All Prices Are Relative
How do price comparisons affect sales? Do we really know what is expensive and what is inexpensive?
It’s a matter of relativity. Duke Professor Dan Ariely has studied pricing relativity and its role in decision making. He discovered that prices that stood alone in a vacuum were difficult for the brain to evaluate. For example, is a $4,000 diamond ring too expensive? If you compare it to a $1,500 ring, it seems to be. However, put it next to one priced at $10,000, and it looks like a bargain. You can use this relativity principle to influence price consciousness.
Lower High Price Barriers with Neuromarketing
Telemarketers and infomercial producers know that there is a sweet-spot price that triggers an immediate buying response. That price is $19.95. When it comes to low-priced products or services, people most often buy out of impulse. Those sellers use motivators like time-limits, free shipping, or buy-one-get-one offers. Triggering fast-acting, intuitive thinking gets the job done by eliciting an emotional response.
Customers tend to avoid quick decisions. They want to compare options, prices, brands or service contractors. How do you apply neuromarketing techniques to lower the barrier and generate more sales?
- How to Convince Your Potential Customers to Stay at Your Website – Once you attract visitors to your website, capture their attention with powerful neuromarketing techniques. Trigger an emotional response by demonstrating that you understand their concerns and desires.For example, if you offer legal services to accident victims, immediately demonstrate that you feel their pain and recognize their worries. If you sell cars, display graphical images of the most popular models that feature happy people to help them imagine ownership. A number of studies have demonstrated clearly that immediate recognition of visitors’ fears and desires is the best retention tool. It activates the brain’s emotional unconscious reactions.
- How to Lead Potential Customers to Explore Further – Once you have your visitors’ attention, use a wide range of neuromarketing methods to encourage further exploration. Use emotion-evoking headlines to guide potential customers to additional pages. Typical triggering lines might be: “Experience Our Latest Models!” “Compare Our Best-Selling Options!” “5 Reasons Insurance Companies Don’t Want You to Talk to Us!” The possibilities are endless. At this point, visitors are still thinking fast and will react unconsciously to engage their analytical thinking to consider your products or services. You can also use specials, seasonal offers or clearance sales to achieve the same goal.Neuromarketing should also be used on every page to encourage potential customers to narrow their focus toward conversion.
- How to Apply Neuromarketing to Lead, Motivate, and Help Customers Buy – For most expensive products and services, actual purchase decisions won’t be made on your website. Your goal is to generate a contact, schedule an appointment, or arrange for a consultation. Lead generation can occur at any time. Keep your potential customers exploring. Use proven brain triggers to guide them. Set price anchors that indicate savings.For example, “Don’t Pay $4,500 for Your New AC Unit!” can link to a web page showing models that are priced at $3,800. Those models will seem much more desirable in comparison to that anchor price. Use social proof like personal testimonials, numbers of satisfied customer, and 5-star reviews to build confidence. Identify your most popular products – another social confirmation technique. Use time limits, limited stock, short-term discounts and free add-ons or extras to motivate immediate conversion.
- Why One-Size-Fits-All Approach Doesn’t Work – You already know your target audience. Are they high-income earners? Are most of them college-educated? Are they homeowners? You also know your products or services. Are they highly specialized professional services, like legal or accounting services? Are they necessary for every home, like roof installation? Your website, its content and your neuromarketing approach should always aim to match its audience preferences with your products and services. Neuromarketing techniques that are ideal for one audience may fail miserably with a different one.Because of the high price point, your potential customers are much more careful in selecting what and where to buy. People who search for expensive products and services rarely buy out of impulse. Most of these buying decisions can take days, weeks or even months to make. Your neuroscience marketing needs to be customized for your business and your future customers.
Sell More High-Value Products and Services
When your services and products are priced above the four figures, internet marketing requires different approaches. Science-based neuromarketing has the power to increase the effectiveness of your website. Crafted by skilled neuroscientists and marketing experts, it can increase lead generation by 100% – 500%. To reach those goals, every aspect of your internet marketing must be involved. From web design and search engine optimization to content creation and paid advertising, neuromarketing principles must be integrated expertly throughout. That’s how leading corporations are dominating in their industries. They’ve embraced this exciting research and applied it across the board. It works for them, and it can work for your company. Our goal is to help companies of all sizes understand these scientific methods. We want you to learn how to become more profitable by using them.