Hey there ,
In Today’s Email:
🎁 Prepare for Black Friday: Top 3 Selling Psychology techniques used by Amazon & Flipkart that you can use as well.
🤖 M&S’ Virtual Influencer: This Is Why People Don’t Like Her! 🙅
💰How to sell like a pro: This Is What Nike Did.
🎁 Top 3 Selling Psychology Techniques : Used By The Likes Of Amazon & Flipkart 🛍
We are so busy with our clients getting ready for the Black Tuesday rush, that this is what’s been on our minds for weeks! Like them, If you still need to prepare for the biggest shopping event of the year, you will miss out. A LOT 💰.
This is why we are sharing the three major cognitive biases that are being used by big retailers, which get customers flocking to their door. This will help your business be ready for Black Friday as well (and Cyber Monday) without breaking a sweat 😮💨.
1. USE FOMO (Fear Of Missing Out): In the lead up to Black Friday, big retail floods social media with their cut-down prices. They use PR, adverts, social and everything at their disposal to remind shoppers of the discounted bargains. These constant reminders of the store’s offers evoke FOMO.
You see, we don’t want to be “the one” who misses out on the advertised bargains, so FOMO forces us to wait outside the store overnight in the freezing cold.
You can use the same techniques by reaching out to prospective customers via, mailing lists, adverts and social media weeks before the mega event.
2. THE SCARCITY & URGENCY EFFECT : The ‘Scarcity Effect’ causes individuals to place a higher value on scarce objects and a lower value on those readily available. It makes the items more desirable.
These are some commonly used phrases to indicate scarcity.
1) “Supplies are limited”
2) “Going fast”
3) “Only 5 items left”
4) “Maximum 1 per customer”
Scarcity can create a state of urgency. These are effectively used by offline and online retailers to drive spectacular holiday revenues.
Give the audience a reason to take action immediately! Add countdown timers. ⏱ Have “limited” offers and exclusive, limited stocks of coveted items. These are some ways to create urgency.
These are some phrases used to create urgency:
1) “Valid until the 31st”
2) “Preorder only”
3) “Limited time offer”
Combining these cognitive biases with an excellent product can help you as well.
3. USE SOCIAL PROOF : Why do people spend all night queuing outside of a store? Because other people were. Why did they run and grab anything they could get our hands on as soon as the shutters opened? Because the other people were doing it.
‘Social Proof’ describes how, when placed in an ambiguous situation where individuals are unsure how to behave, people will often look to others for cues concerning the correct behavior.
This means that if other people testify about a product then you’re likely to try it too! So make sure that this holiday season you have enough testimonials and real user feedback to back up your black friday initiatives.
Note: If you want to discuss strategy, just hit reply on this mail. I reply to every mail personally.
M&S’s Virtual Influencer – MIRA : This Is Why People Don’t Like Her!
Well-known British brand Marks & Spencer (M&S) entered the virtual world with its digital influencer Mira & its Instagram account.
The reaction has been mixed – while the relatively new account is attracting likes and comments, the comments have been relatively negative.
Some of our clients have asked us whether following the M&S model is a good idea 🤔, and we are not so sure about it.
By the looks of it, audiences have not warmed up 🙅 to Mira. You see, when people realise that the person telling them how much they enjoy their coffee with marshmallows, – is programmed to do so – they automatically find it hard to believe her anymore.
Brand ambassadors always help audiences connect with a brand 🤝- it can be a star like Amitabh Bachchan, or even a likable character like the schoolgirl from from the Amul cartoon.
NOTE: Tell us whats your thoughts on virtual ambassadors? Just hit reply on this mail. I reply to every mail personally.
Fun Fact About Us
82% of BrandLoom clients see an uptick of at least 20% in their revenue after the implementation of BrandLoom’s strategies.
💰How to sell like a pro: What businesses can learn from Nike’s 👟 olde ways
While researching 🔎 strategies for one of our clients, we came across the story of Jeff Johnson, the superstar salesman from the founding years of Nike.
According to founder Phil Knight, in the first 10 months of Jeff, he had sold more than 3250 shoes 👟.
Something which Phil said was “practically impossible”.
Remember, the way Nike sold its wares then was with their people visiting every track 🏃 and sports meet, and showing their shoes to the coaches, athletes and fans.
Even Phil himself couldn’t do it better than Jeff.
What Jeff did was note down every detail of the people he met and sold to. He sent them ✍ wishes on birthdays and anniversaries, and good luck before any game.
And his customers would write back to him.
Before the internet, this guy’s mailing list 📫 had a 95% response rate. When a runner complained that his shoes were coming apart, Johnson got them repaired without any charge and sent them back. The runner posted a personal best 🏆 at a marathon with the same pair.
Thanks to his genius💡 at forming customer relationships, Johnson could establish the Nike network on the East Coast almost single-handedly.
So if you have a business- take the example of the great Johnson. Reach out to your customers and build relationships with them 🤝.
Go above and beyond your social pages or email lists. You will gain a loyal fanbase who will sustain you through thick and thin.
That’s it for today, thanks for reading.
Note: If you want to discuss strategy, just hit reply on this mail.