There are many strategies you can implement to encourage customers to buy. Often a simple tweak can psychologically alter your prospects perception of price. In a previous article we highlighted how a simple change to your sales copy could increase sales. Another way to show value and position your price to increase sales is to offer a discount.
You can highlight the great price you’re offering your customers by pointing out that they are getting a discount or savings. This demonstrates to your customers that you’re giving them a great deal and lots of value.
Psychology of sales
A discount has a psychological effect; we feel we are getting a better deal and are more likely to buy. Seeing that an item is discounted not only is an incentive to buy it now, it can also encourage new users to buy that might otherwise have not considered it.
Rather than just putting “SALE” on your site you will get better results by highlighting the actual savings. For example, when listing your price, you might write: “$97 — 50% Off Today!” This makes people feel they are getting a great deal and is more likely to push them over the line. This helps them justify the purchase to themselves (and their partners) by concentrating on the fact they have saved $97 rather than spent $97.
Use bundles to show value
Another variation of this in practice is to offer bundles with greater savings. You should consider having several similar offers that are slightly better or more/less expensive than others. Instead of just listing off the benefits of each one next to their price you want to spell out the best value.
Rather than merely listing the savings, add some words next to each one in the pricing table e.g. “Good Deal,” “Better Deal,” and “Best Deal” (or “Most Savings” or something similar). Never assume that people will just do the math in their head and know which one is the best deal. You can also label one of them with “Most Popular”. Peer pressure will encourage people to take a closer look at an offer that they believe others have selected.
Online and offline
This simple technique can be applied to many businesses both online and offline. Whether you sell a product or supply a service you can benefit from this marketing tip. In the current economic climate more customers than ever before are looking for value. We all want to feel we are getting a good deal.
Think about how you can apply the psychology of discounts and savings to your business. Can you put a savings amount next to a price point (eg, “$97 — 50% Off Today!)? Make your prospects feel they are getting a great deal and encourage those who are undecided or hesitating to buy.
This is just one way to show value and position your price to encourage customers to buy. You can discover more tips to demonstrate the value of your product to customers in this free book: 50 Marketing Tips & Tricks Learned After $100 Million in Sales Over 20 Years!
