Businesses face challenges when it comes to increasing sales, and because the industry is so highly saturated, consumers find it difficult to choose as well. This creates the need for an effective marketing strategy whereby a brand can sell more without having to compromise on overall revenue. To do all that, brands need a surefire way that ensures sales and will boost revenue. These circumstances call for strategies that have been observed, empirically tested and are scientific in nature.
Comparing Products Comparing Products Many brands think of it as a cheap and ineffective tactic to call out competitors, but in reality, this is exactly what consumers want. Confused buyers need a selling point to grab onto that will be the pivoting factor in deciding whether they will buy one product or the other. Brands can take advantage of the fact that customers don’t know all the facts and details as to their product and their competitor’s. This creates an image in the buyer’s mind about your brand being better than the rest.
Show that you’re similar Show that you’re similar In this era, any industry is far too concentrated with every possible product and service that if you come up with something new, some other brand in another country will have already thought of it. This makes consumers pretty confused because all products are pretty similar and other than price, there’s nothing that sets the products apart, and that’s where brands should act quickly or risk losing valuable customers. Incorporating a show of similarity to the consumer will increase chances of them buying from you because people like buying products from other ‘people’ that seem similar to themselves.
Create False demand Create False demand This is a pretty essential tactic, there is no doubt that your target audience will begin to feel a bit uneasy when they see that a product they are interested in is in limited stock. This creates an urgency to buy that product as soon as possible. This is highly observed in millennials that have a fear of missing out on ‘a steal’. Creating an illusion of the fact that demand for your product is high will make it seem like you’re running short on products, which depict scarcity. The most predictable part of shopper psyche is that they’re sensitive to scarcity and they’re more likely to think about buying a product if they think there isn’t a lot available.
Talk About The Benefits Talk About The Benefits To Make The Cost Appear Smaller This is an effective technique that many sellers already use, but they may not know the effect it creates on consumers. When selling, it’s essential that sellers take time to explain the benefits of a product and elaborate as well so that it settles in a consumers’ mind. Furthermore, it’s ineffective to list out all the benefits at once, no matter how many there are they’ll still seem less if you simply summarize them and then show the price tag. Make sure to pause in between explanations to add a dramatic effect that is sure to pitch sales and so when you tell the price, it seems like more of a bargain.
Use these strategies to lure in more customers effectively and increase your revenue. It’s important to remember that playing out all these techniques will require you to do it more naturally and almost instinctively.