September 24, 2020 KahnMedia

Psychological Tactics to Make Consumers Spend More

The provocations behind a buyer’s decision to open their wallets and make purchases have been studied for decades by marketers. This infographic from Visual Capitalist pulls many of them together into one easy-to-digest document that may give you new ideas about how to approach the business of selling your wares. Unsurprisingly, psychology plays a big part in many of the suggestions, as consumers’ unconscious tendencies are to search for a deal of some sort when making a buying decision. 

It’s also interesting to note that manipulation of numbers, dollar signs, commas, and fonts play a part in whether a buyer will associate an item’s price with a can’t-miss deal. Many of the suggestions make light of removing the pain of buying, from adjusting the price down a few pennies to get under a perceived price barrier, creating a false sense of urgency, and showing installment prices rather than full-price costs for a big-ticket item. Reviews and testimonials from customers also play a part, but beware of engineering these: shoppers can spot paid reviews and false testimonials from a mile away. 

via Visual Capitalist