Consumer Psychology That Can help Increase Your Conversion Rate
Business is all about meeting consumer’s requirement right on time with quality they expect. If you are able to reach them with what they are looking for, your brand would be the obvious preference of all. It’s about touching their emotions exactly when it works.
Apart from the needs, it’s their psychology that make them purchase the things. Sometimes, the desire to have everything, sometimes the choice to have things like others, and sometimes the lucrative opportunity on buy products at lesser rate sets the impulse of buying. In festivals, it’s the joy to shop, in weddings it is the necessity to shop, for schools and office, it is the utility requirement to shop, and many times, it is the status quotient that makes shopping a must to have thing.
How if we are able to tap these emotional factors and use the consumer psychology to drive them towards shopping and increase your conversion rate. Here are a few trusted psychological drives that if implemented in your way of social media marketing can interestingly change the outcomes.
#1. Buyers Would Love to Prevent Loss Than to Gain Reward
Peoples’ psychology is first to save what they have than to go for gaining new things. It can be better understood through the example of share market trading. You invest to gain some profit, but when the stock goes down, your primary aim remains to recover the capital first.
Similarly, buyers like to have some rewards, discounts, free gifts etc, but when they discover of losing something on the main purchase, they would definitely forgo the rewards to save that thing. In the case of online shopping, it is the FREE SHIPPING on purchase and return that counts more than anything else. The records show that maximum case of shopping cart abandonment is due to shipping charges. So, free shipping here comes as a free gift and people would like to save the shipping charges than to expect a discount on the cost. The well-established stores like Amazon, FlipKart, and many others offer free shipping on a number of products to entice more customers.
#2. Take Advantage of “Fear of Missing Out” Feeling
A very common phenomenon in psychology is “fear if missing out”. Suppose you are going for a party and a bus has been booked to carry everyone to the destination. You missed the bus. Alas! Still you may opt for a personal conveyance to catch the bus because you have the fear of missing out on the fun expected there. People have a tendency to give importance to things that are available in scarcity and to act fast to make them acknowledgeable in case of limited time events.
This goes just perfect in persuading customers to buy products with “limited time offers”. This has been many times proved right with the success of Big Billion Day and The Great Amazon Festive Sales. The fear of missing out in buying and saving money on sales has always drove millions of customers to swarm the websites and add products to cart one after another. Entice your customers with limited time offers, festive sales, and more for a fixed period of time to make maximum sales during that period.
#3. Assure Immediate Customer Satisfaction & Immediate Action
Psychologically, if you have less time to think, you tend to act fast and immediate. And when you are given time to think, your mind tends to analyse things and go in a to-and-fro mode before taking any action. Assuring compete safety, security, and quality on any of their moves will make them act fast with confidence and with satisfaction.
The same can be applied with online shopping, if your product page guarantees complete satisfaction or your product description has some impressive words that can make the visitors take some concrete action.
The use of call to action words or persuasive words can bring instant action from your viewers. Try to include words like “NOW”, “GRAB IT”, “DON’T MISS IT”, “IMMEDIATE”, “ON THE SPOT” etc in the titles compelling viewers to proceed further.
#4. Derive Obligation Based Conversions
You might be giving tip to your maid, waiter, or someone who helped you in doing anything. Many times, people don’t feel connected to anyone and avoid the tip completely. But in other cases, it is also found that the tip amount is more than what it normally used to be. When a person, for instance a waiter, establishes eye rapport with us and make us feel special through an added service or a kind gesture, we get connected and try to reciprocate in the form of tip. Some of the restaurants are famous for their post-meal offerings and extraordinary customer care which is paid off in the form of tips to the waiters.
This psychology is relevant everywhere and even you can get a good response from your visitors in return for some add-ons. It is not always about free gifts and discounts. Sometimes it is about the value you add to customer’s experience by offering relevant information, ideas, tips & tricks etc.
Whatever be your industry, if you are offering answers to buyer’s queries or keeping them updated of the latest launch in the industry, or other affordable product options, you are actually building a relationship with them by offering extra. This is likely to get reciprocated with purchases made by them.
The skill of understanding human psychology and deploying it in various industries has always given some results. It can very well be deployed in your marketing strategies to increase the conversion rate. Tap the right emotion on time and contribute to satisfaction of customers while increasing your sales.