The brick-and-mortar stores are slowly and gradually finding ways to trick customers into buying more stuff from their stores. According to science, these tricks psychologically affect the customer’s mind and behavior.
This blog will reveal five amazing mind tricks that wise store owners implement daily on each customer. A few of these tricks target new customers, while the other schemes aim to make customers spend more. By the end of this blog, you will be able to know the purpose and implementation of each trick.
The pricing of one product is insanely high.
In this method, the owner sets the price of one premium product so high that no one would buy it. The purpose is to create a comparative perspective between high and highly high products. This trick is also practiced to set the shop’s image as a luxury brand.
For example- You go to a restaurant, and one of the dishes among the premium items is overpriced. You might wonder why it is even on the menu when no one will ever buy it. The reason behind putting the dish on the menu is that the authorities wanted to make every other word seem cheap compared to the insanely expensive one.
Prestige pricing method.
Prestige pricing is a marketing strategy in which prices are intentionally kept higher than usual. Luxury brands use this trick. According to their norms, low pricing means average quality products, and higher pricing means savage quality products. Luxury brands generally use this pricing method. Nike is the perfect example of Prestige pricing.
Decimal pricing over whole numbers.
Luxury brands like Prada and Gucci use the decimal pricing method. You might notice that some price tags mention prices in decimals. For example, $98.56. While the other tags have prices mentioned in whole numbers.
The strategy behind keeping the prices in decimals is to play with the customer’s mind. When prices are mentioned in decimals, it takes us longer to process the actual cost. Whereas when we see a price with the whole number, it is easier for us to process the cost. Decimal pricing makes our minds fall into the psychological trick of considering products with decimal pricing as cheaper.
Words like- Free, Discount, Sale, % off, etc. works like magic on customers. It leaves an impact on us because people have hyped its value. Storekeepers nowadays are playing a mind-blowing trick using these terms. They increase the product’s price and place a 10% discount or more on the same. Now the discount term will tempt the customers, resulting in increased sales. Here the storekeeper is apparently giving a discount, but in reality, the product cost will be the same as before he applied the value.
In short- he first hyped the price and then granted a discount. When calculated, the value of the product will be the same as before the discount was applied.
Buy one Get one Free.
This is the most common strategy to make customers spend money. The plan was introduced in 1886 by Coca-Cola to increase its sales. A genius amongst the authorities came up with giving free vouchers to potential customers and rewarding them with a bottle of Coca-Cola.
Coca-Cola’s sales massively increased in that era. That’s when ‘buy one get one free was introduced to the world.
As per your niche and industry, you can apply any of these tricks to make your customer spend money. Some of these tricks will help you attract new customers, others will help you boost sales, and the rest will help you maintain your brands in the good books of customers. Each strategy is applied and has shown remarkable results for your favorite brands.