20 Ways To Sell More (Of Anything)
Consumers, of any kind, are psychological and emotional buyers.
And if you can cater the way you present your product or service to they way they think and feel, you will have a better sales success rate.
Here are 20 cognitive biases that can help you either make a sale, or upsell a past client on additional products or services:
1. Default Effect — People tend to accept what they are given and stick with what they have
This is a particularly good one for service packages.
While presenting your offer to your client, don’t ask them if they want more, or if they’d like to add this or add that. Instead, include what would originally be free, and tell the client you’ll add those in at no charge.
This increases your credibility, while making your client feel like they’ve gotten a good deal.
When clients feel that way, they typically return when they need or want more of what you are offering, and they are more likely to refer you to friends and family.
2. Primacy & Recency Effect — People remember things that come first and last
You’ve heard it said before that your “first impression is everything”. It’s true.
How you introduce yourself in the face of your clientele is so important, and then who you are after the sale is done is arguable more important.
Always go the extra mile. Do what it takes to make your client feel like they are a person who matters, and not just another dollar sign on your books.
That’s what gets you returning, loyal customers.
3. Labor Illusion — People value things more when they see the work behind them
Don’t be afraid to build in public.
Post about your new features, recent updates, simplified products, business growth, and upgrades.
It doesn’t make you look egotistical or like you’re boasting; but it instead increases the perception that there is a lot of work put into what you’re doing, making it more attractive and more valuable to your clientele.
4. Fresh Start Effect — New beginnings encourage people to pursue their goals
This bias is responsible for the whole “New Year, New You” movement.
Everybody wants the thing that is going to make their life easier, make them more money, and require less time or energy.
So market your products, services and packages accordingly — using word tracts and phrases that make people bite.
5. Humor Effect — People remember funny things
Think of Superbowl commercials. The ones that get the most views and the most shares are the ones that are the funniest — and naturally, the most memorable.
You can apply this same tactic to your marketing efforts for your product or service.
Try using funny GIFs in your copy or landing page to increase the attractiveness to your prospective clients.
6. Foot-In-The-Door Technique — Getting a person to agree to a large request by their agreeing to a small one first
This is a great strategy for upselling.
If you can get someone to commit to something, you can get them to commit to anything.
Keep control of the conversation by asking the questions that you know will elicit the response you want.
7. Stepping Stones — Every step, especially the first, needs to be attainable
A general rule to remember is that “confused people take no action.”
When presenting your product or service, simplify simplify simplify. Give specific instructions, links, and videos to your clients.
If you instruct them to “Click Here For…” and they click the link, receiving what was promised, they are more likely to take the next action you want them to.
*Bonus Tip: Your goal in marketing is to get those you’re marketing to to take the next action (click here, watch this, buy now, etc.)
8. Decoy Effect — People change their preference between two options when presented with a third option
When you offer just one product or service, the client has two choices — to buy, or not to buy.
When you offer two choices, now a customer has three choices — to buy the cheaper one, the more expensive one, or not to buy at all.
Now, when you add a third choice, which is a much more expensive one, the second option (the more expensive one in the previous scenario) looks like a great deal.
The important concept here is that the third option (the decoy) must be “asymmetrically dominated”.
9. Goal Gradient Effect — The closer to the goal, the more motivated people are
Think of it like rewards.
People are more like to go to the same coffee shop if they know that every time they buy seven cups, the eighth one is free.
It’s why most people now use a credit card… because they get a percentage of cash back on the purchase they were already going to make.
10. Life Event Effect — People are more likely to change when something major happens
This is one of the biggest influencing factors when people request to put insurance coverage in place.
Either a family member recently passed and they want to make sure their family is covered if anything happens to them unexpectedly, or they bought a new home that they don’t want to lose if/when times get tough.
Major life events are great triggers to build your marketing and ads around — new home, new job, marriage, divorce, kids, death, etc — as those are the times when people are most likely to reevaluate their situations.
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11. Risk Compensation Theory — People tend to be more careful if they feel there is a greater risk if they take a particular action
This one is simple.
Add a money-back guarantee, or a “Try it free for 30 days”. People are more willing to try things if they know that they can back out.
But only when people try things, do they learn that they love them (which prompts them to continue using the product or service, even if it means paying for it).
12. Inaction Inertia Effect — When missing an offer once, you are likely to miss an offer twice
Be tactful with how frequently you promote discounts and sales.
When prospective clients see that you give coupon codes and discounts out like candy on Halloween, they are less likely to purchase for two reasons:
13. Storytelling Effect — Facts tell, stories sell
People are emotional creatures. Use the stories and testimonies of your past clients to sell your current and future ones.
Not sure it can be any clearer than that.
14. Sensory Adaptation — People ignore the things they get exposed to repeatedly
That’s why it’s so important to switch up your marketing efforts.
Instead of a single graphic, post a series of them. Use bright, eye catching colors or witty captions.
Questions are captivating, so ask them. Get people thinking about your product or service in a new, fresh, different way.
15. Framing Effect — People decide on the options based on the delivery of the presentation
This is simple. When presenting your client options, do so in smaller figures.
Example: Don’t say — “This insurance policy is $1,000/year” Don’t even say — “This insurance policy is $83/month” Instead, say — “This insurance policy is only $2/day”
^^ That’s less money than what most people spend daily on coffee. Is protecting your family more important than your grande iced machiatto (or whatever the kids are saying these days)?
Obviously.
16. Country of Origin Effect — People’s perceptions are influenced by where a product is made
Just like Italy is notorious for having the best wine and pasta, and Switzerland is associated with the best watches, and America is known for being the Land of Opportunity.
Every country is famous for something — use it to your advantage.
17. Pratfall Effect — Admit the flaws and learning curves within your brand
When a brand (and particularly a sales person because there is already a stigma behind that term) makes themselves vulnerable, it becomes more authentic to the consumer.
This immediately lowers the defense levels of the client, and you have a better chance at them actually hearing your offer, as opposed to them rehearsing their objection in their head.
There’s an important caveat to this tactic, however… Your brand, product or service needs to already have a credible image in the eyes of consumers. If it doesn’t, admitting your flaws can actually make things worse.
Use this tactic, tactfully.
18. Cashless Effect — People pay more when they can’t actually see the money
The blow to the pocketbook doesn’t seem so hard when you swipe a plastic card, as opposed to handling the actual money.
In the US, studies have shown that these methods of payment increases an average order value up to 50%, decreases cart abandonment by 28%, boosts repeat purchases among first-time customers up to 23%, and reduces sales refunds by 17%.
That’s why the “Buy Now, Pay Later”, or better yet “Apple Pay”, options are wonderful ways to secure the sale, and often times, a higher ticket than it would’ve been if you required cash.
19. Endowment Effect — Users value something more if they feel it belongs to them
One way to increase your sales, if your product or service is designed this way, is to offer a premium version of said product or service… at no charge to the customer.
The idea is to offer enough value and a pleasing experience with the “free” version, that when it comes time for them to purchase to continue using it, they don’t hesitate to swipe their card.
And when you get really good, you know how to hold back just enough to make serious buyers want to upgrade their package.
20. Pareto Principle — More commonly known as the 80–20 rule
You’re likely familiar with this; it states that roughly 80% of the effects come from 20% of the causes.
What you might not have known, however, is that this rule can be applied to itself.
Let me break it down for you: Effort: 20% of 20% of 20% = 0.8% Results: 80% of 80% of 80% = 51.2% Conclusion: over 50% of your results are produced by less than 1% of your effort
If that doesn’t get you excited, I’d recommend you check your pulse!
I hope this was helpful for you.
Try using one or more of these tactics during your next sales presentation; even if it doesn’t work that time, you’ve now gained knowledge and experience with that strategy.
Which means that next time, you will be able to recognize what works well and what doesn’t in different situations.
And before you know it, you’ll be a sales sniper.
Looking forward to your success.
Talk soon,
GP