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You are 2x more sensitive to losses than you are to gains. Here are 12 psychological principles to increase sales: #marketing #psychology #startups ___ Like deep-dive carousels like this? I'm Neal O'Grady 🍉 Click my name + follow + 🔔 (And plz like and repost, it really helps!)
1. Reciprocity: Offer a free sample or trial. 2. Social proof: Include customer reviews and testimonials. 3. Authority: Position yourself or your brand as an expert. 4. Scarcity: Create a sense of urgency with limited-time offers. 5. Consistency: Encourage small commitments to increase follow-through. 6. Likability: Build a personal connection with storytelling. 7. Urgency: Create a deadline or time-sensitive offer. 8. Framing: Present your product or offer in a positive light. 9. Anchoring: Set a higher initial price point and offer a discount. 10. Emotional appeal: Connect with customers on an emotional level. 11. Personalization: Tailor marketing messages to specific needs. 12. Fear of missing out (FOMO): Create urgency with limited availability.
I can imagine loss aversion is hard-coded in our DNA... given that we evolved "through" scarcity rather than abundance (eg, it's more important to make sure you don't lose the food or water you have than to try to get 2x as much...)
Love Number 1. Please advise what I’m looking at on Slide 7. It’s disturbing.
I definitely believe in the power of recency (#3), but there has never been a time where I wanted Red Bull to quench my thirst 😂. They do have unbelievable amount of ads though that’s for sure
It's so true that understanding our own biases can help us be better at selling. I've been in this game for a bit, and I can tell you that using these principles has definitely made a difference for me. Just wanted to throw in another tip: don't forget about social proof! Showing off some happy customers can really help seal the deal.
Modern world is closely linked to the psychology: marketing, sales, communications and business in general. It's important to learn and apply it for your specific need. Thank you for sharing these principles, with a clear examples! It's funny how I used to use/hear them on a daily basis not even knowing how effective they can be
Make people feel the loss of the opportunity
This is a goldmine. Great piece.
Thanks for sharing. That was a nice read. There are a number of overlaps with buying a stock. These can all be overcome with proper training and a proven process but also a healthy dose of resilience. People often fall short of their goals when they fail at the first hurdle.
Demand Curve. I help serious founders become UNIGNORABLE. 100,000 founders read my startup growth newsletter.
1yPS: There's no better person to learn this stuff from than Katelyn Bourgoin.