5 Psychological Hacks That Make People Beg To Pay You
Last updated: Jul 30, 2023
This video is about the psychological hacks that businesses use to make people want to pay for their products or services.
This video by Adam Erhart was published on May 30, 2023. Video length: 11:28.
This video discusses five psychological hacks that businesses can use to make people beg to pay them.
It explains that successful brands like Apple are able to make their products and brand become a part of people's lives and identities. The video also discusses the importance of appealing to a customer's aspirational identity and tapping into existing cultures and communities. It mentions the power of social proof and how businesses can use testimonials and reviews to show potential customers that others like them have had positive experiences.
Lastly, the video discusses the concept of loss aversion and how people are more likely to choose a mediocre business with guaranteed results rather than taking a chance on a new business.
Brands like Apple create a strong brand identity that becomes a part of people's lives and identities.
Humans are influenced by others and copy their behaviors, which can be harnessed through social proof.
Sharing customer testimonials and reviews can provide social proof and influence potential customers.
Loss aversion shows that people prefer guaranteed results over uncertain outcomes.
Psychological hacks such as identity, social proof, and loss aversion can influence people's purchasing decisions.
First impressions are crucial and can have a long-lasting impact on customers' perception of a business.
Making a good first impression can lead to the halo effect, where positive traits are associated with a brand.
People are more likely to choose a mediocre business with guaranteed results than take a chance on a new business.
Loss aversion shows how people hate losing and are afraid of making the wrong decision.
People prefer average results over uncertain outcomes.
Psychological Hacks for Making People Beg to Pay You
People feel more pain from losing than they would from winning the same amount.
People often make decisions to avoid losing rather than prioritize making a gain.
The saying "nobody ever got fired for buying IBM" emphasizes the importance of safety and reliability in marketing.
Being different and unique is important, but not at the expense of safety and reliability.
Using elements of identity, social proof, and loss aversion can influence people's decisions to purchase.
Example of Applying Psychological Hacks
Choosing between two skydiving companies, one with positive reviews and safety precautions, and the other with a less appealing setup.
The first company's emphasis on safety and survival convinces the person to choose them.
Applying principles of identity, social proof, and loss aversion can be used in selling various products and services.
Apple's marketing strategy plays on the fear of missing out (FOMO) to encourage customers to upgrade to the latest device.
Building trust from the first moment of interaction is crucial in marketing.
The Importance of First Impressions
A first impression can have a long-lasting impact on a customer's perception of a business or offer.
Customers will defend their initial decision, whether right or wrong.
A bad first impression can haunt a business for years, while a good first impression can act as a protective force.
The halo effect occurs when someone is perceived as good at everything because they are good at one thing.
Making a good first impression can lead customers to apply positive traits to everything else a business does.
Making Customers Love You and Increase Profits
Looking professional, clean, and courteous in the first impression can lead to the halo effect.
The halo effect makes customers associate positive traits with a brand.
Another way to make customers love you is by offering something unique or valuable in the first impression stage.
Sharing daily specials or exclusive offers can create a sense of value and increase the likelihood of customers spending more money.
Using psychological hacks in the first impression stage can lead to increased customer satisfaction and profitability.
Psychological Hacks That Make People Beg To Pay You
Anchoring is a powerful psychological hack that businesses use to make their prices seem more reasonable. By presenting a high-priced item first, it sets the anchor and makes the lower-priced options seem more affordable and desirable.
Even when people are aware of the anchoring effect, it is difficult to consciously overcome its influence.
Apple often uses anchoring in their pricing strategy, presenting a premium higher-priced item first and then a more budget-friendly option.
Anchoring increases conversions by making the lower-priced options seem more attractive.
This psychological hack works by influencing people's perception of value and making them more willing to pay for a product or service.
For more psychological marketing triggers to make people buy from you, check out the linked video.