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Converting Prospects To Customers Using Psychology


Converting More Prospects into Paying Customers

The solution to get more sales out of your prospects may be hidden in plain sight. That is, simply understanding what your buyer wants; put yourself in their shoes and think about exactly what they would be looking for when they visit your website. You need to get into the mind of your customer and think like them. Here are some tips based on research conducted by social psychologists, which can reveal how to successfully and ethically persuade more people to say YES to buying your services or products.

Setting the Minimum

Help customers break through the so-called, “action paralysis”. Say, if you have a “donate-for-a-cause” website, setting a minimum donation amount can greatly affect the output in a positive way. As for services, you can inform your customers how easy it is for them to get started on a package you offer. Say, “No payments for the first month”… wouldn’t that be more enticing? People love getting freebies and you get the opportunity to impress them with your company’s capabilities.

Harness the Power of Labels

According to the behavioural studies on voting patterns, those people who are classified as politically active have a 15% chance of voting In spite of the fact that they were chosen at random, the label ends up affecting their actions. Start labelling your customers according to groups to help you to better understand their actions..
Know the 3 Types of Buyers
According to studies done by neuroeconomic experts, there are 3 types buyers based on the spending patterns such as the following:

  • Tightwads
  • Average buyers
  • Spendthrifts

When you are trying to convince, let’s say, the tightwads to buy your products and services as they are hardest people to convince, make sure you concentrate on product or service bundles, re-structuring the product value and reducing the amount of small fees based on your product. Now let’s go back and explain what re-framing the product means – let’s say $50/month versus $600/year for a product or service that is based on a monthly subscription – $50/month sounds small compared to $600/year, but they are the same. It is just a matter of presenting your numbers.

Admitting Your Shortcomings Can Add to Your Strength

As a customer, we tend to prefer and trust a company which admits its failures or at least acknowledges them over a company that blames other sources for their shortcomings. Companies that are open about their flaws tell a customer that their company is aware of its issues and are trying to solve them. This also shows that the company is proactive. Just like people, we don’t like those who are righteous and not able to recognise their faults – it is actually a turn off.

Urgency and a Follow-up

Both are recognised to drive up sales, but did you know that on the research done by Howard Leventhal, a lot of the people easily block out messages that are urgent if they do not have anything to follow-up on. A follow-up is necessary to remind them. I am not sure what this means. Perhaps suggest automated responses/reminders by email?

Attract the Customer’s Mind

According to MRI (Magnetic Resonance Imaging) studies, the frontal cortex activity is at its peak when a person thinks about something that he/she’s been anticipating. For sales, this is not good because you need to get them to click yes at that moment and making them wait more even if they are anticipating for an item or product might leave them room to change their minds later.

In order to attract customers, remind them of what your product or service is about and how it can solve their issues and if you have products, focus on the delivery or shipping. Add incentives that customers find it just too good to pass on.

Creating an Enemy

This may sound negative, but this actually helps. Big companies like to leverage their marketing tactics comparing their products to their counterparts. It’s not about attacking your competition, but focusing more on your label and showing why your product and services are much better.

Stand for Something or for a Cause

A lot of customers have a stronger relationship with a brand or company based on the fact that they share same values or share the same cause. This is an easy way to get loyal customers.

Be an Advocate

Gather information and make a survey on your existing customers and question them about your products or services. Providing them with well-researched data and samples can increase their confidence level regarding your products and services.

Keep Things Exciting

Though consistency is important, some customers do like the element of surprise. Creating a WOW factor to keep your customers on their toes can go a long way. It does not have to be a costly engagement or major change; even a tiny change can really mean a lot to some customers.

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