How do the big brands trick their customers to buy more?

Buying stuff and that too of any kind is common among people but it is seen that when it comes to big brands people fall for it and buy stuff which is not needed. It not only happens with big brands but also with stuff like groceries, household stuff, and much more. We end up buying things that are not required. There are a lot of tricks that a salesperson of a big brand follows which attract the customers towards itself.

Firstly, comes the "Price Anchoring" which implies making decisions on a price that you have already have seen. Through this trick, marketers are able to bribe customers to buy a more expensive product by telling them that the offer is cheaper. The sole idea is people will pay more if they see a bigger number first.

Second is the "Scarcity Principle" which implies offering becomes more desirable when it is in a limited supply. This is achieved by limiting the supply of items available at a specific price.

Businesses use this trick to make you buy more because your FOMO will make you buy the stuff ASAP. To not lose out on the opportunity of buying any stuff businesses use the trick of FOMO.

Next is the “Social Validation” which is when businesses use their power of social influence in order to increase their sales. When businesses do this trick to make you buy more then they start showing how popular their product is with other people just like you. This lets you know that you are in good company if you buy the product.

Loss Aversion is the idea of people feeling the pain of loss more than they feel the pleasure of gain. This is because we have a tendency to protect ourselves rather than achieve gains.

For example: "Pay $300 today or $500 after your birthday".

When businesses use that "pay $300 today or $500 after your birthday" it directs the mind of the customers toward the negative "loss" of spending $200 more in the future rather than the positive "gain" of saving $200 today.

This makes the customers buy more because the fear of potential failure loss is stronger than the excitement for a future gain.

Micropayments are also one of the ways used by big brands to trick customers to buy more. These are the online business model that involves selling extremely small-value items typically digital goods. This strategy is often used in freemium business models where a basic product is free but a fee is charged for advanced features.

Bundling is another trick by which businesses offer multiple products or services together at a lower price than the total individual cost. It means companies want the customers to pay more than the individual cost of the products or services.

The decoy effect is the effect in which in a setup of two options a third choice is provided to let the customer go in favor of the more profitable option.

These are the most popular ones which are used to trick customers by the businesses. But customers should also beware of these to save their pockets from emptying out.

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