What is Buyer Psychology?
Buyer psychology refers to the mental processes and behaviors that influence a person’s purchasing decisions. It revolves around various psychological, emotional, and cognitive factors that drive individuals to buy products or services. Psychology of buying is crucial for your business because it helps you understand customer behavior and tailor your marketing strategies to meet customer needs effectively. This understanding can help craft messages that speak to your customer’s emotions. When you speak to your customers emotions, you have a much better chance of selling to them!
Below are 8 buyer psychology tactics:
- Create an Information Gap
- Use Social Proof
- Tap into Positive Emotions
- Create Scarcity and Urgency
- Offer True Value
- Make “Saying Yes” Effortless
- Use Anchoring
- Leverage the Power of Reciprocity
1. Create an Information Gap
The information gap theory suggests that people desire more information when a topic grabs their attention. This theory proposes that when there is a gap or lack of information, it creates cognitive tension or uncertainty. When this occurs, they most often take action to find out more information and fill the gap in their knowledge. This is where social media and digital marketing campaigns are a great tool. Use headlines that start with “How to” or “Learn how” to catch people’s eye and draw them in. If you present a teaser headline to them, be sure to give them the information you are promising!
2. Use Social Proof
Social proof is a key aspect of buyer psychology. Social proof is a concept that people are influenced in their decision making by others, compelling them to act within societal norms or expectations. It’s common for consumers to feel lost in the vast sea of options, which leads to indecisiveness, and people often turn to their peers for advice when this happens. The human tendency to copy the actions of others in specific contexts is what social proof is all about.
Although social proof has been around for a while, the value has increased due to the rise of the internet. Online reviews have been shown to impact over 65% of purchasing decisions. In addition to reviews, there are many other effective social proof tactics.
Reviews
Reviews are one of the first things potential customers will see about your business when doing research. People trust what others have to say and a business with bad reviews will likely struggle. On the other hand, 5-star reviews can help a business tremendously! Whenever you get a positive review, you should add them to your website and post them throughout your social media.
Client Testimonials
Asking for a client testimonial is a great way to highlight your customers positive experiences. A client testimonial is an endorsement of your product or service from a satisfied customer. Client testimonials provide feedback on the positive aspects of your gym. Usually, client testimonials are longer and more detailed than a 5-star review. You should share these on your website, Google and your social media platforms!
Success Stories
Another way to enhance your client’s experience is to recognize their achievements through success stories. This could be a client spotlight in a newsletter, fitness blog, or social media post. Highlight how a customer used your products and services to benefit and better themselves. It is always a great idea to present details and images! Success stories are the perfect buyer psychology tool to show real life proof.
3. Tap into Positive Emotions
It is crucial to present your product or service in a positive light. Consumers are more likely to make decisions when they perceive no drawbacks and have to put minimal effort into understanding the benefits. To make your product or service more appealing to customers, highlight its emotional benefit and position your offer as a “no-brainer” option. You can build consumer confidence by emphasizing the positive outcomes of your product or service. Understanding buyer psychology is all about driving purchasing decisions, so tapping into their positive emotions is key.
4. Create Scarcity and Urgency
Scarcity and urgency messaging is a psychology theory creates a sense of rarity and indirectly conveys that a product or offer is popular or high in demand. As a result, it can persuade people to purchase before it’s too late. By creating a sense of urgency, people will be motivated to act quickly. Also, it can tap into the FOMO (fear of missing out) that people experience when they feel they may miss out on something desirable. This is the perfect opportunity to encourage people to purchase your products! You can create scarcity and urgency through:
- Time-sensitive offers
- Early bird deals
- Flash sales
- Exclusive offers
- Seasonal promotions
- New products out now
5. Offer True Value
Another vital part of buyer psychology is offering customers a product or service that provides true value. People want to spend money on something that will be beneficial to them in one way or another. Value and sales go hand in hand. The more valuable your offer seems; the more likely people will want to make a purchase. It is your job to prove this value to them, by making your offer stand out, you can make it more compelling to customers. What sets you apart from others? When you embrace your unique voice, you show customers they can trust you because you are authentic, knowledgeable, and “the best of the best!”
6. Make “Saying Yes” Effortless
Making it easy for customers to say “yes” is a great way to increase conversion rates and boost sales. Below are several ways to make your offers hard to resist!
- Make your offer clear and avoid using technical jargon.
- Provide all the necessary information upfront.
- Eliminate any potential barriers that may prevent customers from taking advantage of your offer.
- Simplify the decision-making progress by helping customers evaluate the pros and cons to make an informed decision.
- Anticipate and address any objections customers may have to your offer. It is smart to offer multiple payment plans and flexible payment options!
- Provide customer support. Customers expect to speak to real humans in real-time when they have questions or concerns.
7. Use Anchoring
In the world of marketing, making a good first impression is vital! The anchoring effect is a cognitive bias that describes the common human tendency to rely heavily on the initial information offered (the anchor) when making the decisions. “The anchor” can strongly influence your subsequent judgements or decisions.
An effective marketing tactic for those who use anchoring is to show your customers how much they are saving with each purchase, especially when it comes to subscription-based plans. For example, you can show them how much they save by purchasing an annual plan instead of a monthly plan.
8. Leverage the Power of Reciprocity
Reciprocity is deeply rooted in buyer psychology. The “power of reciprocity” refers to how one party will respond to a positive action or favor with another positive action or favor. According to the reciprocity principle, people naturally give back after receiving something. Understanding and leveraging this principle can be transformative for businesses, helping them build trust and rapport, differentiate themselves, and deepen existing customer relationships. To encourage consumers to take a certain action, such as making a purchase or conversion, there are many tactics that can draw them in:
- Lead magnets
- Free product samples
- Consultants
- Demos
- Discounts
- Offers
Download our Free Marketing Guide for Gyms!
Learn how to build an attractive marketing offer for your gym! Our free marketing guide includes tips on how to identify your ideal buyer profile, creative marketing campaign ideas, and proven strategies to get your prospects to take action!
Our free guide includes:
- The Value Formula
- Marketing Campaign Ideas
- Buyer Psychology Tips
- Steps on Designing the Best Marketing Offer
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