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How to Use Psychology to Double your Conversion Rates

Psychology to Double your-Conversion Rates

How would you feel if your customer cannot wait to try or buy your product and services?

Elated?

Surprised?

Surprised

Well, it can be a mixture of both.

The idea of your potential customers wanting your goods and/or services isn’t that big a deal.

You do not have to hypnotize or manipulate them, but you definitely should understand them. You are going to have a hard time marketing to your prospects if you do not understand who your customers are and what their needs truly are.

Optimizing the conversion rate isn’t rocket science. Well, it’s emotion science actually.

The key to excelling in any business is to understand consumer psychology well.

This is helpful in both increasing the number of visitors as well the conversion rate for those visitors. You just need to give them what they want.

Although we’d like to consider ourselves as rational thinkers– absorbing data, weighing the pros and cons, and implementing thoughtful decisions– most of our important choices are made by our gut feeling or ‘hunches’.

Intuitions like “I have a good feeling about buying this phone”, will more likely drive purchase decisions rather than a dry logical comparison of its specifications and price points.

You can improve your marketing strategies by incorporating emotional cues and insights from consumer-psychology.

Why is that important?

Because our minds decide what to choose or, buy.

So, if you know how human brains function, you have the upper hand in influencing the decisions your consumers make.

Influencing others isn’t fate or sorcery-– it’s science. There are various marketing insights derived from behavioral science research. Let us look at some:

#1 Novelty

Novelty

Humans are curious beings. How else do you think a fallen apple would trigger a galaxy of innovations?

Neurologically, it has been confirmed that exposure to something new and fresh increases the release of dopamine in the brain.

The possibility of a reward at the end of an unexplored corner excites our brain. That potential for delight is what stimulates us to seek out new horizons.

Why do you think Apple launches a new model of iPad and iPhone every few months?

We all know there are only minor differences between the earlier product and its newer version. Yet, most people check out the new model in the market, and some even toss away their old phones to pick up the latest one.

People are attracted to new and unfamiliar things. Mix that up with marketing and you get a plethora of new customers pouncing over your blog feed when they find a unique and out-of-the-box article.

If you want your prospects to buy your services or products, create new ones. You can also just make a few tweaks, revamp or update the old ones, and rebrand them.

#2 Embracing Internal Labelling

Embracing Internal Labelling

Hold your horses. It’s not the brand that you need to label, but your customers.

Sounds like bad advice? Not so much.

Consumer behavior research has shown that consumers like being labeled. Look at the following study:

Customer behavior research

Selection

Our brains seek to maintain a sense of conformity (even if it’s bogus).

That’s the reason the foot-in-the-door technique works out well even on prepared minds. It is also the reason why “gold” or “platinum” status works conveniently for a customer loyalty program.

Don’t shy away from labeling your customers. People like being part of groups that have their approval and imply some superior status. Even with a feigned reason, people tend to take action to feel that they belong to an “elite” set of individuals.

Make your consumers feel important by showing them that you care about them. So, when you tag your regular customers as ‘superior’, you tend to draw them into your circle of trust. And, people are more likely to buy from brands they trust.

#3 Make an Enemy

Make an Enemy

Now don’t get this wrong. Making an enemy is less about being harsh to competitors and more about labeling(#2) your customers.

Every audience has a common foe that they believe is the reason they are not getting the results they want.

Sociologist Georg Simmel once hypothesized that we create common enemies because it unites us with groups of people we believe to be like us.

Companies like Apple leverage this through tactics like their PC vs. MAC commercials. It is oh-so-evident that they have turned the PC into ‘’the enemy.’’

That is why Apple users are such loyal brand fanatics. Here’s a peek into one of their commercials:

The enemy doesn’t necessarily have to be a competitor. Take a look at this ad from Careerbuilder.com.

Here they have constructed a common enemy centered around the idea of an unhappy work environment (a mean boss, a boring job profile, annoying co-workers, or a combination of those).

Utilize this tactic to draw your customers into an “in-group” that is bound by its common preference for your brand/product/service in opposition to others out there (competitors or not).

#4 Usage of Social Proofs

Inbound Social Media

Remember the last time you walked past a store with people lined up outside its doors? You probably wondered what’s making people queue up right? […It could be a new Harry Potter book coming out, or a new release of iPhone, maybe?]

That’s the thought behind the social proof. When we see that others have liked, shared, subscribed, or purchased a product, we are more likely and inclined towards buying that product ourselves too.

Show your customers how much others are benefiting from your product/service so that they know it works.

Use plugins like Facebook like, Twitter followers, etc. to let your audience know that your service produces results and that people like it.

Even better are utilizing testimonials and reviews(the more, the merrier) from your clients.

Here’s an example:

So if you don’t have many reviews, testimonials, or other social proof elements, get on it!

#5 Point A to Point B Methodology

Marketing Strategy

Humans are curious, but also impatient. Your prospects want to get from point A (where they are right now) to point Z (where they want to be).

Your marketing strategy should tell your leads how to move as fast and as close as possible to Z before you ask for their greenbacks.

The quicker and closer you get your consumers to point Z, the more likely they are to buy from you.

In their minds, by doing this, they start associating your business with ease and pleasure.

For enhanced customer experience, provide your customers with freebies (free e-book, or a free consult) on your landing page. This works to uplift the customers’ spirit as well as provides him the information he needs to make a final decision on buying from you.

#6 Scarcity

Scarcity

Now let’s look at the most obvious truth of all our lives. The last time you looked at a sale which read “Limited Time Offer Only”, you definitely did linger upon the website to purchase or at least look through stuff, isn’t it? Of course, you have.

This is why one-time offers and ‘only 3 in sale’ work out just right because they play on people’s Fear Of Missing Out (FOMO).

FOMO Marketing creates a perception of scarcity in the consumer mind pushing them to decide on a purchase now, instead of later.

There you have it.

Your primer on understanding how psychology and marketing blend.

Note that people know when someone is faking concern. Nothing replaces being genuinely interested in your customer’s needs and requirements. Find and cater to that and they will love you for it.

The best way to improve your conversion rates is to do several A/B tests where you apply the above pointers.

Summing things up, no matter how much the marketing world transforms, the psychology that drives customer decisions rests on some near-universal aspects of human behavior. Get to know those well!

Key Takeaways:

  • Drive more conversions from your present campaigns
  • Understand what makes customers tick
  • Design your CTAs for greater success
  • Bring about marketing that is irresistible to consumers

Let us know in the comments below if you are going to use the psychology tactics discussed above.

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