Hi everyone, we have put together a list of marketing strategies. Read on to learn how to successfully market your products. Decoy EffectDecoy effect is the pricing of an item/option to make the other item/option look more attractive, so that consumers will choose that item/option. In short, the goal of the decoy effect is to lead consumers to buy that target product. These target products are usually the most expensive or the most profitable ones. Companies could also use this tactic to clear stocks. Here is how it works:Without Decoy Effect: Clients are presented with 2 options Option 1: Small popcorn cost $3.5 Option 2: Large popcorn cost $7 Which to choose? That will depend on individual preference. With Decoy Effect: Option 1: Small popcorn cost $3.5 Option 2: Medium popcorn cost $6.5 Option 3: Large popcorn cost $7 It just cost $0.50 more to purchase the large popcorn as compared with the medium popcorn. So the 2nd option, medium popcorn, is acting as a decoy to make the purchase of large popcorn look more favourable.
Attention SpanWe have memory limitations, and so we are not able to remember everything. Given a list of items, most of us could only remember the first and the last few items. The middle items will be quite difficult to recall. Why? As we are most likely to pay attention to the beginning and at the end of the lists, and so the first and last few items are more likely to be remembered. However, the middle items will mostly be neglect or forgotten completely. So, if we will to have any advertisements, we shall plan our product's list in the way the best value buys are at the top and bottom of the list. Able to remember the first few items is known as the primacy effect, and remembering the last few items is known as the recency effect. Now that we know these effects, we can also apply them in our sales speech. The starting and ending part of a product introduction will greatly affect the consumers' purchase decision. This tactic can also be applied to any lecture, presentation, or even job interview where you can place the most important points at the beginning and end of your speech so that the audience will remember what you said. Variety And ComplexityWhen it comes to selecting items, consumers prefer to have more options. As an example, consider an ice cream stand, more ice cream varieties will attract more customers. But when it comes to making a final decision, consumers will find it hard to choose from these varieties. This overload of choices will cause consumers to postpone or even avoid making purchases. We have covered this choice overload phenomenon in our earlier blog; understanding consumer minds. So we need to find a balance between variety and complexity. We can have a wide range of options, but we will only recommend a few choices to customers. These will assist them in making their decision. This could be done with the assistance of the salesperson on the ground, or we could have a poster showing the recommended choices. Buying ice cream, is quite an easy task. But how about purchasing mobile phones? Not asking the salesman to rush to close sales, but we also can't just drag the whole sales progress for a long time. These recommendations shall eventually narrow down to one item, the purchased one. The sales personals had to lead the consumers to finalise their decision and make the purchase. While writing these blog, remind me of this phrase: So remember to address the client's needs (solution) but not add on to their frustration. Avoid Long DescriptionAs we know, consumers have a limited attention span, so we should avoid long product descriptions. Who will enjoy reading a heavy content article on a shopping trip? Pictures will help us in our explanation. A long product description will also bring up another problem: complexity. We all love mental shortcuts, so pictures and bullet points will help consumers to understand the content faster and easier.
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