Consumer Psyche: The $10 Avocado
What are you thinking about right now? What would it take to make you buy an avocado? Would you buy it for $10? Leveraging your understanding of the consumer mind will enable you to drive sales and ensure the success of your business. Consumer psychology is a large field with many aspects but here are a few ‘hacks’ you can start using straight away!
#1 Needs/Wants – But I don’t need an avocado…
Perhaps one of the first thoughts you had with the initial question was that you don’t need an avocado and therefore wouldn’t buy one. Convincing people they want and need your product is one of the most difficult challenges to overcome – especially if it’s expensive. Try to pitch your product as an investment which will (eventually) pay off – whether that be by improving the consumer’s quality of life, upscaling their productivity or by saving them money spent elsewhere.
#2 Urgency – This is the last avocado in existence!
Urgency is one of the oldest sales techniques used to control the consumer mind. One way to incite urgency is by making your product/service appear rare, as this adds a time element to your decision making process. However, this should be used carefully because without a clear proposition, studies on brain activity show that confusion, delay and doubt can cause significant negative activity.
#3 Little things count – Avocado pedestals.
The surrounding context of the product or service plays a large role in the consumer mind. The addition of a single word can have a massive difference as found in a study by Carnegie Mellon University. Changing a sign from reading “A $5 fee” to “A small $5 fee” caused a response rate increase of 20%. Colour schemes, music and imagery also have an important role. A colour, such as purple, is associated with luxury and wealth, making it a great way to emphasise your business to a premium feel.
#4 Cost – $10 avocados? I’ll take 10, please!
The first question on most customers’ minds when looking for goods/services is the cost. While these are normally unchangeable due to production costs, wages, etc. the way you frame a cost reshapes perceptions. Breaking down large expenses into smaller chunks is an effective method to achieve this – the perceived cost of $84 a month is very different from $1000 a year, for example.
Use these tricks to boost ahead of the competition! If you would like to read about more ways to transform your brand, check out our other blogs here.