We’ve all heard it before – lean times are coming. Recession is looming, consumers are cynical, gas prices are up – and marketers are jittery.
Why is it that every time there’s a whisper of looming recession, marketers go into panic mode. It seems to me that “scary” times offer companies the perfect opportunity to re-focus and remember why consumers buy products in the first place – it’s called the science of psychology and it works through feast or famine.
The psychology of why people buy products and services doesn’t change when times are hard. Recession or not, people don’t buy products; they buy health, wealth, status or romance. They buy a better life, a better body, a better mind.
So before you abandon your marketing altogether, remember that the science of psychology is, and always will be, the most powerful way to increase your web, phone and retail sales.
Here are four recession-proof psychological sales tips
1. Don’t sell to everyone.
It may be true that everyone could potentially buy your product, but it’s no to way market – you must take into account the demographic and psychographic profile of your customers. Are they primarily male or female? What is their income range? Do they have children? What is their age range? Do they own their own homes? Answer these questions, and more, before you market anything.
2. Focus on the promise.
Your product might have 10 or more benefits but there’s no need to list all of them in your marketing efforts. Pick the top two or three, make them a priority, and repeat them throughout your message. Don’t forget to offer proof of your claim using experts, testimonials, case studies, and demonstrations, if possible. If you haven’t seen the Blendtec blender commercials on You Tube, I recommend you take a look. The commercials only offer one product benefit throughout the whole series, but I have no doubt brand recognition and sales of the product have soared.
3. Establish Value Before Price
Borrow some tricks from Direct TV and don’t give your product’s price immediately. Take time to establish your product’s value to the consumer first. That way, you can slowly push them toward the sale, adding premiums and free gifts along the way. When you finally get to the price, you should already be hearing the sound of your cash register ring.
4. Get Creative With Your Money-back Guarantee (You Do Have One, Don’t You?)
Money-back guarantees work but a quick search on Google tells me the phrase is overused – 67,900,000 pages returned. The result: consumer indifference. Try getting creative with your guarantee by changing the word ‘money-back’ to something that applies to your product. For example, Bose’s 30 day ‘Performance’ Guarantee lets you ‘audition’ their headphones ‘where it counts most – in your own home.’ Tempur-pedic Sleep Systems offer a 90-day ‘Comfort’ Guarantee.
There may be talk of recession and consumers may be less susceptible to advertising than they used to be, but bleak times or not, consumers are still human. And the science of psychology will still make them spend their hard-earned money. The trick is to persuade them to spend it with you.
Written by Julia Hyde
Does anyone have any other tips for surviving a recession? Post them below.
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Some good recessionary marketing tips using the psychology of buyer& consumer passion for having lots of “things” on their lives even when they cannot really afford them.
Posted: Tuesday Mar 25, 2008Enjoy your tips