Behavioral economics, consumer psychology, direct marketing tie into three main principles.
- People do not make rational decisions
- People are driven to avoid pain, pursue pleasure, and further our biological evolution.
- People will spend money according to #1 and #2
So, what does this have to do with Marketing? EVERYTHING…
However, there is some distinction between all of these depending on how you are selling (in person, online or at retail etc….). Nevertheless, the core concept remains… Before a prospect will buy your product or service, they need to care about it.
1) Lead with Wants, Close with Price
The first thing you need to do before even discussing price with a prospective customer is to ensure you are selling something that could benefit them.
You need to educate potential customers on the benefits of the product and you should always focus on:
- How does your product or service benefit them?
- What is it that they want?
- What would having your product or service do for them?
- What pain are you solving?
You can do this via your sales process, your packaging, your website or your digital content.
Make sure you do not confuse pricing tactics (i.e. scarcity, discounting) with a consumer strategy.
2) Understand Emotionomics
Keep in mind that
- People are not rational and do not make rational decisions
- The emotional side of your prospect’s brain first filters all decisions before any rational input can be heard.
You have to understand that no matter what you are selling, you need to first get over the irrational emotional part of your consumer’s brain before you can tell them anything rational. You achieve this by:
- An interesting sales script
- Aspiring images
- Fascinating copywriting
Examples are beer commercials with pretty girls in them and quick smashes in the weight loss industry boom. These all hit the emotions of their target consumer.
3) Be Likable
Usually we do business with whom we like because we like people who remind us of us. It is a security feeling. In sales, this can be achieved through backtracking language and mirroring body language. Moreover, it is very crucial to understand the belief system of your clients, how they see the world and what their values are. In addition, you have to have some ideas on how your prospect actually talks and thinks.
4) Be Trustworthy
Usually, people feel safe with those they trust and they trust those they feel safe with. That is why, it is very important to create reciprocity through quality content and to create trust through consistent content. Your prospect needs some signals to be able to trust you. These signals could be the quality customer service, the reputable online presence, the retail choices and the colors, images, and fonts in your brand
5) Know Your Customer Avatar
Upon building your marketing, you should definitely understand the customer you are talking to. That is why try to get into their head, understand their pain points, their needs, their wants, speak their language, know how they see the world, what is their lifestyle and what do they value.