Posts tagged Consumer Behavior

Discover how to use the power of memory to keep your customers coming back

Elevate your customers’ ‘state’ of mind and you will keep them coming back.

One of the 4 steps of the FAST method mentioned by Jim Kwik to remember ANYTHING is the “State” step, which is basically your state of mind when you are ‘learning’.

How are you feeling? Are you bored? Are you excited? Are you surprised? Are you amused?

I wanted to contemplate at that step - that “State” one, and how we can use it to enhance the memorability of customers to a specific experience… 

… and so I stopped for a moment and tried to remember which restaurants I have been to that delivered an elevated emotional state - that made my experience so memorable and kept it always on top of mind. 

Hmm…

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My way back to Times Square – [Black Friday Part 5]

Before I know it I am holding tons of bags and waiting for my bus back to Port Authority in Times Square.

I find myself with a few bags and started chatting with the girl standing behind me in the queue. She bought socks, which she regretted.

“Buyer’s remorse? How about me? I bought all of this stuff I don’t really need, except maybe one sunglasses,” I thought to myself.

I told her, “I wasn’t really planning on buying anything, but here I am.” I try to justify my purchases.

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I don’t like designer stuff, or so I say – [Black Friday – part 4]

I don’t like designer stuff, or so I say.

Of course I like designer stuff, but I’d rather spend my money in experiences, travel or courses. Yes, courses, you would be surprised how much I spent my money on that department.

Never stop learning, and the best investment is you.

But that doesn’t mean I didn’t want to go to Gucci “just to have a look”. The queue was crazy from the moment I arrived and all the way up until 8:00 p.m. when I decided to leave the outlet. I didn’t make it to Gucci, but I did make it to Furla.

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Are you telling me there is an additional discount to the Black Friday discount? [ Black Friday — Part 3]

I got out of the bus and made sure to know where is the pickup location to head to when I want to go back to Port Authority.

The first thing I see is the Information Center, and people queuing up. Ok, the first thing I saw was actually the different stores. I asked, “Why are people queuing up here?” A nice lady answered me and said, “You get additional discounts with the voucher they give you.”

I didn’t have to think twice and queued up. It was also warm inside and freezing cold outside so I didn’t mind the queue.

After I got my discount vouchers and the outlet map, I started wandering and thought I might as well check it out first, and then go into the stores. To tell you the truth, I didn’t have the chance to get into my favorite stores, for the simple reason that people queued like crazy in front of those stores. Gucci, Burberry, Ralph Lauren, and Tommy Hilfiger were the craziest. Most of the stores had long queues.

The weather was cold, like 1 or 2 degrees Celsius. Let me remind you, I live in Dubai, which is smoking hot all year long. I couldn’t simply stand the cold and wasn’t willing to stand in the queues.

It’s like what I have seen in those videos on social media, or rather the movies. People were walking around with big suitcases to stack up the purchases.

“Is it really that good?” I wondered.

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4 Scarcity tactics that will make your customers ready to buy now

Tell them they can’t have it and they will come running for it.

I think that advice works best with dating, not that I am an expert in relationships or anything, but hey consumers are also human. 😉

“The way to love anything is to realize that it might be lost.” - G. K. Chesterton

Haven’t you always noticed? When one partner says, “I am done, I am not accepting this,” and moves away, the other partner in the relationship who might have been taking his/her partner for granted realizes what s/he is about to lose, or perhaps even just lost?

That’s my friend is scarcity.

The “scarcity” consumer behavior principle says,

“Opportunities seem more valuable to us when their availability is limited.”  - Robert B Cialdini, Influence

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Learn how favor banks can help you influence others

The favor bank lingered with me.

If you are a millennial, then there is a high chance that one way or another, at some point in your life, you were influenced by Paulo Coelho. 

I am a big fan, and I remember during my adolescent years how much I was obsessed with his novels. 

One of the concepts mentioned in
one of his novels, The Zahir, is the favor bank concept. That concept has been lingering with me since I read the novel.

The favor bank concept explains how favors are exchanged. When you deposit favors to someone’s bank, they become indebted to you, and so when, in return, you ask them for a favor, they will have no choice but to accept it. Otherwise, you will not be trusted, without you saying a word about them.

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5 Traits that make people ‘cool’

Cool people. 

Huh? 

What does that even mean? 

Have you ever met someone, who without even opening his mouth to speak seems ‘cool’ to you. 
It’s a big party. People are trying to socialize. Some work to impress others. Others seem like they don’t belong.

Yet, that there is this one person who seems, without interacting much, ‘cool’. 

How does he do that? 

It wouldn’t be long before you see him interacting with others. He is comfortable in his own skin. Whether he is speaking to others or not, it doesn’t matter. He is ‘cool’ right there, where he is.

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Learn how modeling can influence behavior

One of the key principles of persuasion is being liked. If people like you, they would be more likely to be influenced by your behavior. If they like anyone, they would be influenced by what they do. 

Robert Cialdini had a whole section in his book, Influence just about liking. 

… which brings me to talk about ‘modeling’ as a tool to influence behavior.

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To persuade, ask, don’t tell

To persuade” could be one of the hardest things you can come across. I have been there. Multiple times. Every single day if you ask me.

Having a sound and logical arguments may work with some people, especially engineers and programmers, but at the end of the day, we are human. Humans are emotional, and whether you can do a good job hiding it or not, your emotions have an unneglectable impact on your decisions.

I have mentioned before the “endowment effect”. It’s such a powerful cognitive bias, and because it’s so powerful, you can use it in multiple ways.

The endowment effect basically says,
“We place greater value on items because we own them.” – Adam Ferrier, The Advertising Effect: How to Change Behaviour

Previously, I have demonstrated how you can use the best of the endowment effect before consumers buy your product so that they feel they own it, value it even more, then take out their credit cards.

But…

What if all you want is to persuade someone to buy into your idea?

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Are you an impulsive shopper? Wash your hands

Anyone one of us could be an impulsive shopper. 

You could be having a bad day. Then find yourself at the mall, doing some retail therapy, and buying tons of things you don’t need. Perhaps even buy one item; however, that one item is so damn expensive. 

You are always one moment away from making yet another impulsive shopper decision. 
One of the key factors that influences you, as a consumer, to buy is the endowment effect. 

The endowment effect basically says, “We place greater value on items because we own them.”
Adam Ferrier, The Advertising Effect: How to Change Behaviour

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