products. What drives millions of people to buy on Black Friday? What sales psychology is used to ensure maximum profit?
Black Friday is a marketing tool used by the retail trade to stimulate consumption with the help of high discounts. Last year, retailers in Germany turned over around 2.4 billion euros on Black Friday. This year, this figure is expected to rise to a whopping 3 billion. Every company can put its shop on the road to success and prepare its marketing campaigns for Black Friday 2020. A good preparation is one of the best strategies to stay one step ahead of your competition. We would be happy to assist you in this process and make your products and services more attractive to potential customers. Act fast, because the countdown is running!
Customer psychology has carried out numerous researches to investigate various effects that can be successfully used for marketing in order to better acquire customers and increase sales figures. If you know reliable psychological procedures well, you can derive optimal measures to which people react in a relatively predictable way.
The principle of urgency and scarcity
Black Friday is the prime example of the scarcity principle. All these discounts are only valid on this particular Friday. Tomorrow you will be late, so you must start NOW. An example: the other day a friend of mine said: "Wow, a juicer with 50% discount! I'm crazy if I don't buy it!" I thought: "No, you're crazy if you do. You didn't want a juicer, you don't need it. The only thing that makes you greedy is the discounts that only apply today."
Effective advertising urges us to act quickly, scarcity triggers fear, the result: we react immediately. When an offer or discount expires, we automatically check whether we are ready to let this opportunity pass. Emotion (fear, greed) is the most important factor in individual purchase decision processes. We buy products that we do not actually need. Scarce discounts have a magical attraction for us humans. The product does not have to be cheaper. The pure belief that something is currently on offer is already enough for us to want this product at all costs. We do not want to miss anything, make our decisions quickly and do not necessarily think about the benefits. We prefer to make a hasty, sometimes wrong decision rather than regretting later on that we didn't make it. We take action and the companies make big profits. So use this knowledge and set headlines such as: "Only today at half price", "Only while stocks last", "Premium deals only for a short time", "One-time opportunity".
"Everybody follow me" - herd behaviour is useful in marketing
One of the best influencing techniques on the Internet is based on a simple principle: mass = cash register. We like to believe that we are independent in our decisions, but most people tend to trust the majority opinion. In certain situations of uncertainty, we follow the majority rather than making a judgment. Herd behaviour is deeply rooted in our brain. Retailers and webshops try to influence our behaviour in different ways, with only one aim: sell, sell and sell again. The underlying assumption is that the more users use a portal, for example, or the more customers decide to buy a new product, the more interesting the offer must be. And it is precisely on the internet that it can be instrumentalised for marketing purposes in a targeted way to influence. Just like wolves or sheep, people also love life in herds. They orient themselves to the behaviour of their society, imitate it and coordinate complex actions with the (unwritten) rules of the community. In the animal world, orientation to the pack, the flock or the swarm guarantees sufficient care and protection - going it alone far away from the group is often paid for with one's life. Almost as if this basic instinct for survival was still present in people every day, we cannot escape the compulsion. We also hunt for the next best bargain as if we were in packs. Why doesn't everyone form their own judgement and decide independently of their fellow human beings? Herd behaviour ensures efficiency. So use words like "best-selling product", "countless others have preceded you", "record sales" or "most popular choice" in your personal advertising.
Using the power of language
The examples listed here, which often lead to irrational behaviour, bring to light how important it is to adapt our sales psychology accordingly. We help you to better understand people's buying behaviour and to perceive their feelings correctly, because people buy on the basis of emotions, but justify it with logic. Do you want to know how your personal texts influence your customers? What do you have to do to prepare your offers in such a way that the greed and desire for exactly your offer is greatest in the brain of your target group? Together with your employees, we optimise the language of your company, attractive product or attractive service. Our Psychological AI successfully chooses the optimal words to emotionally convince your customers. We will be happy to help you apply the latest findings of sales psychology. If you want to reach new peaks in performance, you have to think anew and act wisely. Write us a message or book your personal consultation:
- Influence in the sales talk: How to set the customer's switch to "Buy" - Ralf-Peter Prack
- How customer psychology helps you to increase sales