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The Greed Human Nature and Successful Sales Strategies for Your Business

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The Greed Human Nature and Successful Sales Strategies for Your Business

Greed is a human trait, and maybe we’d like to ignore it because it’s not very pretty, but it is a fact of life. People do get greedy and when they do, they tend to lose all sense of logic. That’s actually a pretty good time to use this human weakness to help you trigger the impulse to buy your products.

In sales, greed isn’t just about charging people the most money you can get out of them, although that is definitely one aspect that marketers use. It’s also about providing the trigger so that your buyer believes they are getting a steal, either because of a price differential or the cost versus benefits preview. It’s a great way not just to make one sale, but to close on a variety of items.

Closeout and bargain hunting are a form of greed even though it’s viewed as frugality. It all depends on if the buyer is buying bargains because that’s what they practically need in their lives or whether the impulse to buy is spurred more by overactive greed glands that can’t turn down anything resembling a steal of a deal. So, placing these types of deals on your website can help you start to develop a sales strategy that attracts a wide range of buyers.
The Sales Strategies

It may surprise you to know that the disposable income level of your sales prospects actually define what a good deal is, not the actual value of the product or service you are offering. That’s because greed is relative to your economic prosperity, even though high income earners are not immune to greed, it just takes a slightly different form.

For instance, when you are trying to sell an item that might be worth $60 to a very rich client, you might want to up the price to $100, and highlight the features and quality of the product, and see if they bite. The reason for this isn’t just your own greed, but also the understanding that price to value is relative based on your disposable income.

For someone making over $100,000/year, an extra $40 is not seen as a lot of money and they may be used to paying higher prices due to the markets they shop. They might not even question the price. However, they will assuredly question the quality and want to make sure that the purchase reflects their status in life. The greed here is more about status than money.

On the other hand, if you were to do the same with a person making less than $25,000/year that $100 set point may be enough for them to do some comparison shopping and they’ll pretty soon find out that they can buy the same item from your competitor for $40 less. You not only lose the sale, but you lose future sales too from that customer. So, using greed to price your products is tricky. You have to understand your target demographic, and specifically the income level of most of your customers. Then, you can price accordingly.

If you are not sure of the income level, you can always start using this strategy by offering a more expensive option first and then presenting a much less expensive option second. The difference in prices and a clear explanation of the differences in features can be enough to make the greed glands in any demographic start to salivate. It appeals to the high income earners because it triggers their status greed in elevating the higher priced item as the “must have” product, not just because of additional features, but precisely because it is more expensive. It triggers the lower end crowd because the less expensive option will be seen to be a minor sacrifice in features for a large reduction in cost.

Promotional Marketing And The Psychology Of Human Mind

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Promotional Marketing And The Psychology Of Human Mind

You can use some powerful promotional strategies so the mind of the consumer can be tamed by influencing their decision making power. They can be presented with material, which can be motivating and persuading. There is no magic involved in this; only the psychology of the human mind is to be studied and played with. Human mind reacts to different situations in different ways. Some key psychological aspects can be studied in promotional marketing to get overwhelming customer response.

Curiosity is the want to explore the unknown. Humans are always in pursuit of knowledge. They want to know more than what others know. Secrets are simply hard to be kept. This desire can act as an attractive force in marketing. Like customer won’t be that interested if they are told that they can be provided with successful diets. Instead they want to hear the secret of the diet plan which is being provided.

The information shouldn’t be let out easily. Obviously it is important to catch the attention of the customer by interesting heading, but the content, too, should be as interesting so as to retain the interest of the reader till the end. In case of cross-titles or sub-titles, the initial ones will always have the advantage of developing more curiosity than the following sub-titles.

If the content speaks about why the customer should select so and so company or product, it will be easier for them to relate to it. Let the matter speak out and give the explanation by itself. Like supposing a company wants to sell some product before the expiry date and it’s the slowest time of the season, plain advertising won’t do the trick. Customers are smart enough to think that the company wants to get rid of the old stuff. Instead if the customers are provided with a discount or a limited time offer, a believable reason, they will be more attracted. Every action should have a solid reason.

Customers are greedy from a marketing point of view. By understanding the need of the customer, a basis can be prepared for the content. Their greed should be taken into consideration while preparing the content. They should be shown how the product or company would benefit them. They want to buy benefits in the form of products. Suppose when advertising for a camcorder, say that it displays all the colors that can be seen with naked eye, instead of saying it supports 16-bit color.

Just specifying that the memory card have a memory of 2 GB isn’t catchy. Instead it should be quoted that the memory card can store over 500 pictures, 100 audio songs and 50 videos. This surely will increase the customer enthusiasm. The benefits should be clearly mentioned to the customer and later other information about the product can be discussed, incase if they are looking for more. This is called listing the product features. Features reveal what the product has and benefits describe the advantages that can be derived from those features. Each feature can have more than one benefit, depending on different situations and customer needs. Lots of benefits and fewer features should always be the way to go.

The Human Mind And Promotional Marketing

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If a business firm id able to control the minds of million of customers, it will earn billions as profit. It is impossible to do that. But using some promotional strategies, the mind of the consumer can be tamed by influencing their decision making power. They can be presented with material, which can be motivating and persuading. There is no magic involved in this; only the psychology of the human mind is to be studied and played with.

Human mind reacts to different situations in different ways. Some key psychological aspects can be studied in promotional marketing to get overwhelming customer response.

Curiosity is the want to explore the unknown. Humans are always in pursuit of knowledge. They want to know more than what others know. Secrets are simply hard to be kept. This desire can act as an attractive force in marketing. Like customer won’t be that interested if they are told that they can be provided with successful diets. Instead they want to hear the secret of the diet plan which is being provided.

The information shouldn’t be let out easily. Obviously it is important to catch the attention of the customer by interesting heading, but the content, too, should be as interesting so as to retain the interest of the reader till the end. In case of cross-titles or sub-titles, the initial ones will always have the advantage of developing more curiosity than the following sub-titles.

If the content speaks about why the customer should select so and so company or product, it will be easier for them to relate to it. Let the matter speak out and give the explanation by itself. Like supposing a company wants to sell some product before the expiry date and it’s the slowest time of the season, plain advertising won’t do the trick. Customers are smart enough to think that the company wants to get rid of the old stuff.

Instead if the customers are provided with a discount or a limited time offer, a believable reason, they will be more attracted. Every action should have a solid reason.

Customers are greedy from a marketing point of view. By understanding the need of the customer, a basis can be prepared for the content. Their greed should be taken into consideration while preparing the content. They should be shown how the product or company would benefit them. They want to buy benefits in the form of products.

Suppose when advertising for a camcorder, say that it displays all the colors that can be seen with naked eye, instead of saying it supports 16-bit color.

Just specifying that the memory card have a memory of 2 GB isn’t catchy. Instead it should be quoted that the memory card can store over 500 pictures, 100 audio songs and 50 videos. This surely will increase the customer enthusiasm. The benefits should be clearly mentioned to the customer and later other information about the product can be discussed, incase if they are looking for more. This is called listing the product features.

Features reveal what the product has and benefits describe the advantages that can be derived from those features. Each feature can have more than one benefit, depending on different situations and customer needs. Lots of benefits and fewer features should always be the way to go.

The Impact of Colors in Advertisements

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The Impact of Colors in Advertisements
Photo by mripp

Human brain receives signals faster through eyes rather than ears. Visual appearance is supposed to be more appealing when compared to any other senses, no matter what the medium of presentation is. So, there are methods by which one can increase the visual appeal. Other senses facilitate visual appeal, and are also important to concentrate on.

Typical example is color when accompanied with audio, and writing. According to a study, big budget companies spend billions in the color market research, which helps in product and packaging development. Color, along with content, helps to pertain the interest of the visitor and makes him surf the website longer. A colorful article will make the reader read it till the end. Color makes things look more amiable.

Colors are known to influence the behavior of a person. Like blue color is said to have a relaxing effect. Red represents passion and love. A dating website can have red as the background color. Fast food restaurants have bright picture of food beautifully decorated pasted on the walls. This tempts the taste buds of the customer and the customer pounces on the food, eats and leaves quickly. And this is exactly the reaction expected.

Light effects can also be used to play with the mind of the on-looker. Advertisements, especially for food products, have strategically placed lights. The light effects trigger the hormones in the brain, which increases the hunger. If the same is placed in a slightly dim light, it won’t be equally tempting.

Countries around the world have different cultures that relate a color to an occasion or emotion. Climatic conditions also attribute to this. Like in America, people relate black to death and where as in Asia, white is related to death. People living near the equator like warm colors and people living nearer to the poles like cold colors.

It’s a must for an advertiser to have the knowledge about the colors and what they refer too. Black stands for elegance, sophistication, seduction and mystery. White stands for peace, pure, clean, mild and youthful. Gold stands for prestige, luxury and elite. Silver stands for prestige, scientific and cold. Yellow stands for warmth, happiness and cheer. Orange stands for warmth, playfulness, and vibrant. Red stands for love, excitement, strength, passion, and danger. Pink stands for nurture, sweet, soft, and security. Green stands for nature, fresh, fertility and abundance. Blue stands for cool, trust, belonging and reliability. And lastly Purple stands for spiritual, royalty, and dignity.

From the advertiser’s point of view, we can conclude that colors can determine the shopping habits of customers. Black, blue, red and orange attract impulsive buyers. Smart shoppers are attracted to pink, light blue and navy blue colors. Companies use colors in logo, advertisement, etc., to pass the right message to the customer. Wal-Mart advertise has a navy blue background and its catch line is “We sell for less”, which means smart customers are their goal. Mercedes has a silver logo, true to its class.

Before designing an advertisement, the targeted customers should be recognized and the advertisers shouldn’t use the colors that are their personal favorites but according to the ad campaign. Advertisement for children should have bright and vibrant colors. Yellow, red, blue and green, which are the primary colors, are the colors, which attract the children, which is why parents buy those colors for their kids. These colors represent warmth, sweetness, trust, reliability, playfulness and security.